At 14.4% CAGR, the North America Medical Second Opinion Market is Projected to be Worth US$ 7,306.96 Million by 2031, Says The Insights Partners

According to The Insights Partners research, the North America medical second opinion market was valued at US$ 2,485.58 in 2023 and is expected to reach US$ 7,306.96 million by 2031, registering a CAGR of 14.4% from 2023 to 2031. Growing emphasis on better treatment outcomes and increasing preference for healthcare cost optimization are among the critical factors attributed to the North America medical second opinion market expansion.

The medical second opinion is intended to provide valuable information about a patient's current treatment options. It plays a major role in resolving the confusion created by the recommendation of several treatment alternatives for a single case. Besides, opinion is also sought to gain additional information, which can be beneficial to improve treatment outcomes. The medical second opinion can validate the diagnosis; thus, it is a major factor in increasing the accuracy of the treatment. The increasing emphasis on improving treatment outcomes leads to the growth of the medical second opinion market. There is a high possibility of the occurrence of adverse effects of many treatment procedures, which might as well lead to mortality. Consequently, in crucial cases, it is essential to revise the current treatment options and get advice from a reliable healthcare professional to avoid potential ill-effects. Per the World Health Organization (WHO), unsafe medical care causes more than 3 million deaths each year globally. Such a large number of mortalities is expected to encourage patients to opt for a medical second opinion. As per the Journal of Patient Safety, in 2024, ~400,000 deaths are caused due to medical errors in the US each year.

As per the study published by Annals of Surgical Oncology, cancer patients have a greater emphasis on getting a medical second opinion to increase the accuracy of cancer diagnosis and therapeutics. According to the World Health Organization data, approximately 9.7 million patients across the globe lost their lives due to cancer in 2022. Furthermore, the increasing exposure to risk factors such as tobacco consumption, alcohol consumption, altering food habits, and obesity is also causing a rise in the prevalence of cancer. Thus, the increasing prevalence of cancer and other chronic diseases, such as cancer looking for a second opinion for better patients comes, is one of the prominent factors driving the medical second opinion market growth.

On the contrary, lack of awareness and reluctance toward adoption of medical second opinion in emerging nations hamper the growth of North America medical second opinion market.

Based on condition, the North America medical second opinion market is segmented into cancer, orthopedic disorders, cardiac disorders, neurological disorders, nephrological disorders, hematological blood disorders, COPD, organ transplant, and others. The cancer segment held 25.9% share of the North America medical second opinion market in 2023, amassing US$ 643.04 million. It is projected to garner US$ 1,963.65 million by 2031 to expand at 15.0% CAGR during 2023–2031.

Based on service provider, the North America medical second opinion market is segmented into hospitals, health insurance companies, and online services. The hospitals segment held 59.0% share of the North America medical second opinion market in 2023, amassing US$ 1,465.89 million. It is projected to garner US$ 4,162.20 million by 2031 to expand at 13.9% CAGR during 2023–2031.

Based on country, the North America medical second opinion market is segmented into the US, Canada, and Mexico. The US held 82.7% share of North America medical second opinion market in 2023, amassing US$ 2,056.07 million. It is projected to garner US$ 5,991.71 million by 2031 to expand at 14.3% CAGR during 2023–2031.

Key players operating in the medical second opinion market are Second Opinion International; Elite Medical Services; The Cigna Group; Helsana; WorldCare; Vidal Health Insurance TPA Pvt Ltd; 2nd.MD; Axa SA; Teladoc Health Inc; Included Health, Inc.; and Royal Doctors, among others.

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