The U.S. office-based labs market size is expected to reach USD 15.3 billion by 2026
NEW YORK, Sept. 2, 2019 /PRNewswire/ --
U.S. Office Based Labs Market Size, Share & Trends Analysis Report By Modality (Single Specialty, Multi-Specialty), By Service, By Specialist (Vascular Surgeons, Interventional Cardiologists), And Segment Forecasts, 2019 - 2026
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The U.S. office-based labs market size is expected to reach USD 15.3 billion by 2026., registering an 8.7% CAGR during the forecast period. Increasing prevalence of target diseases and rising preference for minimally invasive procedures in outpatient settings are major factors driving demand for office-based labs (OBL) in U.S. High prevalence of risk factors such as smoking, high blood pressure, diabetes, and high cholesterol, in combination with rising geriatric population, are expected to increase the incidence of peripheral artery diseases (PAD). The resultant surge in number of procedures performed for their treatment is anticipated to fuel the OBL market during the forecast period.
More than 250 million people worldwide suffer from peripheral artery diseases and their prevalence increased by 24.0% between 2000 and 2010; the trend is expected to continue over the coming years. Low-income countries witnessed a 29.0% growth in number of individuals suffering from PADs in the past decade, while high-income countries witnessed a growth of 13.0%. PADs increase the risk of stroke and heart attack and often lead to ischemic amputations. According to an estimation, 150,000 cases of ischemic amputations are recorded every year in U.S. alone.
Many service providers are available in U.S., such as National Cardiovascular Partners and Envision Healthcare and Surgery Partners, providing services related to office-based surgery to patients at an affordable cost.
Further key findings from the study suggest:
Single specialty OBLs spearheaded the market in 2018, whereas hybrid office-based labs are anticipated to witness high growth during the forecast period. Single-specialty labs offer more patient-centric treatments while hybrid models offer more profitability with multiple facilities under one roof
Peripheral vascular interventions (PVI) dominated the U.S. office-based labs market by service owing to high prevalence of atherosclerosis in the country. A large number of balloon angioplasty and stenting procedures being performed in patients with blocked arteries and veins has also aided segment growth
Vascular surgeons are leading service providers in OBLs and held a major share in 2018 in terms of specialist. This is attributed to the rising burden of vascular diseases in the country. All the major vascular surgeries such as aortic, mesenteric, renal, subclavian, iliofemoral, tibial, and pedal are being performed by vascular surgeons in office settings
In U.S. almost 70.0% of surgical procedures are performed in outpatient settings, out of which, around 25.0% are performed in a physician's office
Key suppliers of vascular intervention devices include Abbott; Medtronic; Boston Scientific; and Cardiovascular System, Inc.
In June 2017, Philips acquired CardioProlific Inc.-a U.S.-based privately held company involved in the development of catheter-based thrombectomy procedures for management of peripheral vascular disease. This helped strengthen its pipeline of catheter-based therapy devices that can be used for inpatient and outpatient facilities.
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