The U.S. office-based labs market size is expected to reach USD 14.5 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.06% from 2020 to 2027. The increasing prevalence of target diseases and rising preference for minimally invasive procedures in outpatient settings are the major factors driving the demand for office-based labs (OBL) in the U.S. In addition, high prevalence of risk factors such as smoking, high blood pressure, diabetes, and high cholesterol, in combination with the growing geriatric population is expected to increase the incidence of peripheral artery diseases (PADs). The resultant surge in the number of procedures performed for their treatment is anticipated to fuel the market growth during the forecast period. Moreover, the growing trend of surgical procedures being performed in outpatient settings and the rising incidence of various vascular diseases are among the major factors driving the demand for office-based labs (OBL) in the U.S.
Furthermore, key manufacturers such as Philips Healthcare and Siemens Healthineers have been entering into partnerships with physicians to set up OBLs, equipping laboratories with required devices and providing complete solutions from start to end, which is expected to propel the market growth. Following WHO’s statements on precautions during the ongoing pandemic, the United States Surgeon General announced formal instructions to cancel elective surgeries as they may accelerate the spread of the novel coronavirus within healthcare facilities as well as consume vital medical resources required for managing COVID-19 cases. Most of the elective procedures are not an emergency. Based on a statement made by the American College of Surgeons (ACS), the Surgeon General has provided instructions to prioritize appropriate resource allocation during the novel coronavirus pandemic as it relates to elective invasive procedures. All healthcare workers are needed to take care of patients infected by the virus and the critically ill who are already hospitalized. Operating rooms have ventilators that are needed to support critically ill COVID-19 patients, which will be their priority over elective surgeries.
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U.S. Office-based Labs Market Report Highlights
• High patient satisfaction with a focused and dedicated team of doctors is expected to boost the market growth.
By modality, single-specialty OBLs spearheaded the market in 2019. Hybrid office-based labs are anticipated to witness high growth during the forecast period.
Based on Specialists, Vascular surgeons are the leading service providers in OBL settings and held the dominant share of 40.7% in 2019. This can be primarily attributed to the rising burden of vascular diseases in the country.
Based on service, Peripheral vascular intervention (PVI) dominated the market in 2019 with a share of 40.6% owing to the high prevalence of atherosclerosis in the country and a large number of balloon angioplasty and stenting procedures being performed in patients with blocked arteries and veins.
Early in the pandemic, the number of visits to ASCs and any other outpatient facilities, such as OBLs, declined. During this period, the visit count increased for telemedicine. It increased rapidly in the mid-April and slightly declined in the last weeks. But with the COVID-19 phase 2 reopening, a rebound in visits is witnessed in all areas of the U.S. As most of the ASCs and OBL operate on the fee-for-service model, a decline in the number of visits directly impacted the income of the facilities. Few OBLs have started operations and are following all the guidelines set by the state and local officials.
Mergers and acquisitions, technological advancements, and new product launches are some of the strategies followed by major players in the market. For instance, in December 2019, GE Healthcare launched more than 30 new smart devices and imaging intelligent applications at the Radiological Society of North America (RSNA) for radiology departments.
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U.S. Office-based Labs Market Segmentation
Grand View Research has segmented the U.S. office-based labs market based on modality, service, and specialist:
U.S. Office-based Labs Modality Outlook (Revenue, USD Million, 2016 - 2027
• Single Specialty Labs
• Multi-specialty Labs
• Hybrid Labs
U.S. Office-based Labs Service Outlook (Revenue, USD Million, 2016 - 2027)
• Peripheral Vascular Intervention
• Endovascular Interventions
• Cardiac
• Interventional Radiology
• Oil & Gas Industry
• Venous
• Others
U.S. Office-based Labs Specialist Outlook (Revenue, USD Million, 2016 - 2027)
• Vascular Surgeons
• Interventional Cardiologists
• Interventional Radiologists
• Others
List of Key Suppliers of U.S. Office-based Labs Market
• GE Healthcare
• Philips Healthcare
• Siemens Healthineers
• Medtronic PLC
• Boston Scientific
• Abbott
• Cardiovascular System, Inc.
List of Key Service Providers of U.S. Office-based Labs Markett
• Envision Healthcare
• Surgery Care Associates, Inc. (SCA)
• Surgery Partners
• National Cardiovascular Partners
• CardioVascular Coalition
• Tenet Healthcare Corporation
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About Grand View Research
Grand View Research is an Indian & U.S.-based market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company's rich database includes in-depth analysis across a range of industries including chemicals, materials, energy, healthcare, and technology, among others.
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