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Global office-based labs market was valued at USD 9.6 billion in 2021 and is anticipated to reach USD 15.89 billion by 2028, at a CAGR of 7.46% over the forecast period (2022–2028).
Office interventional suites are also known as office-based labs. The motive behind opening office interventional suites is to offer a delivery-care model, which is patient-centred in an office-based setting. This office-based labs are operated by interventional radiologists, vascular surgeons, and other physicians. Factors fostering market growth across the globe are increasing incidences of target diseases, growing preference for minimally invasive procedures, and rising expenditure on healthcare activities.
Rising incidence of various vascular diseases, as well as the growing trend of surgical procedures being performed in outpatient settings, are among the major factors driving demand for office-based labs (OBL) in the United States. Furthermore, the market is expected to grow due to high patient satisfaction and a focused and dedicated team of doctors. The prevalence of vascular diseases in the United States is rising. According to a June 2021 AHA article, the prevalence of Peripheral Arterial Disease (PAD) was 7%, affecting approximately 8.5 million adults in the United States.
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Global office-based labs market has been segmented based on modality, service, specialist, and region. On the basis of modality, the market is segmented into single-specialty labs, multi-specialty labs, and hybrid labs. On the basis of service, global office-based labs market are segmented into peripheral vascular intervention, endovascular interventions, cardiac, interventional radiology, venous, and others. Based on specialists, the market is segmented into vascular surgeons, ophthalmology, pain management, gastroenterology, interventional cardiologists, interventional radiologists, orthopaedics and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, and MEA.
Analysis by Modality
The hybrid segment is expected to register the growth at a CAGR of 8.50% during the forecast period owing to increase in reimbursement rates, advancements of technologies, and rise in the number of minimally invasive procedures. 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.
Due to their investment-friendly model and importance in specified specialties, such as ophthalmology, urology, and gastroenterology the demand for single specialty labs are expected to grow at a significant rate.
Analysis by Specialists
The interventional radiologist segment is expected to grow at a growth rate of 8.6% due to increasing use of minimally invasive image-guided techniques for the diagnosis and treatment of diseases. The factors expected to fuel the demand for vascular specialists are patient demographics, advancement in medical technology, increasing preference for better & efficient care. According to the Society for Vascular Surgery, 100 million people in the U.S. are at risk of vascular disease. 30 radiologists per million population and the target is to increase that number to 50 by 2030. The obl are the top preference of vascular surgeons, as performing surgeries at office-based facilities has financial benefits for them. The vascular surgeons segment led the market in 2021 and accounted for the largest revenue share owing to the advancements in medical technology, and a big difference in preference from hospital settings to OBLs for better & more efficient care.
Analysis by Service
The interventional radiology segment is estimated to register the fastest CAGR of more than 8.00% from 2022 to 2028. Interventional radiology plays a vital role in the adoption of value-based healthcare models. Techniques that are less expensive, which cause minimum pain, and need less recovery time in comparison with traditional surgery the interventional radiology helps diagnose and treat patients. The utilization of image-guided procedures, such as MRI, CT-scan, and ultrasound, to guide minimal innovative procedures to diagnose and treat diseases in every organ system. 60% of INR cases are performed by radiologists and 40% by neurosurgeons. In the majority of large centres, there is a slight INR/IR overlap, while in few smaller centres interventional radiologists do INR work. As increasing prevalence’s of PAD, favourable reimbursement, and technological advancements in minimally invasive vascular procedures. Cardiovascular Systems, Inc. developed a portfolio of specialty catheters used in the treatment of chronic total occlusions (CTO) and complex percutaneous coronary intervention (PCI).
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In terms of market share and revenue, North America dominates the office-based labs market and will maintain its dominance throughout the forecast period. This is due to the high prevalence of various vascular diseases in this region, which will increase the demand for office-based labs. Because of the increasing burden of vascular and endovascular diseases in the US population, a high preference for treatment in outpatient settings indirectly generates demand for settings such as OBL.
Over the forecast period, Asia-Pacific is expected to have the highest CAGR. Factors such as the high prevalence of various vascular diseases, as well as growing awareness about the various benefits of office-based labs, would create lucrative growth prospects for the Asia-Pacific office-based labs market.
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This vendor landscape of the market can be divided into three distinct sectors: medical imaging device manufacturers, vascular intervention device manufacturers, and service providers who provide end-to-end services to physicians for lab setup. The service providers are focused on enhancing their range of services and undertake initiatives, such as partnerships & mergers, and acquisitions, to achieve the dominance in the market. Surgery Partners entered into a strategic partnership with UCI Health to develop & expand access to outpatient surgical facilities and enhance the quality of life of patients. This scenario represents press releases or news of the companies categorized into Merger & Acquisition, Agreement, Collaboration, & Partnership, New Product Launch & Enhancement, Investment & Funding, and Award, Recognition, & Expansion.
Top Players in the Office-based Labs Market
Any technology that improves the safety and efficacy of same-day intervention allows for the expansion of procedures in freestanding facilities. CTO crossing has been a significant market advance. It will cross lower extremity artery long CTOs predictably, effectively, and efficiently. Depending on the plaque composition and lesion characteristics, various devices can be used. Crossing is usually successful with preparatory devices such as specialty wires, crossing catheters, or atherectomy devices. When the other devices are unable to cross, a reliable re-entry device is critical because it can be guided through the subintimal space, around the occlusion, and back to the true lumen. The ability to provide multiple crossing options for the complex CTO environment requiring treatment is critical to intervention success.
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According to our global office-based labs market analysis, as hybrid set-up models are the target segment for major healthcare facilities, this segment is expected to gain more traction in the office-based lab market, by set-up model, in terms of market growth. Due to the widespread use of office-based labs in these regions, North America account for notable share of revenue. Emerging markets such as Brazil, China, and India are expected to provide lucrative opportunities for the office-based lab market, owing to increased awareness and initiatives by hospital systems to expand primary care.
|Market size value in 2021||USD 9.6 billion|
|Market size value in 2028||USD 15.89 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Office-based Labs Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Office-based Labs Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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