U.S. Office-based Labs Market Definition, Opportunities and Outlook 2030

U.S. Office-based Labs Market Growth & Trends

The U.S. office-based labs market size is expected to reach USD 18.3 billion by 2030 expanding at a CAGR of 7.52% over the forecast period, according to a new report by Grand View Research, Inc. The increasing prevalence of vascular diseases and rising preference for minimally invasive procedures in outpatient settings are the major factors driving the demand for office-based labs (OBL) in the U.S. High prevalence of risk factors, such as smoking, high blood pressure, diabetes, and high cholesterol, along with the growing geriatric population, is expected to increase the incidence of Peripheral Artery Diseases (PADs).  

U.S. Office-based Labs Market Segmentation

Grand View Research has segmented the U.S. office-based labs market based on modality, specialty, and service:

Based on the Modality Insights, the market is segmented into Single-specialty Labs, Multi-specialty Labs and Hybrid Labs

• The hybrid labs segment is expected to register the fastest CAGR of more than 8.80% during the forecast period owing to technological advancements, an increase in reimbursement rates, and a rise in the number of minimally invasive procedures. In addition, improvements in technology, providing high-quality and convenient solutions for patients, are projected to support the growth of this segment. The hybrid lab operates as an OBL for a few days of the week and as an ASC on other days. Thus, hybrid labs increase the volume of procedures & reimbursement for providers and significantly enhance the efficiency and utilization of OBL/ASC.
• The single specialty modality segment dominated the market in 2022 and accounted for a revenue share of 41.98%. Single specialty centers are growing at a significant rate due to their investment-friendly model and importance in specified specialties, such as ophthalmology, urology, plastics, and gastroenterology. Single specialty clinics are more cost-efficient in comparison with multi-specialty hospitals that require many resources to support multiple service lines, leading to an increase in operational costs.

Based on the Service Insights, the market is segmented into Peripheral Vascular Intervention, Endovascular Interventions, Cardiac, Interventional Radiology, Venous, Others

• The interventional radiology segment is estimated to register the fastest CAGR of more than 10.18% from 2023 to 2030. Interventional radiology is beginning to play a vital role in the adoption of value-based healthcare models. Interventional radiology helps diagnose and treat patients using the least invasive techniques that are less expensive, cause minimum pain, and need less recovery time in comparison with traditional surgery.
• The peripheral vascular intervention segment dominated the market in 2022 and accounted for a revenue share of 40.38% on account of the increased prevalence of PAD, favorable reimbursement, and technological advancements in minimally invasive vascular procedures.
• Industry players are trying to strengthen their peripheral intervention product offerings to commercialize the growing opportunities in OBL settings. In March 2021, Cardiovascular Systems, Inc. acquired WavePoint Medical’s line of peripheral support catheters, which are used in peripheral vascular intervention. Under this acquisition agreement, WavePoint Medical would develop a specialty catheter portfolio used in complex percutaneous coronary intervention and chronic total occlusions for Cardiovascular Systems, Inc.

Based on the Specialty Insights, the market is segmented into Vascular Surgeons, Interventional Cardiologist, Interventional Radiologists, Others.

• The interventional radiologist segment is expected to grow at the fastest growth rate of 8.65% during the forecast period on account of the increasing use of minimally invasive image-guided techniques for the diagnosis and treatment of diseases. Advancements in medical technology, increasing preference for better & efficient care, and patient demographics are factors expected to fuel the demand for vascular specialists.
• Currently, there is a shortage of physicians for vascular surgery. According to the Society for Vascular Surgery, 100 million people in the U.S. are at risk of vascular disease. The office-based labs are the top preference of vascular surgeons, as performing surgeries at office-based facilities has financial benefits for them, with all the excess margin for surgical procedures going to the surgeon directly & indirectly.
• The vascular surgeon segment dominated the market in 2022 and accounted for a revenue share of 40.44% owing to the advancements in medical technology, an increase in the demand for specialists, and a shift in preference from hospital settings to OBLs for better & more efficient care.

Key Companies Profile & 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.

Some of the prominent players operating in the U.S. office-based labs market include,

• Koninklijke Philips N.V
• GE Healthcare
• Siemens Healthineers AG
• Medtronic PLC
• Boston Scientific Corp.
• Abbott
• Cardiovascular Systems, Inc.
• Envision Healthcare
• Surgery Care Associates, Inc. (SCA)
• Surgery Partners
• National Cardiovascular Partners
• Cardiovascular Coalition
• TH Medical
• Service Providers

Order a free sample PDF of the U.S. Office-based Labs Market Intelligence Study, published by Grand View Research.