U.S. Office-based Labs Market 2023 Deep Analysis of Current Trends and Future Demand by Top Key Players By 2030Posted by Mrudula Anil Karmarkar on February 1st, 2024 San Francisco, 01 February 2024: The ReportU.S. Office-based Labs Market Size, Share & Trends Analysis Report By Modality (Hybrid Labs, Multi-specialty Labs), By Service (Cardiac, Endovascular Intervention, Venous, Interventional Radiology), By Specialist, And Segment Forecasts, 2024 - 2030 The U.S. office-based labs market size is expected to reach USD 18.3 billion by 2030 expanding at a CAGR of 7.52% 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. 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. Additionally, high patient satisfaction with a focused and dedicated team of doctors is expected to boost the market growth. The prevalence of these diseases has significantly increased over the past decade and is expected to continue growing at an exponential rate. The U.S. witnessed a growth of 13% in the number of individuals suffering from Peripheral Artery Disease (PAD) in the past decade. PAD increases the risk of stroke and heart attack and often lead to ischemic amputations. Thus, increasing the demand for vascular surgical procedures. Many service providers, such as National Cardiovascular Partners, Envision Healthcare, and Surgery Partners are/ providing office-based surgical solutions and services to patients at an affordable cost. Request sample report of U.S. Office-based Labs Market@https://www.grandviewresearch.com/industry-analysis/office-based-labs-obl-market/request/rs1 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. The changing reimbursement policies for surgical procedures are boosting the scope of surgical procedures in office-based settings. In 2021, the Centers for Medicare and Medicaid Services proposed new standards for reimbursed procedures conducted in ASCs and broadened the scope of surgical procedures payable when performed in outpatient settings. U.S. Office-based Labs Market Report Highlights
This policy change also positively affected peripheral vascular interventions. After changes were made in federal reimbursement policy, peripheral vascular interventions have been categorized under outpatient settings. This is comparatively less expensive than in inpatient settings. As compared to Hospital Outpatient (HO) settings, establishing an OBL is beneficial for physicians in terms of reimbursements. The operating cost of an ambulatory center is higher than that of an OBL due to high patient safety standards and stringent regulatory scenarios. In some states of the U.S., conversion of an ambulatory center requires a certificate of need, which is a time-consuming procedure. This is creating an opportunity for physicians to convert to OBL settings. Degree of Innovation: The degree of innovation in the market is high. With the advent of new technologies and the growing demand for more efficient and accurate diagnostic testing, companies are investing heavily in R&D to develop innovative solutions. The introduction of innovative surgical techniques and technologies, along with advancements in anesthesia, has significantly expanded the types of surgical procedures performed in OBLs. Greater scheduling flexibility, consistent staffing, and faster turnaround time further contribute to market growth. For instance, in June 2023, Koninklijke Philips N.V. and BIOTRONIK partnered to expand cardiovascular device offerings for Philips SymphonySuite customers and improve offerings for patients with endovascular and cardiovascular diseases. U.S. Office-based Labs Market Report Scope
Impact of Regulations: The impact of regulations is high on the market owing to presence of stringent regulations in the market. Laboratory tests performed at the physician’s office/Office-based Labs (OBLs) are controlled by the government regulations—Clinical Laboratory Improvement Act (CLIA). All the healthcare facilities in the U.S. performing tests in the laboratory should be CLIA certified. The most common CLIA certificate for OBLs in the U.S. is Certificate of Waiver (CoW) to perform tests waived by the U.S. FDA, including simple urinalysis, urine pregnancy tests, rapid strep tests, some hemoglobin tests, and certain cholesterol & glucose testing methods. The vendor landscape of this market can be divided into three different sectors: medical imaging device manufacturers, vascular intervention device manufacturers, and service providers who offer end-to-end services to physicians for setting up labs. Among medical imaging device manufacturers, Philips Healthcare, Siemens Healthineers, and GE Healthcare are the key providers of equipment required in setting up OBLs. Key vascular intervention device manufacturers include Abbott; Medtronic; Boston Scientific; and Cardiovascular System, Inc. The service providers are focused on enhancing their range of services and undertake initiatives, such as partnerships & mergers, and acquisitions, to achieve this. 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 the quality of life of patients. Key U.S. Office-based Labs Companies:
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