United States (USA) Office Based Labs Market Size, Share, Sector / Industry Report & Analysis, 2019-2026
Trusted Business Insights presents the Latest Study on Global Spinal Implants and Devices, Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Global Spinal Implants and Devices, Market
The U.S. Office-based labs market size was valued at USD 7.9 billion in 2018 and is expected to register a CAGR of 8.7% from 2019 to 2026. The increasing trend of surgical procedures being performed in outpatient settings, backed by rising incidence of various vascular diseases, are among major factors driving the demand for Office-based labs (OBL) in U.S. In addition, high patient satisfaction with a focused and dedicated team of doctors is expected to boost the market.
Many service providers are available in the country, such as National Cardiovascular Partners and Envision Healthcare and Surgery Partners, and they have been providing Office-based surgical solutions and services to patients at an affordable cost.
In addition, key manufacturers such as Philips Healthcare and Siemens Healthineers have been entering into partnerships with physicians to set up OBLs, equipping laboratories with required instruments and providing complete solutions from start to end, which is expected to propel the market.
When compared with hospital outpatient (HO) settings, establishing an OBL is beneficial for physicians in terms of reimbursements. There is a reduction in the cost of vascular procedures when performed in Office-based laboratories due to high reimbursement available for physicians. According to Elsevier, Inc., the percentage of procedures performed for Medicare beneficiaries increased to 76% from 2011 to 2015. Overall, the adoption of procedures has increased by 30% in HO settings, by 380% in OBLs, and has decreased by 16% in hospital inpatient (HI) settings.
The U.S. OBL market faces challenges such as limited availability of anesthetic techniques and resources, which can put patient safety at risk, and lack of technical training for minimally invasive surgical procedures. The lack of definitive training and educational programs pertaining to the use of MIS devices makes surgeons reluctant to use this technology in OBL settings.
Market Segmentation, Outlook & Viewpoint: Global Spinal Implants and Devices, Market
This report forecasts revenue growth at a country level and provides an analysis on the latest trends in each of the sub-segments from 2015 to 2026. For this study, Grand View Research has segmented the U.S. Office-based labs market report based on modality, service, and specialist:
Modality Outlook (Revenue, USD Million, 2015 – 2026)
Service Outlook (Revenue, USD Million, 2015 – 2026)
Peripheral Vascular Intervention
Specialist Outlook (Revenue, USD Million, 2015 – 2026)
Key Players, Recent Developments & Regional Insights: Global Spinal Implants and Devices, Market
Based on service, the U.S. OBL market is segmented into peripheral vascular intervention, endovascular interventions, cardiac, interventional radiology, venous, and other services. Vascular procedures are the most performed kind in OBL settings. Peripheral vascular interventions (PVI) dominated the market in terms of services owing to the high prevalence of atherosclerosis in the country and a large number of balloon angioplasty and stenting procedures being performed in patients with blocked arteries and veins.
The endovascular interventions segment is expected to witness high growth during the forecast period owing to rising incidence of aortic and coronary aneurysms in the country, increasing acceptance and approval of various endovascular procedures in outpatient settings as well as OBLs, and growing preference of patients for daycare treatment options.
The concept of OBLs has been most widely accepted and practiced in the U.S. Currently, almost 70% of surgical procedures are being performed in outpatient settings, out of which, around 25% of the procedures are performed in a physicianâ€™s office. The concept of OBL was introduced primarily to focus on vascular surgical procedures in the office setting, providing more efficient care to patients at a lower cost.
The trend of Office-based labs is increasing in the country owing to less licensing and paperwork required when compared to ambulatory surgery centers (ASC). According to the Journal of the American College of Cardiology in March 2015, the number of peripheral vascular procedures performed in inpatient settings in U.S. has decreased, thereby leading to an increase in number of procedures performed in outpatient settings. This indicates the rising preference for daycare and Office-based treatment options among patients.
U.S. Office Based Labs Market Share Insights
The vendor landscape of this market can be divided into three different sectors: medical imaging device manufacturers, vascular intervention device manufacturers, and service providers who offer end-to-end services to physicians for setting up labs. Among medical imaging device manufacturers, Philips Healthcare, Siemens Healthineers, and GE Healthcare are key providers of equipment required in setting up OBLs.
Some of the suppliers of vascular intervention devices are Abbott; Medtronic; Boston Scientific; and Cardiovascular System, Inc. Envision Healthcare; Surgery Care Associates, Inc. (SCA); Surgery Partners; National Cardiovascular Partners; CardioVascular Coalition; and Tenet Healthcare Corporation are some of the leading service providers.
Key Insights Covered: Global Global Spinal Implants and Devices, Market
1. Market size (sales, revenue and growth rate) of Global Spinal Implants and Devices, industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Global Spinal Implants and Devices, industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Global Spinal Implants and Devices, industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Global Spinal Implants and Devices, industry.
Research Methodology: Global Spinal Implants and Devices, Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
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