Rising respiratory diseases are Propelling the Growth of the Office-based Labs Market in the APAC Region!

The Asia Pacific Office-based Labs market is a significant contributor to the global office-based labs market, which is expected to grow significantly during the forecast period. The increasing incidences of respiratory diseases, along with the increasing population in the region are among the important driving factors for the office-based labs market in the region. Furthermore, office-based laboratories offer cost-efficient diagnostic options to patients which is an important factor in the growth of the market in Asia-Pacific as the region consists of major developing countries such as India and China.

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Further, the Asia-Pacific Office-based Labs Market is expected to grow at a strong CAGR of 3% during the forecast period (2023-2030). The growing population and rising respiratory diseases among them are the major reason for the market growth of office-based labs in the Asia-Pacific.

FIG. 1 APAC Office-based Labs Market Revenue (2020-2030)- USD Mn

Based on modality, the market is segmented into single-specialty labs, multi-specialty labs, and hybrid labs. As per our analysis, the single-specialty labs segment acquired a major share in 2022. The single-specialty segment in the office-based labs market focuses on providing specific medical services within a specialized area of expertise. Instead of offering a broad range of services, these labs concentrate on delivering high-quality care and advanced treatments within a particular medical field. Single-specialty labs can optimize their resources and operations to focus on their area of expertise, potentially leading to cost savings for patients and payers. The cost-effectiveness and the high efficiency of the single specialty labs are the major factors responsible for the large market share of the segment.

Based on the service type, the market is segmented into peripheral vascular intervention, endovascular interventions, cardiac, interventional radiology, venous, and others. The interventional radiology segment is expected to grow with a higher CAGR in the office-based labs market during the forecast period. Patients and physicians alike are increasingly seeking minimally invasive alternatives to traditional surgeries. Interventional radiology techniques offer a less invasive approach, leading to reduced patient discomfort, shorter recovery times, and fewer complications. As a result, the demand for interventional radiology is increasing.

Based on the specialist, the market is segmented into vascular surgeons, interventional cardiologists, interventional radiologists, and others. As per our analysis, the vascular surgeons segment acquired a major share in 2021. Due to vascular surgeons playing an important role in the office as they specialize in diagnosing and treating diseases of the vascular system, the segment acquires majority shares in the office-based labs market.

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Global Office-based Labs Market Segmentation

Market Insight, by Modality

· Single-specialty Labs

· Multi-Specialty Labs

· Hybrid labs

Market Insight, by Service Type

· Peripheral Vascular Intervention

· Endovascular Interventions

· Cardiac

· Interventional Radiology

· Venous

· Others

Market Insight, by Specialist

· Vascular Surgeons

· Interventional Cardiologist

· Interventional Radiologists

· Others

Market Insight, by Region

· North America

o U.S.

o Canada

o Rest of North America

· Europe

o Germany

o UK

o France

o Italy

o Spain

o Rest of Europe

· APAC

o China

o Japan

o India

o Rest of APAC

· Rest of the World

Top Company Profiles

· Koninklijke Philips N.V.

· Siemens Healthcare GmbH

· GE HealthCare

· Medtronic

· Boston Scientific Corporation.

· Abbott

· Cardiovascular Systems, Inc.

· Envision Healthcare

· Surgery Care Associate, Inc.

· Fresenius Medical Care.