Market Segmentation
More than 250 million people worldwide suffer from Peripheral Artery Diseases (PADs). As per an AHA article published in June 2021, the prevalence of PAD was 7%, affecting approximately 8.5 million adults in the U.S. The prevalence of these diseases has significantly increased over the past decade and is expected to continue growing at an exponential rate. High-income countries, such as the U.S., witnessed growth of 13% in the number of individuals suffering from PADs in the past decade. PADs increase the risk of stroke and heart attack and often lead to ischemic amputations. According to an estimation, ~150,000 cases of ischemic amputation are recorded per year in the U.S. alone. Risk factors, such as smoking, high blood pressure, diabetes, & high cholesterol, and the rising geriatric population are among the factors expected to increase the prevalence of PADs. This is expected to lead to exponential growth in the number of procedures for the treatment of these diseases during the forecast period.
The demand for Minimally Invasive Surgeries (MIS) and procedures is rising. MIS is witnessing a dramatic increase in demand and is rapidly replacing conventional open surgeries, owing to lesser postoperative complications, shortened hospitalization, quicker recovery time, decreased blood loss & collateral tissue damage, and minimized risk of infection. The development of robot-assisted devices and advanced surgical visualization systems is driving the adoption of MIS. Research results published by manufacturers suggest that MIS are rapidly replacing open/invasive surgeries, owing to factors, such as higher patient satisfaction owing to lesser incision wounds, a relatively small number of hospital stays, making them economically viable, and a lesser number of postsurgical complications & lower mortality rates. The procedures conducted in office-based labs are usually minimally invasive; therefore, growing demand for MIS is expected to drive market growth.
Office-based settings are not equipped to handle severe and emergency cases. Moreover, safety concerns due to limited anesthetic techniques and resources put patient safety at risk. Regulatory practices in day-to-day operations in office-based labs are not strictly monitored, which further compromises the safety of severe cases. Some OBLs deliver care out of their scope known as practice drift. However, the out-of-scope procedures performed in office-based labs are not recognized by hospitals and OBLs are not capable of handling complications. These procedures carried out in OBLs may result in health complications and difficulty, requiring further treatment due to non-recognition by hospitals. According to the National Library of Medicine, office-based facilities have a high risk for severe cases, with more than 44,000 reported deaths in the U.S. due to preventable medical errors. There is a 10-fold risk of injury, death, and fatal complications for procedures performed in office-based settings compared to ambulatory surgery centers or hospitals.
This section will provide insights into the contents included in this U.S. office-based labs market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2017 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance