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| Medical Second Opinion Market Growth |
The medical second opinion market is aimed at providing patients with a second opinion
from medical experts to validate initial diagnosis or recommend alternate
treatment plans. The market offers patients digital consultations, medical
examination, access to advanced medical technologies for a thorough review of
medical case reports including image scans and laboratory findings. Medical
second opinions are sought for serious illnesses, critical cases or when
patients want to explore all treatment options.
The Medical
Second Opinion Market Growth is
estimated to be valued at US$ 7.12
Billion in 2024 and is expected to exhibit a CAGR of 16% over the forecast period from 2024 to 2031.
Key Takeaways
Key players: Key players are leveraging digital technologies like
teleconsultation to expand their medical second opinion services globally. Mayo
Clinic, Cleveland Clinic offer online second opinions and virtual consults.
Growing demand: Increasing prevalence of chronic and lifestyle diseases, rise
of medical tourism and preference for advanced treatment options are fueling
demand for medical second opinions.
Global expansion: Leading hospitals are increasingly partnering or acquiring
hospitals in international markets to provide second opinions remotely and
expand their global healthcare networks.
Market key trends
Digitalization: Teleconsultation and virtual medical services allow
international access to specialist doctors for second opinions reducing travel
costs. Players are investing in telehealth to reach more global patients
digitally.
Porter’s Analysis
Threat of new entrants: The market has moderate threat as it requires large initial investments and long gestation periods to set up reputation and infrastructure. However, new technologies and digital consultations are lowering entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative options. However, personalized consultations give some buyers added advantage in bargaining.
Bargaining power of suppliers: Suppliers have low bargaining power as there are many hospitals and doctors providing second medical opinions.
Threat of new substitutes: Threat from new substitutes is low as there are limited alternatives that provide the same value proposition of a personalized second medical consult.
Competitive rivalry: The market sees high competition among top hospitals and doctors to attract more patients globally through technology and reputation.
Geographical regions of concentration
North America accounts for the largest share currently due to developed healthcare infrastructure, favourable reimbursement policies and increasing awareness. The United States contributes significantly due to a large population seeking advanced care options.
Fastest growing region
Asia Pacific region is poised to be the fastest growing medical second opinion market led by countries like India, China, Japan and South Korea. This is attributed to growing medical tourism, rising disposable incomes, increasing awareness and expansion strategies by leading global hospitals.