REPORT HIGHLIGHT

U.S. office-based labs market was valued at USD 8.43 billion by 2019, growing with 7.4% CAGR during the forecast period, 2020-2026.

Office-based labs (OBLs) or also called office interventional suites are the alternatives to hospital practices opened by interventional radiologists, vascular surgeons, and other physicians. The OBLs are opened by these licensed medical professionals in the office setting in order to perform surgical procedures, which are patient-centered. The trend for OBLs has increased over the past few years as nearly all interventional vein and peripheral diagnostic procedures are performed in-office settings, which makes it an attractive option for capturing more revenue as well as to boost more productivity. Thus, the office-based lab enhances the overall patient care experience.

Market Dynamics

The rising prevalence of various vascular diseases and the growing trend towards performing surgical procedures mostly in outpatient settings are the significant factors driving the growth of the U.S. office-based labs market. In addition, the increasing occurrence of peripheral artery diseases (PAD) owing to the high prevalence of risk factors such as high blood pressure, smoking, high cholesterol, and diabetes is another factor boosting the market growth. Also, the increasing geriatric population is predicted to increase the incidence of PAD in the U.S.

According to the Center for Disease Control & Prevention (CDC), around 8.5 million people aged 40 years and above in the U.S. had peripheral artery diseases in 2019 and this number is estimated to increase greatly by 2030. Conversely, limited availability of resources & anesthetic techniques and lack of technical training related to minimally insidious surgical procedures are expected to hamper the market growth in the coming future. However, the dedicated team of doctors and high patient satisfaction in the country are predicted to provide lucrative growth opportunities in the U.S. market for office-based labs during the forecast period.

Modality Takeaway

Based on the modality, the market is categorized into a hybrid, multi-specialty, and single-specialty OBLs. Among these, the single specialty office-based labs segment accounted for the largest market share in 2019 and is projected to grow at an impressive rate during the forecast period. This is mainly because single-specialty OBLs provide more patient-centric treatment along with the reduced risk of partner divestment in the business. On the other hand, the hybrid model’s segment is anticipated to witness the highest growth during the period of forecast owing to more profitability offered by these OBLs along with multiple facilities, all under one roof.

Service Takeaway

Based on the service, the U.S. market is categorized into endovascular interventions, peripheral vascular intervention, cardiac, venous, and interventional radiology. Among these, the peripheral vascular intervention segment accounted for the majority of share in 2019 and is projected to dominate the industry during the forecast period. This is mainly because vascular procedures are the most commonly performed services in office-based labs settings. A large number of stenting and balloon angioplasty procedures performed and the rising prevalence of atherosclerosis in the country are the factors impelling the segmental market growth.

On the other hand, the endovascular segment is projected to experience significant growth during the period of forecast due to the growing prevalence of coronary and aortic aneurysms in the country. In addition, the rising adoption of several endovascular procedures in the office-based labs and outpatient settings coupled with patients; preference for daycare treatment options are other factors impelling the segmental market growth.

Specialist Takeaway

Based on the specialist, the U.S. OBLs market is categorized into interventional cardiologists, vascular surgeons, and interventional radiologists. Of these, the vascular surgeon’s segment played a dominant role in the industry in 2019 and is estimated to maintain its dominance during the forecast period. This dominance is majorly attributed to the increasing burden of vascular diseases in the country. In addition, vascular surgeons perform various vascular surgeries such as mesenteric, aortic, renal, Iliofemoral ligament, subclavian, and pedal in office settings. On the other hand, the interventional radiologists segment is anticipated to witness significant growth during the period of forecast owing to the growing acceptance of minimally invasive procedures in the office settings.

COVID-19 Impact

The sudden outbreak of the COVID-19 pandemic has hugely impacted the U.S. office-based labs market in a positive way.  The major players of the industry are vying suggestive steps to sustain and tackle the challenges resulting from the coronavirus pandemic. Exhaustive research related to COVID-19 is providing alternative methods and present-day techniques to mitigate the impact of coronavirus on the global market’s revenue. However, the overall market is anticipated to recover soon and grow exponentially post-pandemic.

Key Vendor Takeaway

The leading players of the U.S. office-based labs market include GE Healthcare, Siemens Healthineers, Philips Healthcare, Abbott, Boston Scientific, Medtronic, Cardiovascular System, Inc., Envision Healthcare, Tenet Healthcare Corporation, Surgery Care Affiliates (SCA), National Cardiovascular Partners, LP, Cardiovascular Coalition, and Surgery Partners, Inc. These players are adopting several strategies such as mergers, acquisitions, novel product launches, and technological advancements to hold a strong position in the global industry.

For instance, in August 2019, BTG Plc was acquired by Boston Scientific, in order to develop and commercialize the products used in minimally-invasive procedures that target vascular diseases, cancer, and specialty pharmaceuticals. The company aims to expand its portfolio all across the globe.

The market size and forecast for each segment and sub-segments has been considered as below:

• Historical Year – 2015 to2018
• Base Year – 2019
• Estimated Year – 2020
• Projected Year – 2026

TARGET AUDIENCE

• Traders, Distributors, and Suppliers
• Manufacturers
• Government and Regional Agencies
• Research Organizations
• Consultants
• Distributors

SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

U.S. OFFICE-BASED LABS MARKET KEY PLAYERS

• GE Healthcare
• Siemens Healthineers
• Philips Healthcare
• Abbott
• Boston Scientific
• Medtronic
• Cardiovascular System, Inc.
• Envision Healthcare
• Tenet Healthcare Corporation
• Surgery Care Affiliates (SCA)
• National Cardiovascular Partners, LP
• Cardiovascular Coalition
• Surgery Partners, Inc.

U.S. OFFICE-BASED LABS MARKET, BY MODALITY

• Hybrid Labs
• Multi-Specialty Labs
• Single Specialty Labs

U.S. OFFICE-BASED LABS MARKET, BY SERVICE

• Endovascular Interventions
• Peripheral Vascular Intervention
• Cardiac
• Venous
• Interventional Radiology
• Others

U.S. OFFICE-BASED LABS MARKET, BY SPECIALIST

• Interventional Cardiologists
• Vascular Surgeons
• Interventional Radiologists
• Others