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(Medical-NewsWire.com, March 27, 2020 ) Market Overview
• The Global Medical Second Opinion Market is expected to grow at a high CAGR during the forecasting period (2019-2026).
• A medical second opinion is a decision-support tool for ratification or modification of a suggested treatment, by another physician. A medical second opinion may have a critical influence on the diagnosis, treatment, and prognosis. The patient can benefit from treatment optimization and avoid unnecessary risks. The physician can benefit from less exposure to legal claims, and healthcare organizations can benefit from increased treatment, quality assurance and costs saving from unnecessary surgery and treatments. Nevertheless, injudicious use of this tool can provoke unnecessary medical costs. In recent years, many patients prefer to seek a second opinion on their disease and available treatments. Private and public insurance companies are trying to control surgery costs by urging and even demanding a second opinion before surgery. Although medical second opinions are common in medical practice, relatively little is known on this subject.
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Market Dynamics
• The medical second opinion market growth is driven by several factors, such as the increased need for improved diagnosis, reduction in the financial cost and favorable government initiatives.
• Most of the people experience at least one diagnostic error in their lifetime, and sometimes these errors lead to devastating consequences. According to a report by the National Academy of Medicine, it is estimated that 5% of U.S. adults who seek outpatient care each year experience a diagnostic error. Postmortem examination research spanning over decades shows that diagnostic errors contribute to approximately 10% of patient deaths, and medical record reviews suggest that diagnostic errors account for 6% to 17% of adverse events in hospitals. Moreover, diagnostic errors are the leading type of paid medical malpractice claims and are almost twice as likely to have resulted in the patient’s death compared to other claims. According to Mayo Clinic, more than 20% of patients who sought a second opinion had initially been misdiagnosed by their primary care providers. Only 12% have their cases correctly diagnosed initially, the rest of the diagnoses all differed in some aspect. In 21% of patient cases, the second opinion indicated a “distinctly different” diagnosis from the first diagnosis, and in 67% of cases, the diagnoses were partly correct but “better defined/refined” by a second opinion.
• Treatment choices that patient usually goes for are determined largely by local medical opinion concerning the value of surgery or its alternative. Health outcomes are threatened when doctors prescribe a treatment like a particular surgery for chronic back pain when there is no evidence proving positive long-term outcomes and when a less expensive treatment option, like physical therapy, is available. A medical second opinion can avoid many unnecessary surgeries that claimed to have led to thousands of avoidable deaths. These unnecessary treatment options lead to the burden of billions on the government, that can be avoided my medical second opinion.
Market Segmentation
• By disorders, the global medical second opinion market is segmented into cancer, diabetes, cardiac disorders, neurological disorders, ocular disorders, and others. Among these neurological disorders are expected to have a dominant market share over the period of forecast (2019-2026). Attention deficit hyperactivity disorder, Parkinson’s disorder, depression, bipolar disorders, and many more neurological disorders are tough to diagnose and leads to a large number of misdiagnosis among people. According to Parkinson’s Foundation around 25-30% of Parkinson’s disorder is misdiagnosed, which is a very high number. Similarly, around 69% of the bipolar patients receive misdiagnosis initially. Even well-trained internists and general neurologists can have trouble diagnosing Parkinson's disease, especially if they've had little experience with the disorder. Parkinson’s Foundation suggests that people diagnosed with Parkinson's consider getting a second opinion from a neurologist who specializes in movement disorders and has extensive experience with Parkinson's. Similarly, in depression the second opinion from a psychiatrist is always suggested.
• By service providers, the market is segmented into hospitals, medical second opinion providing companies and health insurance companies. Medical second opinion providing companies are expected to be the largest market shareholder over the period of forecast (2019-2026) due to the feasibility they provide to the patients. Many patients take medical second opinion through these online services as they can consult any doctor all over the world from their home and are cost-efficient, for instance the price of a doctor’s consultation in the U.S. can be prohibitively high, and insurance plans are limited in their coverage so a patient can consult an Indian doctor online that comes at a cost people can afford whenever they want. Many small cities in developing nations do not have proper access to doctors and healthcare, and these online services prove a boon to those people. Smaller city patients can now get medical opinion from doctor anywhere online.
Geographical Analysis
• North America is dominating the medical second opinion market in 2018 and estimated to hold largest market size over the forecast period (2019-2026), owing to highly aware population, advanced healthcare infrastructure, and favorable government initiatives. There are many organizations working in the region to assist patients with second opinion such as WorldCare International Inc. that connects members with teams of specialists who work together to confirm diagnoses, review treatment plans, answer questions and deliver timely independent second opinions. The government also initiates favorable policies and programs in the region and provides reimbursements through medical insurance in countries like U.S. Medicare covers a second opinion in some cases for surgery that isn’t an emergency. Medicare also helps pay for a third opinion if the first and second opinions are different.
Competitive Landscape
• Some of the major key players in the market are WorldCare Inc., Cynergy Care, Mediguide International LLC, AXA PPP Healthcare, Cleveland Clinic, Helsana Group, Teladoc Health, GrandOpinion, Lybrate, Partners Healthcare, and Grand Rounds Inc.
• In the medical second opinion market, companies, healthcare insurance providers and hospitals all are emerging at a steady pace with competitive second opinion services. These healthcare providers are booming due to the wide variety of patients who are taking medical insurance and seeking second evaluation for a better remedy. All the healthcare providers are working towards meeting patient demand in a short period and efficiently, thus helping the global medical second opinion market.
• In October 2017, The Co-operators Group Limited, in partnership with WorldCare International, Inc. announced the launch of a research program that provided participants and their physicians with an in-depth mental health medical second opinion.
• In June 2017, WorldCare International, Inc. and 1.800MD, LLC announced an agreement to integrate services. Their combined healthcare platform includes their respective best-in-class serious illness medical second opinion and telehealth services, delivering a seamless workflow between treatment for routine acute care and severe illness medical second opinions.
• In March 2017, WorldCare International, Inc., launched a pilot basis with select clients WorldCare ACCESS Pain Management, a new pain management second opinion service available globally.
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