by The Global Medical Second Opinion Market is estimated to be valued at US$ 7.12 Billion in 2024 and is expected to exhibit a CAGR of 16% over the forecast period from 2024 to 2031.
Medical second opinion refers to the practice of seeking an additional opinion from another medical expert regarding a diagnosis or treatment plan recommended by the original doctor. It allows patients to get reassurance or an alternative diagnosis and treatment plan from independent experts. Medical second opinions are helpful in complex medical conditions like cancer where the diagnosis and treatment decisions require expertise of multi-disciplinary team. The key players operating in the medical second opinion market are M | O | C Cancer Care Research Centre, Yashoda Hospitals, Mayo Clinic, Cedars-Sinai Medical Center, Cleveland Clinic, Johns Hopkins Hospital, UCLA Medical Center, Cromwell Hospital, St Thomas’ Hospital, The Wellington Hospital, Birmingham City Hospital, The University of Tokyo Hospital, St. Luke’s International Hospital, Kameda Medical Center, Apollo Hospitals, Fortis Hospitals Group, Wockhardt Hospital, Medanta Hospital, Charité University Hospital Berlin, and University Hospital Tuebingen.
Key Takeaways
Key players: Mayo Clinic, Cleveland Clinic and Johns Hopkins Hospital are some of the leading providers of medical second opinions globally owing to their extensive network of expert doctors and advanced medical facilities.
Growing demand: Rising prevalence of complex medical cases like cancer and increasing adoption of digital health services is fueling the Medical Second Opinions Market demand for medical second opinions across the world.
Global expansion: Leading players are expanding their medical second opinion services portfolio globally through strategic partnerships and collaborations to cater to the growing needs of cross-border patients.
Market Key Trends
Telemedicine is emerging as a key enabler for the medical second opinion market. The ongoing Covid-19 pandemic has accelerated the adoption of telemedicine as it allows remote delivery of medical second opinions without the need for physical visits. Many leading players have started offering virtual medical second opinions through teleconsultations which has increased accessibility for patients globally. This growing trend towards digitalization of healthcare is expected to positively influence the medical second opinion market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and online platforms have lowered entry barriers somewhat, but established players have strong brand recognition and networks of doctors.
Bargaining power of buyers: Individual customers have moderate bargaining power due to availability of substitutes, but larger organizations can negotiate on price and volume.
Bargaining power of suppliers: A few large medical opinion companies and hospital networks have significant influence over prices as suppliers.
Threat of new substitutes: New technologies in areas like AI and telehealth pose a growing threat, but cannot fully replace specialized human expertise yet.
Competitive rivalry: Intense competition between major brands to attract customers and contract with insurance providers through differentiation of services and reputation.
Geographical Regions
North America accounts for the largest share of the global Medical Second Opinion Market Regional Analysis currently in terms of value, led by the United States. This is due to factors such as high healthcare costs, easy accessibility of services online, and focus on specialized expertise in complex cases.
The Asia Pacific region is expected to witness the fastest growth during the forecast period from 2024 to 2031. Countries like India, China, Japan and South Korea are seeing rising disposable incomes and demand for advanced healthcare, driving the market particularly for complex surgeries and chronic diseases.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
