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

Global office-based labs market is estimated to be valued at USD 24.53 Bn in 2024, and is expected to exhibit a CAGR of 7.5% during the forecast period (2024-2031). Global office-based labs market has been witnessing steady growth in the recent years, owing to rising prevalence of chronic diseases worldwide and growing need for faster diagnosis. Office-based labs provide convenient diagnostic services in the vicinity of patients' residence, and this boosts people’s preference for office-based labs over hospital-based diagnostic centers. Various technological advancements in lab equipment and introduction of automation has enabled complex tests to be performed in office-based setups. This has encouraged more healthcare practitioners to establish their own office-based labs. Moreover, favorable government policies in some countries for setting up office-based diagnostic centers independent of hospitals is expected to propel the office-based labs market during the forecast period.

Market Dynamics:

Global office-based labs market growth is driven by growing geriatric population susceptible to various chronic diseases, increasing healthcare expenditure, and rising demand for convenient diagnostic services. However, price pressures due to intense competition among existing market players and lack of skilled laboratory professionals in certain regions are some of the factors hampering the market growth. The market players witness opportunities in point-of-care testing technology integrating advanced technologies such as artificial intelligence and 3D printing in laboratory services to improve efficiency. Geographical expansion into emerging countries through partnerships is another growth strategy adopted by leading players in this market.

Key Features of the Study:

• This report provides in-depth analysis of the global office-based labs market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global office-based labs market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study 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
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• Global office-based labs market caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global office-based labs market

Detailed Segmentation-

• By Modality:
• • Single Specialty
  • Multi-specialty
  • Hybrid
• By Service Type:
• • Peripheral Vascular Intervention
  • Interventional Radiology
  • Endovascular Therapy
  • Cardiovascular
  • Others
• By Region:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa
• Company Profiles:
• • 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