U.S. Office Based Labs Market Size, Share & Trends Report

U.S. Office Based Labs Market Size, Share & Trends Analysis Report By Modality (Single Specialty, Multi-Specialty), By Service, By Specialist (Vascular Surgeons, Interventional Cardiologists), And Segment Forecasts, 2019 - 2026

  • Published Date: May, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-2-68038-900-5
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 100

Industry Insights

The U.S. Office-based labs market size was valued at USD 7.9 billion in 2018 and is expected to register a CAGR of 8.7% from 2019 to 2026. The increasing trend of surgical procedures being performed in outpatient settings, backed by rising incidence of various vascular diseases, are among major factors driving the demand for Office-based labs (OBL) in U.S. In addition, high patient satisfaction with a focused and dedicated team of doctors is expected to boost the market.

Many service providers are available in the country, such as National Cardiovascular Partners and Envision Healthcare and Surgery Partners, and they have been providing Office-based surgical solutions and services to patients at an affordable cost.

U.S. office based labs market

In addition, key manufacturers such as Philips Healthcare and Siemens Healthineers have been entering into partnerships with physicians to set up OBLs, equipping laboratories with required instruments and providing complete solutions from start to end, which is expected to propel the market.

When compared with hospital outpatient (HO) settings, establishing an OBL is beneficial for physicians in terms of reimbursements. There is a reduction in the cost of vascular procedures when performed in Office-based laboratories due to high reimbursement available for physicians. According to Elsevier, Inc., the percentage of procedures performed for Medicare beneficiaries increased to 76% from 2011 to 2015. Overall, the adoption of procedures has increased by 30% in HO settings, by 380% in OBLs, and has decreased by 16% in hospital inpatient (HI) settings.

The U.S. OBL market faces challenges such as limited availability of anesthetic techniques and resources, which can put patient safety at risk, and lack of technical training for minimally invasive surgical procedures. The lack of definitive training and educational programs pertaining to the use of MIS devices makes surgeons reluctant to use this technology in OBL settings.

Modality Insights

Based on the modality, the market has been divided into single specialty laboratories, multispecialty laboratories, and hybrid laboratories. Single specialty Office-based labs spearheaded the market in 2018, whereas hybrid Office-based labs are anticipated to witness high growth during the forecast period.

Single-specialty OBLs offer more patient-centric treatments with minimum risk of partner divestment in the business. Hybrid models, on the other hand, offer more profitability with multiple facilities under one roof. However, the high cost associated with setting up such kind of labs may restrict their establishment. Multi-specialty labs are also gaining popularity as a partnership business of three to five physicians.

Specialist Insights

The U.S. Office-based labs market has been categorized on the basis of specialist into vascular surgeons, interventional cardiologists, interventional radiologists, and others. Vascular surgeons are the leading service providers in OBL settings and held the dominant share in 2018. This can be primarily attributed to the rising burden of vascular diseases in the country. All major vascular surgeries, such as aortic, mesenteric, renal, subclavian, iliofemoral, tibial, and pedal, are being performed by vascular surgeons in office settings.

With increasing acceptance of minimally invasive procedures in office settings, the interventional radiologists segment is expected to witness lucrative growth during the forecast period. When compared with vascular surgeons, interventional radiologists are involved in more complex procedures such as coil embolization.

Service Insights

Based on service, the U.S. OBL market is segmented into peripheral vascular intervention, endovascular interventions, cardiac, interventional radiology, venous, and other services. Vascular procedures are the most performed kind in OBL settings. Peripheral vascular interventions (PVI) dominated the market in terms of services owing to the high prevalence of atherosclerosis in the country and a large number of balloon angioplasty and stenting procedures being performed in patients with blocked arteries and veins.

U.S. office based labs market

The endovascular interventions segment is expected to witness high growth during the forecast period owing to rising incidence of aortic and coronary aneurysms in the country, increasing acceptance and approval of various endovascular procedures in outpatient settings as well as OBLs, and growing preference of patients for daycare treatment options.

Regional Insights

The concept of OBLs has been most widely accepted and practiced in the U.S. Currently, almost 70% of surgical procedures are being performed in outpatient settings, out of which, around 25% of the procedures are performed in a physician’s office. The concept of OBL was introduced primarily to focus on vascular surgical procedures in the office setting, providing more efficient care to patients at a lower cost.

The trend of Office-based labs is increasing in the country owing to less licensing and paperwork required when compared to ambulatory surgery centers (ASC). According to the Journal of the American College of Cardiology in March 2015, the number of peripheral vascular procedures performed in inpatient settings in U.S. has decreased, thereby leading to an increase in number of procedures performed in outpatient settings. This indicates the rising preference for daycare and Office-based treatment options among patients.

U.S. Office Based Labs Market Share Insights

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 key providers of equipment required in setting up OBLs.

Some of the suppliers of vascular intervention devices are Abbott; Medtronic; Boston Scientific; and Cardiovascular System, Inc. Envision Healthcare; Surgery Care Associates, Inc. (SCA); Surgery Partners; National Cardiovascular Partners; CardioVascular Coalition; and Tenet Healthcare Corporation are some of the leading service providers.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2026

Market representation

Revenue in USD Million & CAGR from 2019 to 2026

Country scope

U.S.

Report coverage

Revenue forecast, company share, competitive landscape, growth factors & trends

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Segments Covered in the Report

This report forecasts revenue growth at a country level and provides an analysis on the latest trends in each of the sub-segments from 2015 to 2026. For this study, Grand View Research has segmented the U.S. Office-based labs market report based on modality, service, and specialist:

  • Modality Outlook (Revenue, USD Million, 2015 - 2026)

    • Single Specialty

    • Multi-specialty

    • Hybrid

  • Service Outlook (Revenue, USD Million, 2015 - 2026)

    • Peripheral Vascular Intervention

    • Endovascular Intervention

    • Cardiac

    • Interventional Radiology

    • Venous

    • Others

  • Specialist Outlook (Revenue, USD Million, 2015 - 2026)

    • Vascular Surgeons

    • Interventional Cardiologists

    • Interventional Radiologists

    • Others

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