Office-based Labs

Office-based Labs

An office-based lab refers to a medical facility that is located within a physician's office or a clinic setting and offers various diagnostic and treatment services. These labs are often equipped to handle specific medical procedures and services, providing convenience to patients and potentially reducing costs compared to traditional hospital-based settings. OBLs can offer medical services at a lower cost compared to hospitals, making them more attractive to patients and payers. Reduced overhead and the ability to avoid costly hospital fees contribute to cost savings. Further, the increasing geriatric population and the surging diseases among them is the important reason for the market growth of office-based labs. For example, as per the World Health Organization, By 2030, one in six people in the world will be over the age of 60. By then, the share of the population aged 60 and over will increase from 1 billion in 2020 to 1.4 billion.

Office-based Labs Market is expected to grow at a strong CAGR of 7% during the forecast period (2023-2030) owing to the rising prevalence of the target diseases. For instance, according to World Health Organisation, 1.5 million people were newly infected with HIV worldwide in 2021.

• Based on modality, the market is segmented into single-specialty labs, multi-specialty labs, and hybrid labs. As per our analysis, the single-specialty labs segment acquired a major share in 2022. The single-specialty segment in the office-based labs market focuses on providing specific medical services within a specialized area of expertise. Instead of offering a broad range of services, these labs concentrate on delivering high-quality care and advanced treatments within a particular medical field. Single-specialty labs can optimize their resources and operations to focus on their area of expertise, potentially leading to cost savings for patients and payers. The cost-effectiveness and the high efficiency of the single specialty labs are the major factors responsible for the large market share of the segment.
• Based on the service type, the market is segmented into peripheral vascular intervention, endovascular interventions, cardiac, interventional radiology, venous, and others. The interventional radiology segment is expected to grow with a higher CAGR in the office-based labs market during the forecast period. Patients and physicians alike are increasingly seeking minimally invasive alternatives to traditional surgeries. Interventional radiology techniques offer a less invasive approach, leading to reduced patient discomfort, shorter recovery times, and fewer complications. As a result, the demand for interventional radiology is increasing.
• Based on the specialist, the market is segmented into vascular surgeons, interventional cardiologists, interventional radiologists, and others. As per our analysis, the vascular surgeons segment acquired a major share in 2021. Due to vascular surgeons playing an important role in the office as they specialize in diagnosing and treating diseases of the vascular system, the segment acquires majority shares in the office-based labs market.
• For a better understanding of the market adoption of the industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), Rest of World. North America held dominating share of the Office-based Labs market in 2022. The presence of well-established healthcare infrastructure, along with the increasing healthcare expenditure in the countries is the major attributing factor for the market growth in North America.
• Some of the major players operating in the market include Koninklijke Philips N.V.; Siemens Healthcare GmbH; GE HealthCare; Medtronic.; Boston Scientific Corporation.; Abbott; Cardiovascular Systems, Inc.; Envision Healthcare; Surgery Care Associate, Inc.; and Fresenius Medical Care.