Office-based Labs Market: Current Analysis and Forecast (2023-2030)

Report Description

The Office-based Labs market was valued USD 20 Bn in year 2022 and is expected to grow at a strong CAGR of around 7% during the forecast period (2023-2030). An office-based lab is a medical laboratory that is located within a healthcare facility, such as a hospital or medical center. These labs are designed to provide diagnostic services to patients within the same facility, often on a same-day or walk-in basis. Advances in technology, such as automation and point-of-care testing, are making it possible for office-based labs to offer a wider range of tests and services, which is expected to drive market growth. Furthermore, the increasing prevalence of chronic diseases is also an important reason for the market growth of office-based labs. For instance, as per the WHO, cancer is one of the leading causes of death worldwide, killing nearly 10 million people in 2020, or nearly one in six.

Some of the major players operating in the market are Koninklijke Philips N.V.; Siemens Healthcare GmbH; GE HealthCare; Medtronic.; Boston Scientific Corporation.; Abbott; Cardiovascular Systems, Inc.; Envision Healthcare; Surgery Care Associate, Inc.; and Fresenius Medical Care. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst modality, the hybrid labs segment is expected to grow at a higher CAGR during the forecast period.”

Based on modality, the market is segmented into single-specialty labs, multi-specialty labs, and hybrid labs. As per our analysis, the hybrid labs segment is expected to grow at a higher CAGR during the forecast period. A hybrid office-based lab is a medical laboratory that combines the benefits of both traditional office-based labs and traditional outside laboratories. These labs are typically located within a healthcare facility and offer a range of services, including blood tests, urinalysis, and other diagnostic tests. They are often chosen for their ease of administration, especially for children and individuals who have difficulty swallowing pills or capsules. These are the several factors that are responsible for the growth of the segment in the office-based labs market.

“Amongst service types, the peripheral vascular intervention segment held the dominant share in 2022.”

Based on the service type, the market is segmented into peripheral vascular intervention, endovascular interventions, cardiac, interventional radiology, venous, and others. As per our analysis, the peripheral vascular intervention segment held the dominant share in 2022. Peripheral vascular intervention (PVI) is a medical procedure that involves the use of catheters and other devices to treat narrowed or blocked blood vessels in the legs or arms. The domination of the segment in the market is due to a number of factors, including an aging population, rising rates of cardiovascular disease, and a growing demand for more convenient and cost-effective medical treatments.

“Amongst specialists, the interventional radiologist segment is expected to grow at a higher CAGR during the forecast period.”

Based on the specialist, the market is segmented into vascular surgeons, interventional cardiologists, interventional radiologists, and others. As per our analysis, the interventional radiologists segment is expected to grow at a higher CAGR during the forecast period. Interventional radiologists are trained in both diagnostic imaging and interventional techniques, and they use this expertise to treat a wide range of medical conditions, such as tumors, blood clots, and varicose veins. The rising prevalence of vascular diseases is the major attributing factor for the market growth of the segment during the forecast period. For instance, as per the WHO, Cardiovascular disease (CVD) is the leading cause of death worldwide, claiming an estimated 17.9 million lives each year.

“Asia Pacific is expected to grow with the highest CAGR Office-based Labs market during the forecast period.”

Asia Pacific is expected to grow with the highest CAGR Office-based Labs market during the forecast period. The rapidly rising population, along with the increasing prevalence of chronic diseases in the region is attributed to the market growth of office-based labs in Asia-Pacific. For instance, 46.6% of Australians of all ages had one or more chronic conditions, and nearly one in five had two or more conditions.

Office-based Labs Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global office-based labs market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Research Methodology for the Office-based Labs Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global office-based labs market were the three major steps undertaken to create and analyze the adoption of office-based labs in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of global office-based labs market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the office-based labs market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the office-based labs market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as modality, service type, and specialist. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Office-based Labs market. Further, we conducted factor analysis using dependent and independent variables such as modality, service type, and specialist of the office-based labs market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the office-based labs market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global office-based labs market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Office-based Labs market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global office-based labs market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Office-based Labs market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the modality, service type, and specialist in the global office-based labs market.

The main objective of the Global Office-based Labs Market Study

The current & future market trends of the global office-based labs market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the office-based labs market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of modality, service type, and specialist.
• Define and analysis of the regulatory framework for the office-based labs industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the office-based labs market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the office-based labs market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team