Medical Second Opinion is the consultation taken by the patient after the initial diagnosis. The patient can choose for a medical second opinion if the patient is not satisfied with the diagnosis or to have an opinion in another point of view for further validation in case of some serious surgical therapies. Medical second opinions help patients to re- evaluate his health condition by a second physician to seek recommendation and opinions about the medical treatment.
Global medical second opinion market value is estimated to reach approximately $6.43 billion by 2024 with a CAGR of over 17 % during 2019 – 2024 from $1.98 billion in 2017. The market growth is primarily owing to the increasing aging population along with an increasing prevalence of chronic diseases such as cancer, diabetes, cardiac disorders, neurological disorders, ocular disorders, pulmonary disorders, nephrological disorders, allergies and injuries.
Increasing awareness and adoption of consulting physicians for the medical second opinion before any severe surgical procedures are the factors primarily driving the market growth.
North America is estimated to have the most significant share of 38% in medical second opinion market in 2017 owing to the increasing number of patients preferring the second opinion to reduce the healthcare costs. Increasing number of chronic disorder cases like cancer, cardiovascular diseases, and diabetes and increasing consideration of the second opinion by the some of the insurance companies are propelling the growth of the U.S. Market. There are new emerging laws for patients in the U.S. such as Patient Protection and Affordable Care Act (PPACA) to improve the quality and affordability of health insurance changes and reduces the costs of healthcare services for individuals. Asia-Pacific is anticipated to have high CAGR of 22.14%, owing to the large aging population and growing chronic disorders like diabetes, cancer, neurological disorders, pulmonary disorders, nephrological disorders and some others.
Cancer segment accounted the most significant market share in 2017 and estimated to continue during the forecasting period. Cardiac disorders segment is estimated to have the largest percentage, with nearly 24% of the total revenue generated in 2017. However, Injuries segment is expected to witness the fastest CAGR of 22.56% during the forecast period owing to the rising incidence in elderly patients fall-downs and growing road traffic accidents.