United States Office-based Labs Markets, Competition, Forecast & Opportunities, 2028F

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Nov 28, 2023, 11:00 ET

DUBLIN, Nov. 28, 2023 /PRNewswire/ -- The "United States Office-based Labs Market, Competition, Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.

The United States Office-based Labs Market, valued at USD 9.81 Million in 2022, is expected to experience impressive growth in the forecast period, with a projected Compound Annual Growth Rate (CAGR) of 7.24% through 2028 and expected to reach USD 14.95 Million in 2028

In recent years, the United States healthcare industry has undergone a significant shift towards more accessible and patient-centric care. A key contributor to this transformation is the rise of office-based labs (OBLs), which are healthcare facilities located in outpatient settings, offering a range of medical procedures and diagnostics in a convenient and cost-effective manner.

The United States Office-based Labs Market has witnessed remarkable growth, driven by factors such as technological advancements, changes in the reimbursement landscape, and the increasing demand for efficient healthcare services. Office-based labs, also known as ambulatory surgery centers (ASCs) or outpatient facilities, provide various medical services outside the traditional hospital environment. These labs can perform diagnostic procedures, minor surgical interventions, and medical treatments that do not require a hospital stay. Services commonly offered in OBLs include endoscopy, cardiac catheterization, pain management procedures, and various imaging diagnostics.

OBLs aim to provide patients with a more convenient and efficient alternative to hospital-based care, allowing for quicker access to medical services and reduced costs. They offer a more accessible option for patients who require outpatient procedures, enabling easier appointment scheduling, shorter wait times, and a more comfortable recovery environment. OBLs also benefit from lower overhead costs compared to hospitals, potentially resulting in cost savings for both patients and payers. This is especially relevant in the context of the increasing focus on value-based care and cost containment.

Advances in medical technology have enabled the safe and effective performance of many complex procedures in outpatient settings. Minimally invasive techniques and improved imaging technologies have expanded the range of procedures that can be conducted in OBLs. Furthermore, recent shifts in reimbursement policies encourage the use of outpatient services for procedures that can be safely performed outside of a hospital.

Many OBLs are physician-owned and operated, allowing physicians to have greater control over their practice and patient care. This can lead to more personalized and patient-centered care experiences.

Key Market Drivers:

Rising Patient Convenience and Accessibility: OBLs offer convenient and accessible healthcare services, reducing travel time and improving the patient experience.
Shift towards Outpatient Care: The shift towards outpatient care is driven by technological advancements, cost-effective care, patient preferences, and preventive healthcare.

Key Market Challenges:

Regulatory Hurdles: Navigating complex federal and state regulations is a challenge for OBL operators.
Reimbursement Issues: OBLs face challenges in receiving adequate reimbursement due to complex billing and coding procedures.
Quality and Patient Safety: Maintaining high-quality care and patient safety is crucial for OBLs, requiring investments in equipment, infection control, and staff training.
Competition and Market Saturation: Increased demand for OBL services leads to competition and market saturation, requiring differentiation through quality care and unique services.

Key Market Trends:

Technological Advancements: OBLs are adopting rapid technological advancements, including minimally invasive procedures, telehealth, remote monitoring, and high-definition imaging.
Segmental Insights:
Modality: Hybrid OBLs dominate the market, offering a broad range of complex diagnostic and interventional procedures.
Specialists: Interventional radiologists play a dominant role in the OBL market due to their expertise in medical imaging and image-guided procedures.

Regional Insights:

Midwest Region: The Midwest region, known for expertise in imaging technology and innovation, is expected to contribute significantly to technological advancements in the OBL sector. The presence of venture capital firms and funding opportunities can drive growth and innovation in the region.

Key Market Players

GE Healthcare
Siemens Healthineers AG
Medtronic PLC
Boston Scientific Corp.
Abbott
Cardiovascular Systems, Inc.
Koninklijke Philips N.V
GE Healthcare
Siemens Healthineers AG
Medtronic PLC
Boston Scientific Corp.
Abbott
Cardiovascular Systems, Inc.

Report Scope:

Office-based Labs Market, By Modality:

Hybrid
Multi-specialty

Office-based Labs Market, By Service:

Peripheral vascular intervention
Endovascular intervention
Cardiac
Interventional radiology
Venous
Others

Office-based Labs Market, By Specialists:

Vascular surgeons
interventional cardiologists
interventional radiologists
Others

Office-based Labs Market, By Region:

Northeast
Midwest
South
West

For more information about this report visit https://www.researchandmarkets.com/r/e9bons

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