U.S. Office-based Labs Market Size Worth $18.3 Billion By 2030

The U.S. office-based labs market size was valued at USD 9.6 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 7.46% from 2022 to 2030.

The U.S. Office-Based Labs Market size is expected to reach USD 18.3 billion by 2030 expanding at a CAGR of 7.46% 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

Reviews

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