Product Code: TIPRE00025159
The North America medical second opinion market is projected to grow significantly, reaching approximately USD 7,306.96 million by 2031, up from USD 2,485.58 million in 2023, with a compound annual growth rate (CAGR) of 14.4% during this period.
Executive Summary and Market Analysis
The medical second opinion market in North America is divided into three main regions: the United States, Canada, and Mexico. The growth of this market is driven by the increasing acceptance of medical second opinion services and the ongoing digital transformation in healthcare consulting. Additionally, advancements in healthcare systems and a heightened focus on improving treatment outcomes are expected to further propel market growth.
Market Segmentation Analysis
The North America medical second opinion market can be analyzed based on two key segments: medical conditions and service providers.
1. By Condition: The market is categorized into various medical conditions, including cancer, orthopedic disorders, cardiac disorders, neurological disorders, nephrological disorders, hematological disorders, chronic obstructive pulmonary disease (COPD), organ transplants, and others. Notably, the cancer segment accounted for the largest market share in 2023.
2. By Service Provider: The market is also segmented by service providers, which include hospitals, health insurance companies, and online services. In 2023, hospitals represented the largest share of the market.
Market Outlook
Globally, patients are facing increasing financial pressures due to rising healthcare costs, which are exacerbated by a shortage of healthcare professionals and limited resources. This situation has created a demand for healthcare cost optimization. The need for second medical opinions is growing as patients seek to avoid unnecessary surgeries and complications. Medical second opinion services provide patients with comprehensive information to make informed decisions regarding their treatment options. These services often involve a thorough review of medical records and alternative treatment assessments, which can lead to reduced healthcare costs and improved patient outcomes.
Research indicates that approximately 31% of patients experience complications from surgical procedures, and around 4.2 million postoperative deaths occur annually, highlighting the importance of second opinions in mitigating risks associated with surgery.
Country Insights
The North American medical second opinion market is primarily driven by the United States, which held the largest market share in 2023. The rising incidence of cancer, which is the second leading cause of death in the U.S., presents significant opportunities for growth in this market. In 2022, over 1.9 million new cancer cases were diagnosed, leading to approximately 609,360 deaths. Projections suggest that around 2 million new cancer cases will be diagnosed in 2024, further increasing the demand for second opinions, especially given the prevalence of misdiagnoses.
Moreover, the U.S. faces a high rate of medical errors, with around 4,000 surgical errors reported annually and 7,000 to 9,000 deaths attributed to medication errors. Approximately 795,000 Americans suffer from misdiagnoses of serious conditions each year, underscoring the critical need for second opinions in the healthcare system.
In response to these challenges, organizations like UnitedHealthcare have partnered with companies such as 2nd.MD to offer no-cost expert medical opinion services to their members. This service connects patients with specialists who review their cases and provide second opinions. Other organizations, such as WorldCare International Inc., also offer comprehensive second opinion services for critical illnesses, covering a wide range of medical conditions.
Company Profiles
Key players in the North America medical second opinion market include 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. These companies are employing various strategies, including market expansion, product innovation, and mergers and acquisitions, to enhance their offerings and increase their market presence.
Table Of Contents
1. Introduction
- 1.1 Report Guidance
- 1.2 Market Segmentation
2. Executive Summary
- 2.1 Key Insights
- 2.2 Market Attractiveness
3. Research Methodology
- 3.1 Secondary Research
- 3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macroeconomic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country-level data:
4. North America Medical Second Opinion Market - Key Market Dynamics
- 4.1 Market Drivers
- 4.1.1 Growing Emphasis on Better Treatment Outcomes
- 4.1.2 Increasing Preference for Healthcare Cost Optimization
- 4.2 Market Restraints
- 4.2.1 Lack of Awareness and Reluctance Toward Adoption of Medical Second Opinion in Emerging Nations
- 4.3 Market Opportunities
- 4.3.1 Rising Collaborations in Telemedicine Technologies
- 4.4 Future Trends
- 4.4.1 Digitalization of Medical Consulting Services
- 4.5 Impact of Drivers and Restraints:
5. North America Medical Second Opinion Market - Market Analysis
- 5.1 North America Medical Second Opinion Market Revenue (US$ Million), 2021-2031
- 5.2 North America Medical Second Opinion Market Forecast Analysis
6. North America Medical Second Opinion Market Analysis - by Condition
- 6.1 Cancer
- 6.1.1 Overview
- 6.1.2 Cancer: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 6.2 Orthopedic Disorders
- 6.2.1 Overview
- 6.2.2 Orthopedic Disorders: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 6.3 Cardiac Disorders
- 6.3.1 Overview
- 6.3.2 Cardiac Disorders: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 6.4 Neurological Disorders
- 6.4.1 Overview
- 6.4.2 Neurological Disorders: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 6.5 Nephrological Disorders
- 6.5.1 Overview
- 6.5.2 Nephrological Disorders: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 6.6 Hematological Blood Disorders
- 6.6.1 Overview
- 6.6.2 Hematological Blood Disorders: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 6.7 COPD
- 6.7.1 Overview
- 6.7.2 COPD: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 6.8 Organ Transplant
- 6.8.1 Overview
- 6.8.2 Organ Transplant: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 6.9 Others
- 6.9.1 Overview
- 6.9.2 Others: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
7. North America Medical Second Opinion Market Analysis - by Service Provider
- 7.1 Hospitals
- 7.1.1 Overview
- 7.1.2 Hospitals: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 7.2 Health Insurance Companies
- 7.2.1 Overview
- 7.2.2 Health Insurance Companies: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 7.3 Online Services
- 7.3.1 Overview
- 7.3.2 Online Services: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
8. North America Medical Second Opinion Market - Country Analysis
- 8.1 North America
- 8.1.1 North America Medical Second Opinion Market Overview
- 8.1.2 North America Medical Second Opinion Market - Revenue and Forecast Analysis - by Country
- 8.1.2.1 North America Medical Second Opinion Market - Revenue and Forecast Analysis - by Country
- 8.1.2.2 United States: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 8.1.2.2.1 United States: North America Medical Second Opinion Market Share - by Condition
- 8.1.2.2.2 United States: North America Medical Second Opinion Market Share - by Service Provider
- 8.1.2.3 Canada: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 8.1.2.3.1 Canada: North America Medical Second Opinion Market Share - by Condition
- 8.1.2.3.2 Canada: North America Medical Second Opinion Market Share - by Service Provider
- 8.1.2.4 Mexico: North America Medical Second Opinion Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 8.1.2.4.1 Mexico: North America Medical Second Opinion Market Share - by Condition
- 8.1.2.4.2 Mexico: North America Medical Second Opinion Market Share - by Service Provider
9. Industry Landscape
- 9.1 Overview
- 9.2 Market Initiative
- 9.3 Partnerships and Collaborations
10. Company Profiles
- 10.1 Second Opinion International
- 10.1.1 Key Facts
- 10.1.2 Business Description
- 10.1.3 Products and Services
- 10.1.4 Financial Overview
- 10.1.5 SWOT Analysis
- 10.1.6 Key Developments
- 10.2 Elite Medical Services
- 10.2.1 Key Facts
- 10.2.2 Business Description
- 10.2.3 Products and Services
- 10.2.4 Financial Overview
- 10.2.5 SWOT Analysis
- 10.2.6 Key Developments
- 10.3 The Cigna Group
- 10.3.1 Key Facts
- 10.3.2 Business Description
- 10.3.3 Products and Services
- 10.3.4 Financial Overview
- 10.3.5 SWOT Analysis
- 10.3.6 Key Developments
- 10.4 Helsana
- 10.4.1 Key Facts
- 10.4.2 Business Description
- 10.4.3 Products and Services
- 10.4.4 Financial Overview
- 10.4.5 SWOT Analysis
- 10.4.6 Key Developments
- 10.5 WorldCare
- 10.5.1 Key Facts
- 10.5.2 Business Description
- 10.5.3 Products and Services
- 10.5.4 Financial Overview
- 10.5.5 SWOT Analysis
- 10.5.6 Key Developments
- 10.6 Vidal Health Insurance TPA Pvt Ltd
- 10.6.1 Key Facts
- 10.6.2 Business Description
- 10.6.3 Products and Services
- 10.6.4 Financial Overview
- 10.6.5 SWOT Analysis
- 10.6.6 Key Developments
- 10.7 2nd.MD
- 10.7.1 Key Facts
- 10.7.2 Business Description
- 10.7.3 Products and Services
- 10.7.4 Financial Overview
- 10.7.5 SWOT Analysis
- 10.7.6 Key Developments
- 10.8 Axa SA
- 10.8.1 Key Facts
- 10.8.2 Business Description
- 10.8.3 Products and Services
- 10.8.4 Financial Overview
- 10.8.5 SWOT Analysis
- 10.8.6 Key Developments
- 10.9 Teladoc Health Inc
- 10.9.1 Key Facts
- 10.9.2 Business Description
- 10.9.3 Products and Services
- 10.9.4 Financial Overview
- 10.9.5 SWOT Analysis
- 10.9.6 Key Developments
- 10.10 Included Health, Inc.
- 10.10.1 Key Facts
- 10.10.2 Business Description
- 10.10.3 Products and Services
- 10.10.4 Financial Overview
- 10.10.5 SWOT Analysis
- 10.10.6 Key Developments
- 10.11 Royal Doctors
- 10.11.1 Key Facts
- 10.11.2 Business Description
- 10.11.3 Products and Services
- 10.11.4 Financial Overview
- 10.11.5 SWOT Analysis
- 10.11.6 Key Developments
11. Appendix
- 11.1 About Us
- 11.2 List of Abbreviations