Medical Second Opinion Market Growth Drivers, Trends & Demands - Global Forecast to 2027

[Priya Raut]

Getting a different medical opinion is when a patient seeks a medical opinion on their diagnosis and treatment plan from another, or a few other expert doctors, in order to confirm the diagnosis and authenticate their treatment. As per MRFR, the market is predicted to gain an income of USD 9751.58 Million at a CAGR of 15.8 % by 2027.

Strong growth for expert advice due to the COVID 19 outbreak, the financial, health, and legal costs related to treatment, and the heightened need for better diagnosis and treatment planning, are projected to propel the medical second opinion market forward. The COVID 19 outbreak and the increased demand for better diagnosis and treatment planning are prepared to push the medical second opinion market forward.

The renowned payers in the medical second opinion market are Cleveland Clinic MyConsult, Partners Healthcare, HCA Hospitals (US), Teladoc Health, Inc., (US), SecondOpinionExpert, Inc., (California), DoctorSpring (California), 2nd MD (Houston), Amradnet (US), Johns Hopkins Medicine, and XMRI.COM.

Competitive Analysis

The need to establish a quick and profitable management strategy is predicted to impact the market in the near future. The market's conflict between demand and supply is investigated to generate a measured development framework. In the coming future, competitors' potential to stimulate market transformation will proceed to grow at a steady rate. Since the market requires an additional drive to achieve consistency in such a situation, cooperation from administrative authorities and governments is increasing. The focus on transformation is forecast to expand in the following years, as user expectations must be addressed more effectively to recover the global medical second opinion services market. In the subsequent years, the requirement to ameliorate losses incurred by the current public health crisis is projected to be the exclusive focus of market applications. In particular, there will be a need to provide a helping hand to enterprises in the approaching phase.

Segmental Analysis

The segmental overview of the medical second opinion market has been conducted based on services, providers, applications, and sources of services. The global medical second opinion market has been divided into three categories based on services: post-acute care nursing, medical condition management, and medical peer review services. The market has been divided into cancer, neurological disorders, respiratory disorders, a diabetes, cardiac disorders, nd ocular disorders based on application. The market has been divided into two categories based on the source of service: in-house and outsourced. The market has been divided into online physicians' portals, medical second opinion companies, hospital physicians/specialties, and health insurance companies based on providers.

Detailed Regional Analysis

Americas is the largest regional market. The increasing need to improve diagnosis in the region is expected to drive the market. Moreover, increasing treatment planning amongst people is also expected to contribute the market growth. The medical second opinion market in Europe held the second-largest position owing to increasing medical errors. Asia-Pacific is the fastest-growing segment due to the developing economy across the region. The medical second opinion is high in the case of chronic diseases such as diabetes and cancer. The Middle East and Africa's improving treatment plans and diagnosis with ease of interaction among patients is expected to boost the second opinion's medical second opinion market growth.

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