Medical Second Opinion Market: By Disease (Cancer, Cardiac Disorders, Diabetes, Injuries and Others); By Service Providers (Hospitals, Online and Offline Medical Second Opinion Providers and Health Insurance Players) & By Geography-Forecast (2015-2020)
Medical second opinion refers to a patient’s act of requesting or seeking evaluation of his health condition by another physician or specialist to verify and confirm the diagnosis and treatment prescribed by the previous physician or to know an alternative treatment plan. It is primarily sought after when the first physician recommends a complex/painful surgery or painful and risky procedures. The other situations that propel the patient to seek a medical second opinion are when the patients is not sure of the diagnosis or is unsatisfied with the treatment plans offered by the primary physician or when it is required by the insurance plan or when the physician himself recommends to go for it.
The overall global medical second opinion market is currently doing well and is on the rise, which is estimated to rise to $3.4 billion by 2020, growing at a CAGR of 18.2%.
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The global market for Medical second opinions in 2014 is spread throughout the Americas, Europe, Asia-Pacific and Rest of the world. Americas occupy the largest market share of 43% in 2014. The global market is emerging at a steady pace with increase in the number of patients who are willing to take health insurance and seeking second opinions for better or alternative treatment or diagnosis. There have been laws emerging in the favor of patients in the U.S. such as Patient Protection and Affordable Care Act (PPACA) to enhance the quality and affordability of health insurance reforms and decrease the costs of healthcare services for individuals. The advances in telemedicine or mHealth help to close the gaps in healthcare by enabling the doctors to attend patient demands in a short span of time and eliminate the delays in treatment. The individuals are referring to the internet and mobile applications for second opinion before undergoing complex procedures, thereby opening a window of opportunity for medical second opinion services.
Market Segmentation: The Medical Second Opinion Market is segmented into 3 broad types with further sub segmentations. The factors for classification being:
- 1.By Disorders: Cancer, Diabetes, Cardiac Disorders and Others.
- 2.By Service Providers: Hospitals, Health Insurance Companies, Online Services and Others.
- 3.By Geography: Americas, APAC and ROW.
- 1.Advance Medical
- 2.Mediguide America
- 3.Johns Hopkins USA
- 4.Best Doctors
- 5.Cleveland Clinic
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Medical Second Opinion market is analyzed on a global level. Americas will lead the market during the forecast period till 2021 due to high adoption rate by the users, high incidence rate for chronic diseases such as Diabetes and Cancer, Medicare coverage and favorable market environment for startup growth. Asia-Pacific has witnessed the highest growth rate in the light of improving healthcare infrastructure and increasing awareness about the concept of Medical Second Opinion. The increasing instances of diagnostic failure coupled with huge investments in mobile and e-healthcare systems will propel the market growth.
The methodology for estimating the Medical Second Opinion market involved the conventional utilization of medical second opinion service supply and demand in the industries. There are several segmentations involved in the report based on disorders and service providers. Research interviews were conducted with senior executives and/or managers of leading hospitals such as Cleveland Clinic and Johns Hopkins Medicine. These Key Opinion Leaders (KOLs) were then provided a questionnaire to gather quantitative and qualitative inputs on their operations, performance, strategies and views on the overall market, including key developments and technology trends.
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