OFFICE-BASED LABS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

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)

Published In : Apr 2024
Code : CMI6936
Pages :172
Formats :
Excel and PDF
Industry : Medical Devices

Market Challenges – Increasing Competition from Hospital-Based Labs and Reference Laboratories

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.