U.S. And India Medical Second Opinion Market Size Estimated to Reach $2.6 Billion by 2027
Research Reports
Feb 22, 2022
The U.S. and India Medical Second Opinion Market size is estimated to reach $2.6 billion by 2027 and it is poised to grow at a CAGR of 18.5% over the forecast period of 2022-2027. The second opinion within the medical field has been considered quintessential. Patients are often unhappy or not satisfied with the preliminary diagnosis. Additionally, there have been cases in which the opinion of the doctors within the same specialty didn’t match. Doctors, who have studied medicine from different colleges and regions, often tend to follow particular practices, which might be good or not so good for the patient. The second opinion functions as a decision-support tool for the patients and now even for the healthcare insurance providers. For a surgery recommended, a patient might need to authorize the need from two different sets of doctors owing to the huge financial implication. Hence, treatment options are well evaluated before dispersals. Lastly, corporate wellnesses programs have allowed the professionals to consult for their medical needs and at no additional costs, which has readily added value. The increasing cases of chronic illnesses aided by the rising awareness along with the preference to optimize healthcare costs have been identified as the key factors driving the U.S. & India Medical Second Opinion Industry forward in the projected period of 2022-2027.
U.S. & India Medical Second Opinion Market Segmentation Analysis- By Disorder Type
The U.S. & India Medical Second Opinion Market based on disorder type can be further segmented into Organ Transplant, Skin Disorders, Cancer, Cardiovascular Ailments, Fatal Injuries, Blood Disorders, and Others. Cancer has been the dominant market segment in the year 2021. It is owing to the rising prevalence of the following disease globally, and especially in the regions of study- India and the USA. As per the American Cancer Society, the prevalence of cancer is growing. Around 1.8 million people are diagnosed with cancer, and around 700,000 people lose their lives to it. The second opinion has been considered as an essential healthcare insurance need in case of cancer treatment, and hence the following segment dominated.
However, cardiovascular ailments are estimated to be the fastest-growing, with a CAGR of 19.2% over the forecast period of 2022-2027. It is owing to the rising cases of diabetes and other ailments such as hypertension in the regions of India and the USA. Around 34 million people in the U.S. have diabetes, both in terms of diagnosed and undiagnosed. Lately, CDC estimates that the prevalence is bound to grow in the younger adults who have easy internet access. The following reasons will allow the medical second opinion market to grow.
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U.S. & India Medical Second Opinion Market Segmentation Analysis- By Service Provider Type
The U.S. & India Medical Second Opinion Market based on service provider type can be further segmented into Health-Insurance Players, Hospitals, Private Clinics, Online Service Providers, and Others. Online Service Providers held a dominant market share in the year 2021. It is owing to the various benefits they offer over the traditional routes. Moreover, new market entrants or the launch of new programs by existing market players have created a more competitive layout which has reduced the overall costs. Moreover, the platforms have the capability to save around $12 billion of unnecessary medical procedural costs.
Moreover, the online service provider segment is estimated to be the fastest-growing, with a CAGR of 19.4% over the forecast period of 2022-2027. It is owing to the rising access to mobile internet in the regions such as India. The numbers are supposed to cross 900 million marks by the year-end. Additionally, a service provider such as Cleveland Clinic now allows international clients to avail the services, which will further allow the growth of the said segment.
U.S. & India Medical Second Opinion Market Drivers
The rising cases of surgical ailments and other medical interventions have readily aided the growth of the medical second opinion market
Cancer cases have been on the rise ever since the last decade. It is covertly established that the rising cases of cardiovascular diseases such as diabetes and other blood pressure-related ailments have given rise to the number of surgeries across various diseases. For example, in the U.S around 1.8 million people get diagnosed with Cancer every year. And one in nine people across India would develop Cancer in their lifetime. Moreover, it is noticed that some of the diseases exhibit the same symptom pattern. For example, essential tremor, fatigue, and speech problems are some of the common symptoms which are present in the cases when one has Wilson’s disease. Currently, there are around 40,000-50,000 cases of Wilson disease globally. Moreover, the doctors at Yale Medicines felt that diagnosis from a single doctor can take years and years, and hence, at times owing to peculiarity, patients must seek a second medical opinion. Lastly, the doctor’s suggestion to opt for a second opinion in cases of no better outcome post-therapeutic approach has been a key driver for the market.
The advent of digital- telemedicine aiding in medical second opinion has helped the market to grow multifold
Digital penetration is going higher and higher in the countries like India. For example, around 41% of the entire population or close to 850 million mobile internet users have been identified till the first quarter of 2021. With the rise of the mobile internet, various telemedicine companies have come up with an individual platform to allow the second opinion. For example, Tata 1 MG has an application that allows patients to procure medicines and seek insights into their physical health. Moreover, a patient can seek a variety of diagnoses across the various doctors who have registered on the platform. All one needs to do is pay INR 200 for each appointment. The following trends have been reflected across the boundaries of the USA. Various medical giants such as Mayo Clinic, Cleveland Clinics, and Yale Medicines have been actively advancing their digital second opinion platform.
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U.S. & India Medical Second Opinion Market Challenges
Haywire opinions flooded with non-value-added visits often hinder patient confidence and is dampening the growth of the market
As per a Harvard review, only 70% of the studied participant seeks review. Moreover, a uniform trend has been noticed by the healthcare provider, which is- multiple requests being made only by one patient as they are not satisfied with the offering. Further, doctors present in the procedure often have a haywire opinion for the same problem. A study was conducted which found out that around 75-76% of discrepancies existed between treatment choices being presented by two doctors of the same degree from the same university. The study was especially pertaining to spine surgeries. Lastly, the mean wait time recorded is close to 20 days, with one spending approximately $500 in totality.
U.S. & India Medical Second Opinion Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the U.S. & India Medical Second Opinion Market. The top 10 U.S. & India Medical Second Opinion Market companies are-
World Care Internationals
Cynergy Care
John Hopkins
Amradnet
Teladoc Health
Yale Medicines
Cleveland Clinic
University of Stanford Medicine
Massachusetts General
University of Chicago Medicine
Recent Developments
In October 2021, Pearl, a leader in providing AI and other ancillaries received a license by the name of MDEL for its Second Opinion AI Radiology solution from Canada Health, further the company plans to apply for the same in the U.S. The software is AI-powered which provides comprehensive pathology detection in patients suffering from various dental problems.
In January 2021, Kevin Harrington and their teams partnered with SecondOpinion.com. The relationship would allow the former to grow and reap the advantages of their unique offerings. The company uses advanced technology and leverage AI in its business operations, which would ensure a healthy transition in the healthcare setup. The diagnosis procedures being offered by the company can allow mitigating the unnecessary deaths in the region. Lastly, one can get their reports done at the cost of less than $100.
In December 2019, Cleveland Clinics launched its Virtual Second Opinion Program. After 18 months of service, 72% of the patients had a change course of treatment, and around 28% of the time, there have been an entire change of diagnosis. The company’s principal service module ensured convenience, skilled team, personalized approach, and timely service with maximum patient satisfaction.
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Key Takeaways
The advent of online platforms along with the rising number of players in the said stream have readily aided the market growth. Moreover, a second opinion has helped patients in finding a new course of action, in multiple cases. The following have allowed for the growth of the market.
Low knowledge pertaining to the facility of second opinion healthcare insurance coverage has dampened the growth of the market.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the U.S. & India Medical Second Opinion Market Report.
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https://www.industryarc.com/Research/Medical-Device-Market-Research-514107
B. Telemedicine Market
https://www.industryarc.com/Research/Telemedicine-Market-Research-501358
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