
North America Medical Second Opinion Market Report (2021–2031) by Scope, Segmentation, Dynamics, and Competitive Analysis.
No. of Pages: 105 | Report Code: TIPRE00025159 | Category: Life Sciences
No. of Pages: 105 | Report Code: TIPRE00025159 | Category: Life Sciences
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.
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
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.
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.
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
Report Attribute
Details
Market size in 2023
US$ 2,485.58 Million
Market Size by 2031
US$ 7,306.96 Million
Global CAGR (2023 - 2031)
14.4%
Historical Data
2021-2022
Forecast period
2024-2031
Segments Covered
By Condition
By Service Provider
Regions and Countries Covered
North America
Market leaders and key company profiles
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.
The following methodology has been followed for the collection and analysis of data presented in this report:
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:
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.
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:
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
The North America Medical Second Opinion Market is valued at US$ 2,485.58 Million in 2023, it is projected to reach US$ 7,306.96 Million by 2031.
As per our report North America Medical Second Opinion Market, the market size is valued at US$ 2,485.58 Million in 2023, projecting it to reach US$ 7,306.96 Million by 2031. This translates to a CAGR of approximately 14.4% during the forecast period.
The North America Medical Second Opinion Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Medical Second Opinion Market report:
The North America Medical Second Opinion Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Medical Second Opinion Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Medical Second Opinion Market value chain can benefit from the information contained in a comprehensive market report.