Office Based Lab Market
Global Market Study on Office-based Labs: Increasing Adoption of Non-Physician Care Models at OBLs Catalyzing Market Growth
Office-based Labs Market Segmented By Peripheral Vascular Intervention, Interventional Radiology, Endovascular Therapy, Cardiovascular, Venous, Non-vascular Service in Single Specialty, Multi-Specialty, Hybrid
Over the last few years, there has been a rise in the incidence of complex lesions, which may require same-day intervention. At office-based labs, surgical procedures for peripheral artery disease (PAD), chronic total occlusions (CTOs), and calcified vessels can be performed safely and effectively.
Also, a shift has been observed among patient to visit office-based labs for the treatment of complex lesions. Moreover, physicians are also working with office-based labs to perform complex surgical procedures, with the aim of achieving greater results.
Therefore, the rise in complex procedures that require same-day intervention is expected to aid the growth of the the office-based lab market across the world.
Find Out More about the Report Coverage
- Tenet Healthcare
- Envision Healthcare
- Quorum Health
- HCA Healthcare
- Fresenius Medical Care
- Team Health
- Terveystalo Healthcare
- Healthway Medical
- Surgery Partners
Office-based Lab Market TrendsSmooth Workflow at Office-based Labs: According to various surveys conducted in the U.S., overall satisfaction rates with office-based lab services are at over 97%. Patients are also very satisfied because of the quality of t
Smooth Workflow at Office-based Labs: According to various surveys conducted in the U.S., overall satisfaction rates with office-based lab services are at over 97%. Patients are also very satisfied because of the quality of the staff and streamlined services at OBLs.
Office-base labs have highly qualified specialists and technologists. Besides this, such labs also maintain the records of their patients in a proper manner to provide quality care. Therefore, smooth workflow at OBLs and high satisfaction rates among patients will expand the office-based lab market size over the coming years.
Migration of Procedures from Hospitals to Office-based Labs due to Favorable Reimbursement Scenario: Currently, office-based labs are spreading awareness among policy makers regarding their advantages and smooth workflow. As a result, in 2008,
Medicare changed it reimbursement policies and availed high reimbursements for surgical procedures at outpatient facilities. The key agenda of Medicare, besides this decision, is to deduce the workload at inpatient facilities and increase the adoption of outpatient facilities.
New policies encourage patients to visit outpatient facilities, rather than inpatient facilities. As a result, the number lower extremity bypass surgical procedures has decreased at inpatient facilities, and gradually increased at outpatient facilities.
High Standard Requirements for Launching Office-based Labs: The launching of an office-based lab is an intimidating task, as several guidelines need to be fulfilled before its launch. Firstly, the facility requires high expertise medical specialists. Many physicians found it difficult for then to manage their medical facility alongside an office-based lab.
Also, the launching of an office-based lab requires licensing, which needs to meet high requirements. This may include reconstruction and major design changes of the healthcare facility. For e.g., the width of doorways, emergency power backup, etc. Therefore, high standard requirements needed to launch office-based labs can adversely affect market growth to some extent.
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Regional Analysis of Office-based Lab Market
Europe and North America hold a bulk of the global office-based lab market share, and this is expected to continue over the coming years too. However, increasing lucrative opportunities will arise out of Asia and South America, as a result of rising awareness about the various benefits of office-based labs across these regions.
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COVID-19 Impact on Office-based Lab Market
The global outbreak of COVID-19 has resulted in lockdowns, shutdowns, and travel restrictions in the first half of 2020. A majority of developed countries have ordered hospitals to postpone non-essential surgical procedures as most of the hospitals beds are needed to treat COVID-19 patients.
At office-based labs, non-essential surgical procedures can be performed smoothly and patients can get discharged on the same day. As such, the COVID-19 pandemic can act as an opportunity for the further growth of the office-based lab market space.
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An extensive analysis of the office-based lab market has brought our analysts to a conclusion that, the market is growing at a significant pace. Currently, hybrid set-up models is the target segment for major healthcare facilities, and hence, this segment is anticipated to gain more traction in the office-based lab market, by set-up model, in terms of market growth. Europe and North America collectively hold more than 85% of revenue share, due to the high adoption of office-based labs in these regions. Emerging countries such as Brazil, China, and India are expected to offer lucrative opportunities for the office-based lab market, owing to increasing awareness and initiatives by hospital systems for expanding primary care.
Key Segments of Office-Based Lab Market
PMR’s study on the office-based lab market offers information divided into four important segments— service, set-up model, specialist, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in PMR’s Office-based Lab Market Report
- Which regions will continue to remain the most profitable regional markets for office-based lab market players?
- Which factors will induce a change in the demand for office-based labs during the assessment period?
- How will changing trends impact the office-based lab market?
- How can market players capture the low-hanging opportunities in the office-based lab market in developed regions?
- What are the winning strategies of stakeholders in the office-based lab market to upscale their position in this landscape?
- What are the restraints that investors need to be aware of and might tackle while investing in the office-based lab market?
- What are the developmental trends in office-based lab sectors that will impact the market?
- How can businesses in the office-based lab market avail the growth opportunities in developed and emerging sectors?