Office-based Labs Market to Surpass 88.77 Billion by 2030 Drives Due to Wide Range of Medical Services and Procedures
SkyQuest projects that the office-based labs market will attain a value of USD 88.77 billion by 2030, with a CAGR of 8.36% over the forecast period (2023-2030). The office-based labs market is experiencing rapid growth within the healthcare industry, offering patients a convenient alternative for a wide range of medical services and procedures. OBLs are physician-owned and operated facilities that provide a cost-effective and patient-centric approach to healthcare delivery.
Westford, USA, Aug. 21, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the office-based labs market has witnessed increased office based labs (OBLs) adoption owing to several key factors. OBLs offer high workability, providing healthcare professionals with a flexible and efficient environment for patient care. The structured setup of OBLs ensures stability and reliability, allowing seamless operations and improved productivity.
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Office-based labs (OBLs) prioritize accessibility and convenience for patients, offering an alternative to regular hospital visits. These facilities are designed to provide routine and commonly performed procedures more conveniently and efficiently. However, concierge clinics take this concept a step further by offering patients personalized and individualized care, often available around the clock, in exchange for service charges in the office-based labs market.
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Prominent Players in Office-based Labs Market
- Danaher Corporation
- Dentsply Sirona
- 3M ESPE
- GC Corporation
- Zimmer Biomet Holdings Inc.
- Ivoclar Vivadent AG
- Planmeca Oy
- Ultradent Products Inc.
- VOCO GmbH
- Septodont Holding
- VITA Zahnfabrik H. Rauter GmbH & Co. KG
- KaVo Kerr Corporation
- COLTENE Group
- DentalEZ Group
- Shofu Dental Corporation
- Tokuyama Dental Corporation
- Kuraray Noritake Dental Inc.
- BEGO GmbH & Co. KG
- Henry Schein, Inc.
- Patterson Companies, Inc.
Hybrid is Expected to Dominate the Market Due to Increase in Reimbursement Rates
The hybrid segment is expected to grow at a CAGR of 8.50% during the forecast period in the office-based labs market owing to increased reimbursement rates, technological advancements, and a rise in 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 and reimbursement for providers and significantly enhance the efficiency and utilization of OBL/ASC.
The market in North America is the leading region in the office-based labs market and is expected to maintain its dominance over the forecast period. This can be attributed to several factors, including the region’s high prevalence of various vascular diseases. Conditions such as cardiovascular diseases, peripheral artery disease, and venous disorders are prevalent in North America, creating a significant demand for specialized care and treatment options.
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Interventional Radiologist Segment is Expected to Grow the Market Due to the Increasing Utilization of Minimally Invasive Image-Guided Techniques
The interventional radiologist segment within the office-based labs market is anticipated to exhibit a growth rate of 8.6% during the forecast period. This growth can be attributed to the increasing utilization of minimally invasive image-guided techniques for diagnosing and treating various diseases.
Regional markets in the Asia-Pacific is poised to experience significant growth in the office-based labs market, driven by several factors. The region has a high prevalence of various vascular diseases, such as cardiovascular conditions, peripheral artery disease, and venous disorders. This creates a substantial demand for specialized care and treatment options, which can be efficiently provided through office-based labs.
A comprehensive analysis of the major players in the office-based labs market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Office-based Labs Market
- Recently, Cardiovascular Systems, Inc. (CSI) announced the acquisition of WavePoint Medical’s line of peripheral support catheters, a significant development in peripheral vascular intervention. This strategic acquisition aimed to enhance CSI’s product portfolio and expand its capabilities in treating complex percutaneous coronary intervention and chronic total occlusions.
- Tenet Healthcare, a leading healthcare services company, unveiled its plan to invest $150 million in the construction of 40 ambulatory surgery centers (ASCs) recently. This significant investment reflects Tenet Healthcare’s commitment to expanding its ambulatory care footprint and providing high-quality outpatient surgical services to patients.
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Key Questions Answered in Office-based Labs Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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