North America Medical Second Opinion Market Overview:
A medical second opinion is an empowering tool given to patients and doctors, to modify or support their decision on diagnosis, and to review the treatment advice and recommendations on the treatment offered. A medical second opinion can benefit patients in treatment optimization and avoid unnecessary risks.
Market Size Growth Rate:
According to the DataM market research report, the North America medical second opinion market size was valued at USD billion in 2021, it is projected to reach USD billion by 2029, with growth at a decent CAGR over the forecast period 2022-2029.
The demand for a medical second opinion has increased drastically during the COVID-19 pandemic as compared to past years. There is a potential to unlock the clinical expertise and use virtual health and remote monitoring to rethink care and attack the healthcare challenges of the world. Expert medical opinion and virtual consultation open the door for care around the globe, and 20% of the patients with that we interact are outside the U.S.
Market Drivers:
The medical second opinion market growth is driven by several factors, such as the increasing preference for healthcare cost optimization, increasing instances of medical errors cost, and favorable government initiatives. In addition, With the impact of the COVID-19 pandemic, healthcare service providers are launching online platforms for patients to access second opinion services. This is expected to drive market growth over the forecast period.
Market Restraints:
However, a disadvantage of getting a second opinion includes, a clash of opinions between the physicians when it comes to disease and how best to treat it. A second opinion can lead to confusion and uncertainty for the patient and may lead to the wrong course of action. In addition, lack of awareness towards opting for a medical second opinion in some regions is one of the major factors hindering the growth of the market.
Market Opportunities
Advancements in healthcare infrastructure and rising investments in telemedicine technologies are creating a large number of growth opportunities for the market players. A second opinion represents a novel advancement in modern healthcare services. As healthcare delivery shifts to a patient-controlled model of care, expert Second Opinion is poised to lead that transition, preventing diagnostic errors, saving cost, and avoiding wrong treatments which can have lethal consequences.
COVID-19 Impact Analysis
The COVID-19 pandemic has created a large number of opportunities for technologists and manufacturers and led to advancement in the healthcare industry with enhanced quality and affordable services that are easily accessible to everyone. For instance, in March 2020, Teladoc, one of the leading companies offering virtual care, received about 15,000 virtual visit requests in a single day. In addition, various companies are involved in expanding their capabilities to cater to the large volume of virtual visits, thus stimulating market demand. Some of the market players such as Teladoc and MDLive have expanded their capabilities to handle a large volume of calls which will further drive the market growth.
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Recent Developments in the Industry:
Market Segmentation:
As per the research analysis, the medical second opinion market is segmented by disorder into cancer, diabetes, cardiac disorders, neurological disorders, ocular disorders, and others. By service provider, the market is further segmented into hospitals, medical second opinion providing companies, health insurance companies, others
Geographical Classification:
The North American medical second opinion market is segmented into major countries including the US, Canada, and Mexico.
US Medical Second Opinion Market:
The United States holds the dominant share of about 72% in 2020, followed by Canada. The United States is the most lucrative market for a medical second opinion. The growth in the region is owing to the presence of important service providers in this country including health insurance companies, and hospitals. Furthermore, the enhancement of more healthcare services and the importance of online consultancy owing to fast digitization have also donated considerably to the revenue.
Competitive Analysis:
The market players are adopting various key strategies such as collaborations, partnerships, acquisitions, and product launches to expand their presence. Companies, healthcare insurance providers, and hospitals are emerging rapidly with competitive second opinion services in the North American market. These healthcare providers are booming due to the wide variety of patients taking medical insurance and seeking a second evaluation for a better remedy. All the healthcare providers are working towards meeting patient demand quickly and efficiently, thus helping the global market.
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Major Companies:
Some of the major key players in the market are WorldCare Inc., Mediguide International LLC, AXA Healthcare, Cleveland Clinic, Helsana Group, Teladoc Health, GrandOpinion, Lybrate, Partners Healthcare, and Grand Rounds Inc.
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