U.S. Office-based Labs Market size is expected to reach USD 18.3 billion by 2030

 U.S. Office-based Labs Industry Overview

The U.S. office-based labs market size was valued at USD 9.6 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 7.46% from 2022 to 2030.

 

The growing trend of surgical procedures being performed in outpatient settings and the rising incidence of various vascular diseases are among the major factors driving the demand for office-based Labs (OBL) in the U.S. In addition, high patient satisfaction with a focused and dedicated team of doctors is expected to boost the market growth. The prevalence of vascular diseases in the U.S. is increasing. As per an AHA article published in June 2021, the prevalence of Peripheral Arterial Disease (PAD) was 7%, affecting approximately 8.5 million adults in the U.S.

 

Gather more insights about the market drivers, restrains and growth of the U.S. Office-based Labs Market

 

The prevalence of these diseases has significantly increased over the past decade and is expected to continue growing at an exponential rate. The U.S. witnessed a growth of 13% in the number of individuals suffering from PADs in the past decade. PADs increase the risk of stroke and heart attack and often lead to ischemic amputations. Thus, increasing the demand for vascular surgical procedures. Many service providers, such as National Cardiovascular Partners, Envision Healthcare, and Surgery Partners, are available in the country, and they have been providing office-based surgical solutions and services to patients at an affordable cost.

 

Furthermore, key manufacturers, such as Philips Healthcare and Siemens Healthineers, have been entering into partnerships with physicians to set up OBLs, equipping laboratories with required devices and providing complete solutions from start to end, which is expected to propel the market growth. The changing reimbursement policies for surgical procedures are boosting the scope of surgical procedures in office-based settings. In 2021, the Centers for Medicare and Medicaid Services proposed new standards for reimbursed procedures conducted in ASCs and broadened the scope of surgical procedures payable when performed in outpatient settings.

 

This policy change also positively affected peripheral vascular interventions. After changes were made in federal reimbursement policy, peripheral vascular interventions have been categorized under outpatient settings. This is comparatively less expensive than in inpatient settings. As compared to Hospital Outpatient (HO) settings, establishing an OBL is beneficial for physicians in terms of reimbursements. The operating cost of an ambulatory center is higher than that of an OBL due to high patient safety standards and stringent regulatory scenarios. In some states of the U.S., conversion of an ambulatory center requires a certificate of need, which is a time-consuming procedure. This is creating an opportunity for physicians to convert to OBL settings.

 

Browse through Grand View Research's Medical Devices Industry Research Reports

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Key Companies Profile

Some of the key players 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.

 

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

 

 

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