U.S. Office-based Labs Market Future Growth Insights And Latest Trends

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. 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. 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.

More than 250 million people worldwide suffer from peripheral artery diseases and their prevalence increased by 24% between 2000 and 2010. The trend is expected to continue over the coming years. Low-income countries witnessed a 29% growth in the number of individuals suffering from PADs in the past decade, while high-income countries witnessed a growth of 13%. PADs increase the risk of stroke and heart attack and often lead to ischemic amputations. According to an estimation, 150,000 cases of ischemic amputations are recorded every year in the U.S. alone.

Many service providers such as National Cardiovascular Partners, Envision Healthcare, and Surgery Partners are available in the U.S., providing services related to office-based surgery to patients at an affordable cost.

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.

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U.S. Office-based Labs Market Report Highlights

• By modality, single-specialty OBLs spearheaded the market in 2019. Hybrid office-based labs are anticipated to witness high growth during the forecast period. Single-specialty labs offer more patient-centric treatments while hybrid models offer more profitability with multiple facilities under one roof
• In terms of service, peripheral vascular intervention (PVI) dominated the U.S. market in 2019 owing to a high prevalence of atherosclerosis in the country. A large number of balloon angioplasty and stenting procedures being performed in patients with blocked arteries and veins has also aided the segment growth
• By specialist, vascular surgeons are the leading service providers in OBLs and held the largest share in 2019. This is attributed to the rising burden of vascular diseases in the country. All the major vascular surgeries such as aortic, mesenteric, renal, subclavian, iliofemoral, tibia, 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 in the market. In August 2019, Boston Scientific acquired BTG PLC to expand its portfolio of minimally invasive surgical devices

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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
• 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 Market

• Envision Healthcare
• Surgery Care Associates, Inc. (SCA)
• Surgery Partners
• National Cardiovascular Partners
• CardioVascular Coalition
• Tenet Healthcare Corporation

About Grand View Research        

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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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