The Surging Office-based Labs Market is Driven by Growing Prevalence of Chronic Diseases
The office-based labs market is witnessing strong growth driven by the growing prevalence of chronic diseases. Office-based labs provide a wide range of diagnostic services including imaging, pathology/laboratory and minor procedures closer to patient populations in non-hospital settings. Some of the key advantages of office-based labs are convenience, affordable pricing and reduced wait times for patients. With growing healthcare costs and need for improved access and experience, office-based labs have emerged as a popular healthcare delivery model.
The Global Office-based Labs Market is estimated to be valued at US$ 40.84 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.
Key Takeaways
The demand for Office-based Labs Market Size services is growing rapidly driven by rising incidence of chronic diseases and the need for convenient healthcare settings closer to patients. Cost-effective service offerings along with improved access and patient experience are boosting the adoption of office-based labs.
Key players operating in the office-based labs market are 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. Koninklijke Philips and GE Healthcare accounted for over 25% of the market in 2023.
Major lab companies are also expanding globally by acquiring regional players and partnering with local hospitals & physicians. This global expansion allows companies to enter new markets and leverage existing infrastructure for delivering a wider range of services locally.
Market Drivers
The growing prevalence of chronic diseases worldwide especially cardiovascular diseases, cancer, diabetes is a key growth driver. Chronic conditions require continuous monitoring which can be more conveniently provided through neighbourhood office-based labs. According to the WHO, chronic diseases accounted for over 70% of all deaths globally in 2020. This growing disease burden and the need for effective management is substantially increasing the demand for diagnostic services globally.
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