Tag: U.S. Office-based Labs Market

U.S. Office-based Labs Industry Overview

The U.S. office-based labs market size was valued at USD 8.5 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 7.06% from 2020 to 2027. 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. Additionally, high patient satisfaction with a focused and dedicated team of doctors is expected to boost the market growth. 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.

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

When compared with hospital outpatient (HO) settings, establishing an OBL is beneficial for physicians in terms of reimbursements. There is a reduction in the cost of vascular procedures when performed in office-based laboratories due to a high reimbursement available for physicians. According to Elsevier, Inc., the percentage of procedures performed for Medicare beneficiaries increased to 76% from 2011 to 2015. Overall, the adoption of procedures has increased by 30% in HO settings, by 380% in OBLs, and has decreased by 16% in hospital inpatient (HI) settings.

The U.S. market faces challenges such as limited availability of anesthetic techniques and resources, which can put patient safety at risk, and lack of technical training for minimally invasive surgical procedures. The lack of definitive training and educational programs pertaining to the use of MIS devices makes surgeons reluctant to use this technology in OBL settings.

COVID-19 has impacted surgical procedures at hospitals and physicians’ labs. Due to the high rate of infection in the country, many surgeons have called off the service to restrict further spread. In addition, as the mode of transmission is through aerosols, anesthetists are at high risk of contracting the disease when they intubate a patient for surgery. Even though operating rooms are sterilized environments, it does not guarantee protection against infection.

Following WHO’s statements on precautions during the ongoing pandemic, the United States Surgeon General announced formal instructions to cancel elective surgeries as they may accelerate the spread of the novel coronavirus within healthcare facilities as well as consume vital medical resources required for managing COVID-19 cases. Most of the elective procedures are not an emergency. Based on a statement made by the American College of Surgeons (ACS), the Surgeon General has provided instructions to prioritize appropriate resource allocation during the novel coronavirus pandemic as it relates to elective invasive procedures. All healthcare workers are needed to take care of patients infected by the virus and the critically ill who are already hospitalized. Operating rooms have ventilators that are needed to support critically ill COVID-19 patients, which will be their priority over elective surgeries.

Browse through Grand View Research’s Medical Devices Industry Research Reports.

• Surgical Equipment Market – The global surgical equipment market size was valued at USD 9.32 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.8% from 2021 to 2028. Large unmet surgical needs, growing healthcare costs, rising geriatric population, and increasing surgical volume are the key factor projected to drive the market growth during the forecast period.

• Infection Control Market – The global infection control market size was estimated at USD 201.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2022 to 2030. The market is predominantly driven by growing number of surgical procedures that require high-intensity infection prevention.

U.S. Office-based Labs Market Segmentation

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

• Modality Outlook (Revenue, USD Million, 2016 – 2027)
  • Single Specialty Labs
  • Multi-specialty Labs
  • Hybrid Labs

• Service Outlook (Revenue, USD Million, 2016 – 2027)
  • Peripheral Vascular Intervention
  • Endovascular Intervention
  • Cardiac
  • Interventional Radiology
  • Venous
  • Others

• Specialist Outlook (Revenue, USD Million, 2016 – 2027)
  • Vascular Surgeons
  • Interventional Cardiologists
  • Interventional Radiologists
  • Others

Market Share Insights

• December 2019: GE Healthcare launched more than 30 new smart devices and imaging intelligent applications at the Radiological Society of North America (RSNA) for radiology departments.
• August 2019: Boston Scientific acquired BTG PLC to expand its portfolio of minimally invasive surgical devices.

Key Companies profiled:

Some prominent players in the global U.S. office-based labs market include

• Envision Healthcare
• Surgery Care Associates, Inc. (SCA)
• Surgery Partners
• National Cardiovascular Partners
• CardioVascular Coalition
• Tenet Healthcare Corporation
  

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