North America Medical Second Opinion Market Report (2021–2031) by Scope, Segmentation, Dynamics, and Competitive Analysis.

The North America medical second opinion market size is expected to reach US$ 7,306.96 million by 2031 from US$ 2,485.58 million in 2023. The market is estimated to record a CAGR of 14.4% from 2023 to 2031.

Executive Summary and North America Medical Second Opinion Market Analysis:

The medical second opinion market in North America is segmented into the US, Canada, and Mexico. The increasing adoption of medical second opinion services and the growing digitalization of healthcare consulting services are projected to accelerate the growth of the medical second opinion market in North America. In addition, the regional market is expected to grow owing to the development of healthcare systems and the rising emphasis on improving treatment outcomes.

North America Medical Second Opinion Market Strategic Insights

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North America Medical Second Opinion Market Segmentation Analysis

Key segments that contributed to the derivation of the North America medical second opinion market analysis are condition and service provider.

• Based on condition, the North America medical second opinion market is segmented into cancer, orthopedic disorders, cardiac disorders, neurological disorders, nephrological disorders, hematological blood disorders, COPD, organ transplant, and others. The cancer segment held the largest share of the market in 2023.
• Based on service provider, the North America medical second opinion market is segmented into hospitals, health insurance companies, and online services. The hospitals segment held the largest share of the market in 2023.

North America Medical Second Opinion Market Outlook

Patients across the globe are witnessing growing financial burdens imposed by healthcare services. Increasing healthcare-associated costs due to the overall shortage of healthcare professionals and limited availability of resources are generating the need for healthcare cost optimization worldwide. Also, growing emphasis on the reduction of additional costs and increasing awareness about the possible exploitation from healthcare organizations, especially in low- and middle-income countries, significantly drive the second medical opinion market. Consumers can avail extensive information from medical second opinions while making the necessary decisions about surgery or the main case. In addition, medical second opinion providers review the recommendations for surgical procedures based on additional medical diagnosis, analysis of existing medical records, and assessment of other therapeutic solutions as an alternative to surgery. These aspects of the second opinion can result in a reduction of therapeutic costs. A second opinion on surgical decisions can result in a reduction of possible surgical adversities, which can lead to a decrease in additional healthcare-related costs. For instance, according to a study published by Cureus in 2022, ~31% of patients worldwide suffer from complications in surgical procedures. Additionally, as per the Open Journal of Internal Medicine published in March 2023, ~4.2 million postoperative deaths occur every year, accounting for 7.7% of global mortality. Therefore, all the above discussed factors are expected contribute the market growth in coming years.

North America Medical Second Opinion Market Country Insights

Based on country, the North America medical second opinion market comprises the US, Canada, and Mexico. The US held the largest share in 2023.

The increasing prevalence of cancer is anticipated to offer lucrative opportunities for the medical second opinion market in the US. Cancer is the second leading cause of death in the country. According to the American Cancer Society, in 2022, more than 1.9 million new cases of cancer were diagnosed in the nation, causing about 609,360 deaths. Further, ~2.0 million people are expected to be diagnosed with cancer in the US in 2024. The increasing number of misdiagnosed cancer cases and its adverse effects are propelling the demand for medical second opinions.

According to research from Johns Hopkins University., ~4,000 surgical errors are caused every year in the US. Further, according to a study, “Top 10 Medical Errors That Lead to Death,” ~7,000 to 9,000 patients die due to medication errors each year in the US. According to the article "Burden of serious harms from diagnostic error in the USA," published in July 2023, about 795,000 Americans suffer due to misdiagnosis of serious diseases each year. Such a high number of medical errors is anticipated to surge the country's need for medical second opinion.

Furthermore, in 2017, UnitedHealthcare collaborated with 2nd.MD to provide members with a no-cost, member-focused expert medical opinion service. 2nd.MD virtually connects to a medical opinion service field specialist to review cases and provide a second opinion. In addition, several organizations assist patients by linking them to doctors for reviewing treatment plans, confirming diagnoses, responding to inquiries, and providing rapid second opinions. For instance, WorldCare International Inc. offers the gold standard of medical second opinions for critical illnesses to covered members worldwide. The service covers more than 100 categories of critical illness, including cancer, cardiovascular diseases, neurological disorders, musculoskeletal disorders, and hematology conditions.

North America Medical Second Opinion Market Report Highlights

North America Medical Second Opinion Market Company Profiles

Some of the key players operating in the market Second Opinion International; Elite Medical Services; The Cigna Group; Helsana; WorldCare; Vidal Health Insurance TPA Pvt Ltd; 2nd.MD; Axa SA; Teladoc Health Inc; Included Health, Inc.; and Royal Doctors, among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

North America Medical Second Opinion Market Research Methodology :

The following methodology has been followed for the collection and analysis of data presented in this report:

• Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations.
• Industry trade journals and other relevant publications.
• Government documents, statistical databases, and market reports.
• News articles, press releases, and webcasts specific to companies operating in the market.

Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

• Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research.
• Enhance the expertise and market understanding of the analysis team.
• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers
• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise

North America Medical Second Opinion Market Country and Regional Insights