Medical Second Opinion Market Scope
A second opinion is a decision-making aid that allows another physician to confirm or modify a recommended therapy. A second opinion might make all the difference in terms of diagnosis, treatment, and prognosis. Treatment optimization can benefit the patient and help them avoid needless hazards. Healthcare organisations gain from improved treatment, quality assurance, and cost savings from needless surgery and treatments, while physicians benefit from decreased exposure to legal claims. However, if this technology is used improperly, it might result in needless medical expenses. Many people have been seeking a second opinion on their condition and treatment options in recent years. Insurance companies, both private and public, are attempting to limit surgical costs by recommending and even requiring a second opinion prior to operation. Despite the fact that second views are becoming more prevalent in medical practise, little is known about this topic.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Medisense Healthcare Solutions Pvt. Ltd. (India), Second Opinion International (United States), AXA S.A. (France), Elite Medical Services (United Kingdom), DoctorSpring Pvt. Ltd (India), USARAD Holdings Inc. (United States), Cleveland Clinic (United States), Grand Rounds, Inc. (United States), Mass General Brigham Incorporated (United States) and Stanford Health Care (United States) |
CAGR | 11.3% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United State Players will contribute to the maximum growth of Global Medical Second Opinion market throughout the predicted period.
Medisense Healthcare Solutions Pvt. Ltd. (India), Second Opinion International (United States), AXA S.A. (France), Elite Medical Services (United Kingdom), DoctorSpring Pvt. Ltd (India), USARAD Holdings Inc. (United States), Cleveland Clinic (United States), Grand Rounds, Inc. (United States), Mass General Brigham Incorporated (United States) and Stanford Health Care (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Cigna (United States), Helsana AG (Switzerland), WorldCare (United States), Vidal Health Insurance TPA Pvt Ltd (India), Medix (United States), 2nd.MD (United States) and Teladoc Health, Inc (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Medical Second Opinion market by Type and Region with country level break-up.
On the basis of geography, the market of Medical Second Opinion has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
On 10th September, 2020 - MediFind Launched Second Opinion Finder, A First-to-Market Feature Connecting Patients to the Right Care. The New Advanced Platform Assists People Facing the Most Difficult Health Conditions in Quickly Finding Medical Experts and Treatment Options. and On 20th January, 2021 - Kayan Health Introduced Virtual Medical 'Second Opinion' Platform. The Second Opinion Platform is a Peer-To-Peer Programme That Will Connect Doctors in The Caribbean with Clinicians in The United States to Evaluate Patient Medical Information.
Influencing Trend:
Emergence of Online Second Opinion Facilities with Advance AI Features
Market Growth Drivers:
Increasing Healthcare Costs, Prevalence of Chronic Diseases and Cancer and Errors In Medical Billing Due to Surge in Healthcare Demand
Challenges:
High-Cost Expenses
Restraints:
Lack of Awareness and Limited Industry Professionals
Opportunities:
Increasing Adoption across New Regions
Key Target Audience
Health Care Service Providers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others