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Office Based Lab Market

Technological Advancements and Cost-Effectiveness Propelling Office-Based Lab Market Forward

Office-based Labs Market by Type (Peripheral Vascular Intervention, Interventional Radiology, Endovascular Therapy, Cardiovascular, Venous and Non-vascular)

Office Based Lab Market Outlook (2023 to 2033)

The global revenue from the Office Based Lab Market was around US$ 21.4 Billion in 2022, with the global market expected to grow at a CAGR of 8.0% to reach a valuation of around US$ 52.2 Billion by the end of 2033.

Market Size (2023)

US$ 24.1 Billion

Projected Market Value (2033)

US$ 52.2 Billion

Global Market Growth Rate (2023 to 2033)

8.0% CAGR

Market Share of Top 5 Countries

72.2%

As assessed by Persistence Market Research, single specialty segment held a market share of around 42.0% in the global market, in 2022. Overall, office based lab market sales account for around 61.8% of revenue share in the global outpatient clinics market, which was valued at around US$ 39.0 Billion in 2022.

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Sales Analysis of Market from 2015 to 2022 Vs Market Outlook for 2023 to 2033

The global market recorded a historic CAGR of 8.9% in the last 7 years from 2015 to 2022.

An economical way to increase access to primary care is likely to be through increased use of non-physicians. Models of office-based labs provide primary care using a team-based approach, giving non-physicians the chance to collaborate to the fullest extent permitted by their licenses. According to some research studies, some primary care services supplied by non-physician practitioners are equivalent to those provided by physicians. Despite providing arguably equivalent treatment Therefore, as non-physician care models become more popular, demand for office-based labs will rise.

Office-based labs prioritize accessibility and convenience over regular hospital visits. Office-based labs provide convenient, routine conditions, but concierge clinics give patients more access to individualized care, frequently available 24/7, in exchange for service charges. Both models significantly rely on non-physician clinicians, such as nurse practitioners and physician assistants, as part of care delivery to achieve this degree of accessibility and convenience.

These days, many health systems collaborate with retail chains to expand their primary care networks to new patient populations while also offering physician oversight and greater patient traffic to retail clinics. Some concierge clinics collaborate with corporations to increase the number of patients they serve.

  • For these providers, partnership options are a critical growth driver that will increase patient volume at the office-based lab.

The global market is likely to show high growth over the coming years at a CAGR of 7.3% and reach a global market size of US$ 13.0 Billion by 2033.

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How Can the Global Market Grow?

“Active Collaborations of Hospital Settings with Primary Care Providers”

The complexity of lesions that need same-day interventions is increasing, and office-based practices are incorporating new and improved technologies.

  • More peripheral artery disease (PAD) patients with numerous illnesses and difficult lesion types, such as chronic total occlusions (CTOs) and calcified arteries, are being accepted by office-based laboratories in a safe and efficient manner. Treatment of more resting and critical limb ischemia patients as opposed to claudication has been noticed as a shift. To relieve pain and avoid catastrophic amputations, doctors working in OISs are doing increasingly complicated peripheral procedures.

Therefore, the increase in sophisticated procedures that call for same-day intervention may boost the market for office-based labs globally.

Office-based labs actively engage with authorities and work for improvements, such as those pertaining to equitable reimbursement. It also entails making attempts to permit services that are now only performed in hospitals as same-day interventions to be carried out in office and ASC (ambulatory surgical clinics).

  • The transition of minimally invasive procedures to be performed in hospital outpatient and freestanding settings has been greatly facilitated by new technologies and advancements in pharmacology. The market for office-based labs can grow globally in complex procedures that need for same-day intervention.

In developed economies, hospitals are increasingly entering in primary care to expand their networks of providers, increase patient volume, and get ready to manage population health more effectively. Hospital systems are leveraging tighter physician alignment as part of the shift to value-based payments to improve care coordination and lower the cost of unnecessary or avoidable treatments.

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Can the Market Growth Be Affected in Any Way?

Shift in Demographics of Physicians in OBL Settings with Limited Investments in OBLs as Compared to Hospital Settings

When it comes to new technologies, reimbursement is a concern for the OBLs. Insurance companies follow a standard for procedure payments established by the Centers for Medicare & Medicaid Services (CMS). The costs of research and development contribute to the increased cost of new technologies and equipment. OBLs operate on a tighter budget since they receive less money for the technical aspect than hospitals do. To stay in business, OBLs simply cannot afford the high prices of new technologies. Because of this, technology that has been certified for use in outpatient settings may be prohibitively expensive and therefore underused, consequently impeding the market growth.

Discussions within the office-based lab practice have been sparked by a demographic shift from a leadership perspective. There is a new generation of doctors joining the workforce today’s world who will be in frontline in ten, twenty, or thirty years.

  • They are extraordinarily capable despite being younger than most, having received different training, communicating in various ways, and having different goals and ideals. Doctors who practise in offices and are still active well into their 70s can also be found there. That is a difference of four decades, which is both intriguing and challenging.

Therefore, the rise of office-based labs may be hampered by this demographic disparity between physicians and their methods of patient treatment.

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Country-wise Insights

Why is the U.S. Market Booming?

“Increasing Number of Outpatient Facilities”

The U.S. accounted for around 94.8% market share in the North America market in 2022.

Increasing government support for primary care services and rising outpatient coverage are two key factors driving this market's expansion. Improvements in medical technology, patient demand, and financial and operational advantages are among the factors driving market expansion. ASCs and office-based labs are two examples of outpatient care settings where numerous treatments are shifting due to support from providers, society, and state regulations.

Will the Germany Be a Lucrative Market for Office Based Lab?

“Presence of Well Established OBL Centers”

The Germany market held around 20.3% market share of the Europe market in 2022.

Germany is emerging as a significant market in Europe. The country's increasing older population, the rising prevalence of various chronic diseases, and the presence of well-established centres are all contributing factors to the market's expansion. For market participants operating in Germany, the favorable regulatory situations are likely to present a number of prospects for expansion.

The growing efforts from OBLs to make price transparency a reality for all patients, not only beneficiaries, has a positive impact on the market as well. OBLs can take full use of complete transparency of pricing information for the consumer's greatest benefit. This includes both the overall cost of any planned surgical procedures and the specific proportion the patient would be responsible for paying.

How is China Emerging as a Prominent Market?

“Growing Efforts from Government to Improve Outpatient Facilities”

China held a market share of about 4.2% of the global market in 2022.

The development of outpatient facilities like OBLs and ASCs is given top priority by the Chinese government, which wants to improve the nation's healthcare system. Market expansion is anticipated to be facilitated by the economic and social benefits associated with these services.

OBLs are becoming more and more common in China as a result of the country's rapidly expanding patient population and the increasing stress on healthcare infrastructure. The ability of OBLs to perform more complex surgeries in order to meet the healthcare system's increasing demands is anticipated to boost market growth.

Category-wise Insights

Which Segment of Set-Up Model is Driving the Global Market?

“Economical and Expertise in Particular Specialties”

The single specialty segment held around 42.0% share of the total market in 2022.

Due to their investment-friendly models, strategies, and significance in particular specialties including ophthalmology, urology, plastic surgery, and gastroenterology, single specialty centers are anticipated to expand at a high rate. Comparing single-specialty clinics to multi-specialty hospitals, which need a lot of resources to serve numerous service lines, single-specialty clinics are more economical and offers best quality of care and service.

Which Service Type is Driving Global Office Based Lab Market Growth?

“Rising Prevalence of Vascular Diseases and Development in Minimally Invasive Vascular Procedures”

The peripheral vascular intervention segment held around 40.1% share of the total market in 2022.

Due to rising PAD (peripheral artery disease), favourable reimbursement, and developments in minimally invasive vascular procedures, the peripheral vascular intervention segment is predicted to expand at a significant rate.

On the other hand, market players are also working to improve the peripheral intervention products lines in order to capitalise on the expanding market prospects in OBL settings.

  • Peripheral support catheters from WavePoint Medical, which are utilized in peripheral vascular intervention, were acquired by Cardiovascular Systems, Inc. in March 2021. As part of the acquisition agreement, WavePoint Medical would develop a portfolio of specialty catheters for Cardiovascular Systems, Inc. that will be utilised in complex percutaneous coronary intervention and chronic total occlusions.

Which Specialist Segment Dominates the Global Market?

“High Demands for Vascular Surgeons”

Vascular Surgeons segment held around 38.8% share of the total market in 2022.

The segment is expanding due to an increase in the number of vascular surgeries and the demand for vascular surgeons. The Society for Vascular Surgery estimates that 100 million U.S. citizens are at risk of developing vascular diseases. Vascular surgeons prefer office-based labs over other types of facilities because doing surgery in these settings has financial advantages for them because all of the extra money made from surgical procedures is distributed both directly and indirectly to the surgeon.

Competition Landscape

The key players operating in the office based lab space are working to improve their viability. Collaborations, and investment plans are among the key strategies adopted by the leading players to keep their foothold in the market.

Some key instances of development include:

  • In May 2021, Surgery Partners and UCI Health engaged into a strategic relationship to promote and expand access to outpatient care facilities and improve patient quality of life.
  • In Jan 2021, Tenet Healthcare announced their plans to invest $150 million in the establishment of 40 ambulatory surgery centers.

Similarly, the team at Persistence Market Research has tracked recent developments related to companies in the office based lab market, which are available in the full report.

Office Based Lab Industry Report Scope

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2015 to 2022

Market Analysis

USD Million for Value

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Argentina
  • Mexico
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • BENELUX
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • Turkey
  • GCC COuntries
  • North Africa
  • South Africa

Key Market Segments Covered

  • Set-up Model
  • Service Type
  • Specialist
  • Region

Key Companies Covered

  • Tenet Healthcare
  • Mednax
  • Envision Healthcare
  • Quorum Health
  • HCA Healthcare
  • Fresenius Medical Care
  • Team Health
  • Terveystalo Healthcare
  • Healthway Medical
  • Surgery Partners

Report Coverage

  • Market Forecast
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Key Segments Covered in Office Based Lab Industry Research

Set-up Model:

  • Single Specialty
  • Multi-specialty
  • Hybrid

Service Type:

  • Peripheral Vascular Intervention
  • Interventional Radiology
  • Endovascular Therapy
  • Cardiovascular
  • Venous
  • Non-vascular

Specialist:

  • Vascular Surgeons
  • Interventional Cardiologists
  • Interventional Radiologists
  • Others

Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East and Africa

- Companies Covered in This Report -

  • Tenet Healthcare
  • Mednax
  • Envision Healthcare
  • Quorum Health
  • HCA Healthcare
  • Fresenius Medical Care
  • Team Health
  • Terveystalo Healthcare
  • Healthway Medical
  • Surgery Partners

- Frequently Asked Questions -

The global market is currently valued at around US$ 21.4 Billion in 2022.

Sales of the market are set to witness growth at a CAGR of 8.0% and be valued at around US$ 52.2 Billion by 2033.

Demand for the global market increased at an 8.9% CAGR from 2015 to 2022.

The global market is expected to reach a valuation of US$ 24.1 billion by the end of 2023.

The U.S., Germany, France, the U.K., and Italy account for most demand within the market, currently holding around 72.2% market share.

The U.S. accounts for around 94.8% share of the North American market in 2022.

Latin America accounts for around 1.6% share of the global market in 2022.

The China market held a share of about 4.2% in the global office based lab market in 2022.

The German office based lab market is set to expand at 11.8 % CAGR over the forecast period.

Tenet Healthcare, Fresenius Healthcare, and Envision Healthcareealthcarehhhhh among others are the key players in the global market.

Increasing geriatric population, rising government support for establishing outpatient settings and favourable reimbursement scenarios are few of the factors propelling the global market.

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