“Global office based lab market will cross 10.0 billion revenues by 2030”, says Visiongain
23 January 2020
Visiongain’s new report the Office Based Lab Market Forecast 2020-2030: Forecasts by Modality (Single Specialty, Multi-Specialty) By Service (Peripheral Vascular Intervention, Endovascular Interventions, Cardiac, Interventional radiology, Venous, Others), by Specialty (Vascular Surgeons, Interventional Radiologists, Interventional Cardiologists, Others) plus analysis of leading companies indicates that the global office based lab market will cross 10.0 billion revenues by 2030.
The growing trend of surgical procedures in ambulatory settings, driven by the rising occurrence of various vascular diseases, is one of the major factors driving U.S. demand for Office-based laboratories (OBL). In addition, high patient satisfaction is expected to boost the market with a focused and dedicated team of doctors.
Several service providers are available in the country, such as National Cardiovascular Partners and Envision Healthcare and Surgery Partners, and have provided patients with an affordable cost of office-based surgical solutions and services. In fact, key companies including Philips Healthcare & Siemens Healthineers have collaborated with physicians to set up OBLs, equip laboratories with the requisite instruments and provide integrated solutions from start to finish, which are expected to drive the market forward.
The global OBL industry is facing challenges such as limited availability of anesthetic tools and services that may jeopardize patient safety, and lack of technical expertise for minimally invasive surgical procedures. The lack of definitive training and education programs for the use of MIS devices makes surgeons unwilling to use this technology in OBL settings.
Single-specialty OBLs provide more patient-centered services with minimal risk of corporate partner divestment. On the other hand, hybrid models offer greater flexibility under one roof with multiple facilities. The high cost of setting up such laboratories, however, may restrict their establishment. Multi-specialty laboratories are also becoming more common as a collaboration between three and five physicians.
The interventional radiologists segment is expected to see lucrative growth during the forecast period with growing acceptance of minimally invasive procedures in office settings. Similar to vascular surgeons, interventional radiologists participate in more complicated procedures such as coil embolization.
The definition of OBLs was embraced and applied most commonly in the U.S. Today, about 70% of surgical procedures are conducted in ambulatory settings, of which about 25% of the procedures are done in the office of a doctor. The idea of OBL was developed specifically to concentrate on vascular surgery in the office setting, providing patients with more effective treatment at a lower cost. Due to the high incidence of atherosclerosis in the country and a large number of balloon angioplasty and stenting procedures in patients with blocked arteries and veins, peripheral vascular interventions (PVI) dominated the market in services.
This market's supplier environment can be classified into three different sectors: manufacturers of medical imaging equipment, manufacturers of vascular intervention equipment and service providers providing physicians end-to-end solutions to set up laboratories.
Notes for Editors
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