Office based labs market
Office-based Labs Market, By Modality (Single Specialty, Multi-specialty, Hybrid), By Service Type (Peripheral Vascular Intervention, Interventional Radiology, Endovascular Therapy, Cardiovascular, Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
- Apr 2024
- CMI6936
- 172 Pages
- Excel & Pdf
- Medical Devices
Market Size and Trends
Global office-based labs market is estimated to be valued at USD 24.53 Bn in 2024 and is expected to reach USD 40.84 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.
Rising Demand for Specialized Diagnostics
The demand for specialized diagnostic tests is increasing globally as numerous new diagnostic tools are being developed to enable early detection and precision diagnosis of various diseases. From genomic testing to evaluate cancer risk to non-invasive prenatal testing for fetal abnormalities, office-based laboratories are at the forefront of commercializing and making these advanced diagnostics accessible to more patients. As healthcare moves towards personalized and precision medicine, diagnostics that can provide in-depth analysis of an individual's clinical condition at a molecular level are gaining popularity. Office-based laboratories allow integrating these specialized tests into routine healthcare delivery, and making them available locally without patients having to travel long distances. This facilitates improved patient compliance and faster decision making. As new diagnostic technologies continue to evolve, their adoption is expected to grow, driving increased volume and scope for office-based laboratories.
Market Concentration and Competitive Landscape
The growing number of doctors are focusing their practice areas into specific therapeutic or medical disciplines rather than general healthcare. This trend of increased specialization among physicians is contributing to the growth of office-based laboratories. Specialty practices, whether focused on areas like cardiology, oncology or women's health, rely more on targeted diagnostic testing to aid clinical evaluation and treatment decisions. Having an affiliated laboratory within the same premises makes it convenient for specialty physicians to consult with pathologists, order customized test panels and discuss results in real-time.
Increasing competition from hospital-based laboratories and large reference laboratories is posing significant challenges for the growth of the global office-based laboratories market. As hospitals and larger corporate labs are able to offer economies of scale through high test volumes and better purchasing power, office-based labs are finding it difficult to compete with them on pricing. This price competition is restraining the revenue growth of small office-based players.
Market Opportunities – Increased Demand for Convenient Outpatient Lab Testing
The demand for convenient outpatient lab testing is surging globally which can create major opportunities for office-based labs market. With hectic lifestyles and busy schedules, people are increasingly preferring services that offer quick and easy access without much hassle or waiting time. Office-based labs have emerged as a highly suitable option as they are located within medical practitioner's facilities like clinics or physician offices, allowing patients to get their lab work done in conjunction with their doctor's visit itself. This integrated 'one-stop-shop' approach saves time and effort for patients compared to visiting separate diagnostic centers or hospitals.
Modality segment is sub-segmented into single specialty, multi-specialty, and hybrid. Single specialty segment is estimated to hold 54.2% of the market share in 2024 due to its focus on specialized care. Operating as standalone facilities, single specialty labs are able to dedicate their resources fully towards specific medical disciplines. This concentrated expertise allows them to achieve superior outcomes for patients with conditions within their specialty. By catering to narrow diagnostic or therapeutic specialties, single specialty labs are equipped with highly advanced equipment and staff with in-depth training tailored to that specialty. For example, a cardiology-focused lab will have sophisticated cardiac imaging technologies and interventional cardiologists leading procedure teams. Their laser focuses on a single specialty means clinical teams become extremely proficient through high volume. This level of specialization is difficult for multi-specialty facilities to match due to their broader scope.
Insights, By Service Type: Rising rates of cardiovascular disease and aging populations worldwide
Service Type segment is sub-segmented into peripheral vascular intervention, interventional radiology, endovascular therapy, cardiovascular, and others. Peripheral vascular intervention segment is estimated to hold 37.4% of the market share in 2024, due to rising rates of cardiovascular disease alongside aging populations worldwide. Conditions affecting the peripheral arteries like peripheral artery disease (PAD) become more prevalent with age. Older patients are susceptible to blocked leg arteries causing reduced blood flow, pain and even tissue loss or amputations, if left untreated. Minimally invasive procedures performed in office labs have emerged as first-line options for restoring arterial patency in such cases. These endovascular therapies avoid open surgery while offering superior recovery profiles. Office lab settings enable peripheral interventionists to conduct routine angiograms and angioplasties in outpatient settings much more conveniently than hospital schedules permit.
Regional Insights
Asia Pacific region is witnessing fastest expansion in the office-based labs space led by China and India. Presence of huge patient populations yet to be covered fully along with rising healthcare spending is driving heavy investments and developments in localized testing infrastructure. Countries are promoting localized testing to reduce pressure on hospitals beds and make diagnostics more accessible for common chronic diseases. Further, growing medical tourism and wellness industry in countries is driving the regional market growth. Many global players are also setting up manufacturing plants or R&D centers in low-cost destinations to cater increased regional demands.
Market Report Scope
Office-based Labs Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 24.53 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
Forecast Period 2024 to 2031 CAGR: | 7.5% | 2031 Value Projection: | US$ 40.84 Bn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, Medtronic, Cardiovascular Systems, Inc., Envision Healthcare, Surgery Care Associate, Inc, Surgery Partners, Fresnius Medical Care, Terveystalo Healthcare, Healthway Medical, Quorom Health, HCA Halthcare, Tenet Healthcare, Mednax |
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Growth Drivers: |
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Restraints & Challenges: |
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Key Developments
- In July 2023, Siemens Healthineers, a medical technology company, launched a compact testing system -Atellica CI Analyzer, for addressing operational challenges in labs. The analyzer delivers workflow advancements to alleviate reporting burdens, attain more predictable turnaround times, and refocus staff attention on critical lab operations.
- In June 2023, Koninklijke Philips N.V., a medical technology company, announced that it had collaborated with Polarean, Inc., a medical drug-device combination company, to reinforce hyperpolarized Xenon MRI for respiratory illness in patients. This technology can be leveraged in office-based labs where clinicians require advanced imaging capabilities for respiratory assessment and disease management.
- In October 2022, GE Healthcare, a global healthcare company, entered into a collaboration with Tribun Health, a healthcare company, to offer digital pathology solutions that enable healthcare providers to access a more all-inclusive view of patient records. This collaboration aimed to streamline and enhance pathology & diagnostic processes, which are critical components of healthcare services provided in diverse medical settings, including office-based labs.
- In April 2022, Medtronic, a medical device company, announced a strategic collaboration with GE Healthcare, a healthcare company, to meet the escalating need for outpatient care in office-based labs (OBLs) and Ambulatory Surgery Centers (ASCs) applications. The objective of this deal was to deliver a full range of technologies and solutions, including products, equipment, and services, to back the growth of ASCs and OBLs and improve patient care in these settings.
*Definition: Office-based labs consists of medical laboratories and diagnostic testing facilities that are based in medical offices rather than hospitals or stand-alone clinics. These labs offer a variety of diagnostic and pathology tests to help physicians diagnose and monitor patient health issues.
Market Segmentation
- Modality Insights (Revenue, USD Bn, 2019 - 2031)
- Single Specialty
- Multi-specialty
- Hybrid
- Service Type Insights (Revenue, USD Bn, 2019 - 2031)
- Peripheral Vascular Intervention
- Interventional Radiology
- Endovascular Therapy
- Cardiovascular
- Others
- Regional Insights (Revenue, USD Bn, 2019 - 2031)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
- North America
- Key Players Insights
- Koninklijke Philips N.V.
- GE Healthcare
- Siemens Healthineers
- Medtronic
- Cardiovascular Systems, Inc.
- Envision Healthcare
- Surgery Care Associate, Inc
- Surgery Partners
- Fresnius Medical Care
- Terveystalo Healthcare
- Healthway Medical
- Quorom Health
- HCA Halthcare
- Tenet Healthcare
- Mednax
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snapshot, By Modality
- Market Snapshot, By Service Type
- Market Snapshot, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Impact Analysis
- Market Trends
- Recent Developments
- Regulatory Scenario
- Manufacturer Revenue
- Pricing Analysis
- Acquisitions and Partnerships Scenario
- Product Launches/Approvals
- Funding and Investments
- PEST Analysis
- Porter’s Analysis
- Market Dynamics
- Global Office-based Labs Market - Impact of Coronavirus (COVID-19) Pandemic
- Overall Impact
- Government Initiatives
- COVID-19 Impact on the market
- Global Office-based Labs Market, By Modality, 2019 – 2031, (USD Bn)
- Overview
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 – 2031
- Segment Trends
- Single Specialty
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019–2031, (USD Bn)
- Multi-specialty
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019–2031, (USD Bn)
- Hybrid
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019–2031, (USD Bn)
- Overview
- Global Office-based Labs Market, By Service Type, 2019 – 2031, (USD Bn)
- Overview
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 – 2031
- Segment Trends
- Peripheral Vascular Intervention
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019–2031, (USD Bn)
- Interventional Radiology
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019–2031, (USD Bn)
- Endovascular Therapy
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019–2031, (USD Bn)
- Cardiovascular
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019–2031, (USD Bn)
- Others
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2019–2031, (USD Bn)
- Overview
- Global Office-based Labs Market, By Region, 2019 – 2031, (USD Bn)
- Introduction
- Market Share Analysis, By Region, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020–2031
- Regional Trends
- North America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Modality, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2019 – 2031, (USD Bn)
- U.S.
- Canada
- Latin America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Modality, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2019 – 2031, (USD Bn)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Modality, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2019 – 2031, (USD Bn)
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Modality, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2019 – 2031, (USD Bn)
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Modality, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2019 – 2031, (USD Bn)
- GCC
- Israel
- Rest of Middle East
- Africa
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Modality, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Service Type, 2019 - 2031, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country/Region, 2019 – 2031, (USD Bn)
- North Africa
- Central Africa
- South Africa
- Introduction
- Competitive Landscape
- Company Profiles
- Koninklijke Philips N.V.*
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- GE Healthcare
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- Siemens Healthineers
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- Medtronic
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- Cardiovascular Systems, Inc.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- Envision Healthcare
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- Surgery Care Associate, Inc
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- Surgery Partners
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- Fresnius Medical Care
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- Terveystalo Healthcare
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- Healthway Medical
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- Quorom Health
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- HCA Halthcare
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- Tenet Healthcare
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- Mednax
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Market Strategies
- Koninklijke Philips N.V.*
- Company Profiles
- Analyst Recommendations
- Wheel of Fortune
- Analyst View
- Coherent Opportunity Map
- References and Research Methodology
- References
- Research Methodology
- About us and Sales Contact
*Browse 28 market data tables and 25 figures on "Office-based Labs Market” -Global forecast to 2031
Detailed Segmentation-
- By Modality:
-
- Single Specialty
- Multi-specialty
- Hybrid
- By Service Type:
-
- Peripheral Vascular Intervention
- Interventional Radiology
- Endovascular Therapy
- Cardiovascular
- Others
- By Region:
-
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa