The U.S. Office-Based Labs Market size is expected to reach USD 18.3 billion by 2030 expanding at a CAGR of 7.46% over the forecast period, according to a new report by Grand View Research, Inc. The increasing prevalence of vascular 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. High prevalence of risk factors, such as smoking, high blood pressure, diabetes, and high cholesterol, along 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. The rapidly transitioning healthcare delivery scenario is
driving key market players to transform their business models to achieve
maximum benefit from ongoing transitions. A key driving factor supporting the
changing preferences of consumers is the cost-effectiveness of OBL. Some of the
key reasons to visit office-based labs are preventive care, underlying chronic
condition, pre/post-surgery care, and injuries/trauma. In addition, high
patient satisfaction with a focused and dedicated team of doctors is expected
to boost the market in the U.S.
During the COVID-19 pandemic, private practices, such
as OBLs, postponed elective procedures, which included elective angioplasty or
elective rotational atherectomy during transcatheter aortic valve implantation,
or any other elective vascular operations performed under general or peripheral
anesthesia. According to the findings published by The Commonwealth Fund, in
August 2020, the total number of ambulatory practices witnessed a decline of
60% and recorded a significant decline in provider office visits. Many OBLs in
the U.S. have reported a sharp decline in their businesses, however, some of
them are offering testing facilities and post-respiratory therapy.
Related Press Release@ U.S. Office-based Labs Market Report
U.S. Office-based Labs Market
Report Highlights
- By modality, the single-specialty OBL segment dominated the market
in 2021, and hybrid office-based labs are expected to record the fastest
CAGR during the forecast period
- The adoption of digital health solutions, such as integrated care
Electronic Health Records (EHRs) customized as per the care provider
requirements is boosting the growth of multi-specialty labs
- In terms of services, vascular procedures are the most commonly
performed procedures in OBL settings. Among vascular procedures,
Peripheral Vascular Interventions (PVI) are the most common services being
offered to patients
- In the specialist category, vascular surgeons are the leading
service providers in OBL. All major vascular surgeries, such as aortic,
mesenteric, renal, subclavian, iliofemoral, tibial, and pedal, are being
performed by vascular surgeons in office settings
- In the U.S. almost 70% of surgical procedures are performed in
outpatient settings, out of which, around 25% are performed in a
physician’s office
- Mergers & and acquisitions, technological advancements, and new
product launches are some of the strategies followed by major players. For
Instance, in May 2021, Surgery Partners entered into a strategic
partnership with UCI Health to develop & expand access to outpatient
surgical facilities and enhance patient outcome
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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