Medical Second Opinion Market

A second medical opinion regarding a patient’s illness, diagnosis and treatment option is highly recommended these days. It helps the patients to verify the diagnosis, review the treatments advised to them and the patient is also given recommendations to move forward. Patients often seek a second opinion when they are in doubt of the prescribed treatment. The second opinion is sought from different doctors who are specialists in medical consultations. This service helps reassure the patient and his family about the best treatment options so that the patient can then plan the next steps carefully.

COVID-19 Impact Analysis

COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in December, 2019. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since its outbreak, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.

Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness significant growth in the future, owing to the demand for vaccines and treatment drugs for COVID-19.

With COVID-19 spreading all across the world, hospitalization rates fell down dramatically. There were several reports of many hospitals operating at less than 50% capacity in order to curtail noncritical medical services and elective surgeries. People are even less likely to visit hospitals and clinics for a second medical opinion on their illnesses and treatments. Therefore, COVID-19 is expected to have a significant impact on the medical second opinion market.

Top Impacting Factors

• The increase in the trend in second opinion medical services is the main driver for the medical second opinion market. With rise in diagnostic tests, patients tend to go to different medical practitioners to know about different treatment options for their conditions.
• With rise in awareness, people are more open to consulting more than one doctor before undergoing any major treatment or surgery. This factor is contributing to the growth of the medical second opinion market.
• Many patients are worried these days about the financial burden they might have to face undergoing different health services. Hence, they like to know about different treatment options in case they can come across a better and more cost-effective therapy. This factor is also propelling the growth of the medical second opinion market.
• However, in many developing countries, many people are reluctant toward medical second opinions due to lack of awareness. This factor can hamper the growth of the medical second opinion market.

Key Market Trends

Increased errors in medical billing are witnessed in the healthcare sector all across the world. In order to avoid these errors, people might need an expert opinion. This factor can help the medical second opinion market grow during the forecast period.

In 2017, WorldCare International, Inc. partnered with the co-operators to launch their mental health research program for a medical second opinion. This program was designed to optimize individual healthcare decisions.

In 2018, North America dominated the medical second opinion market. This can be attributed to the highly aware population, favorable government initiatives for reimbursements in healthcare, and advanced healthcare infrastructure in the region. Many renowned organizations such as WorldCare International, Inc. also work in this region to assist people in getting medical second opinions.

The key market players are also adopting strategies such as collaborations and acquisitions to enlarge their worldwide customer base. This can help the medical second opinion market grow further during the forecast period.

Key Benefits of the Report

• This study presents the analytical depiction of the medical second opinion industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the medical second opinion market share.
• The current market is quantitatively analyzed to highlight the growth scenario of the medical second opinion.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
• The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.

Questions Answered in the Medical Second Opinion Report

• Which are the leading players active in the medical second opinion market?
• How is each segment of the market expected to grow during the forecast period?
• What are the adoption trends for the medical second opinion market in emerging economies and established economies across the world?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What future projections would help in taking further strategic steps in the market?
• What are the impacts of COVID-19 on the industry?
• What is medical second opinion?
• What are the current and predicted trends of the market?

 Medical Second Opinion Market Report Highlights