U.S. Office Based Labs Market Size, Share & Trends Analysis Report By Modality, By Service, By Specialist And Segment Forecasts, 2020 - 2027
- February 2020 •
- 120 pages •
- Report ID: 5811656 •
- Format: PDF
The U.S. office based labs market size is expected to reach USD 16.8 billion by 2027., It is projected to register a CAGR of around 9% during the forecast period. Increasing prevalence of target diseases and rising preference for minimally invasive procedures in outpatient settings are major factors driving demand for office-based labs (OBL) in U.S. High prevalence of risk factors such as smoking, high blood pressure, diabetes, and high cholesterol, in combination with rising geriatric population, are expected to increase the incidence of Peripheral Artery Diseases (PAD). The resultant surge in the number of procedures performed for their treatment is anticipated to fuel the OBL market.
More than 250 million people worldwide suffer from peripheral artery diseases and their prevalence increased by 24% between 2000 and 2010.The trend is expected to continue over the coming years.
Low-income countries witnessed a 29% growth in the number of individuals suffering from PADs in the past decade, while high-income countries witnessed a growth of 13% during the same span.PADs increase the risk of stroke and heart attack and often lead to ischemic amputations.
According to an estimation, 150,000 cases of ischemic amputations are recorded every year in U.S. alone.
Many service providers, such as National Cardiovascular Partners and Envision Healthcare and Surgery Partners, provide services related to office-based surgery to patients in U.S. at an affordable cost.
Further key findings from the study suggest:
• Single specialty OBLs spearheaded the market in 2019, whereas hybrid office-based labs are anticipated to witness high growth during the forecast period. Single-specialty labs offer more patient-centric treatments while hybrid models offer more profitability with multiple facilities under one roof
• Peripheral Vascular Intervention (PVI) service segment dominated the U.S. office-based labs market in 2019, owing to a high prevalence of atherosclerosis in the country. A large number of balloon angioplasty and stenting procedures for blocked arteries and veins has also aided segment growth
• Vascular surgeons are leading specialist service providers in OBLs and the segment held a major market share in 2019, attributed to the rising burden of vascular diseases in the country. All the major vascular surgeries such as aortic, mesenteric, renal, subclavian, iliofemoral, tibia, and pedal are performed by vascular surgeons in office settings
• In U.S., almost 70% of surgical procedures are performed in outpatient settings, out of which, around 25% are performed in physicians’ office
• Key suppliers of vascular intervention devices include Abbott; Medtronic; Boston Scientific; and Cardiovascular System, Inc.; and Cardinal Health, Inc. Mergers and acquisition, technological advancements, and new product launch are some of the strategies followed by major players in the market.
• In August 2019, Boston Scientific acquired BTG PLC to expand its portfolio of minimally-invasive surgical devices