In this paper, an analysis on hybrid Discrete Wavelet Transform (DWT) and Singular Value Decomposition (SVD) for image watermarking is carried out to investigate the effect of a deeper level of the SVD on imperceptibility and robustness to resist common signal processing and geometric attacks. For this purpose, we have designed two hybrid watermarking schemes, the first one with DWT and first level of SVD, whereas, in the second scheme, the same design is employed with a second level of SVD. In this experiment, a comprehensive analysis is performed on the two designed schemes and the effect of robustness and imperceptibility is compared in the first and second levels of SVD in each DWT sub-band. Having analyzed more than 100 medical and non-medical images in standard datasets and real medical samples of patients, the experimental outcomes show a remarkable increase in both imperceptibility and robustness in the second level of SVD, in comparison to the first level. In addition, the achieved result shows that the SVD2 scheme offers the highest imperceptibility in the LL sub-band (more than 60 dB on average PSNR), with satisfactory robustness against noise attacks, but less persistence in some geometric attacks such as cropping. For the HH sub-band, strong robustness against all types of tested of attacks is obtained, though its imperceptibility is slightly lower than the achieved PSNR in the LL sub-band. In HH sub-band, an average growth of 5 dB in PSNR and 2% in NC can be observed from the second level of SVD in comparison to the first level. These results make SVD2 a good candidate for content protection, especially for medical images.