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| Medical Second Opinion Market Growth |
The medical second opinion market deals with services related to consultations
from expert physicians to validate initial clinical diagnoses or treatment
plans. It offers benefits such as increased diagnostic accuracy, peace of mind
for patients, and help in deciding on suitable treatment options. The need for
accurate diagnosis and effective treatments is rising worldwide due to increase
in chronic and complex diseases such as cancer. This is driving demand for
second medical opinions from renowned healthcare providers having
state-of-the-art facilities.
The Global Medical Second Opinion Market is estimated
to be valued at US$ 7.12 Bn in 2024
and is expected to exhibit a CAGR of 16%
over the forecast period 2024 To 2031.
Key Takeaways
Key players: Key players operating in the Medical
Second Opinion Market Growth
are M | O | C Cancer Care & Research Centre, Yashoda Hospitals, Mayo
Clinic, Cedars-Sinai Medical Center, Cleveland Clinic, Johns Hopkins Hospital,
UCLA Medical Center, Cromwell Hospital, St Thomas' Hospital, The Wellington
Hospital, Birmingham City Hospital, The University of Tokyo Hospital, St.
Luke's International Hospital, Kameda Medical Center, Apollo Hospitals, Fortis
Hospitals Group, Wockhardt Hospital, Medanta Hospital, Charité
University Hospital Berlin, and University Hospital Tuebingen.
Key opportunities: Rising awareness, technological advancements in
telemedicine, increasing incidence of chronic diseases, and focus on reducing
healthcare costs present high growth opportunities in the global medical second
opinion market.
Global expansion: Key market players are expanding their services globally
through partnerships and online consultation platforms to cater to the huge
unmet demand, especially in developing regions.
Market drivers: The main driver for the medical second opinion market is the
rising need for accurate diagnosis and effective treatment planning for complex
diseases. This is attributed to factors like increasing health consciousness
among people, lack of confidence in initial diagnosis, desire to get treatments
from renowned medical experts and facilities, and need for improved health
outcomes.
PEST Analysis
Political: Governments across various countries are promoting medical second
opinion services to enable access to quality healthcare for more number of
citizens. This is driving growth.
Economic: Rising disposable incomes and growing health awareness among
individuals is increasing spend on additional medical opinion and consultations
for critical illnesses. This is positively impacting the market.
Social: Changes in lifestyle and increased prevalence of chronic diseases are
raising concerns around medical treatment decisions. This is augmenting demand
for unbiased expert evaluation.
Technological: Adoption of digital health and telemedicine is facilitating
remote access to top medical experts globally for second opinions. This is
fueling market expansion.
The market in terms of value is highly concentrated in regions like North
America and Europe due to large presence of prominent players and superior
healthcare infrastructure. These regions collectively accounted for over 60%
share of the global market in 2024.
Asia Pacific is identified as the fastest growing region for medical second
opinion market supported by improving healthcare access, growing medical
tourism and rising medical expenditures in large economies like India and
China. The APAC market is projected to expand at a CAGR of over 20% during the
forecast period.
The concentrated growth in North America and Europe is owing to sophisticated
healthcare systems, existence of major players and high patient awareness. Asia
Pacific remains the most lucrative emerging market due to improving
accessibility, healthcare reforms and expansion of private hospitals.