According to a latest report published by PMR, the global office-based lab market was valued at US$ 19 Bn in 2020, and is expected to witness a healthy CAGR of around 13% during the forecast period (2020–2030).
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The office-based lab model can deliver primary care with the presence of a physician. This has increased the utilization of non-physicians to provide effective solutions at office-based labs. This factor has surged the number of non-physician graduates from 2013 to 2015, at a CARG of 10.6%. Simultaneously, the demand for non-physician clinicians has also increased at primary care facilities. This is due to the fact that there are specific primary care that can be provided more comfortably by non-physicians rather than physicians.
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Key Takeaways from Office-based Lab Market Study
- Single specialty is the leading segment by set-up model in the global office-based lab market.
- The U.S. is the leading market for office-based labs, followed by Germany and the U.K.
- Asia Pacific is the fastest-growing region in the global office-based lab market, due increasing number of complex procedures.
- India is the fastest-emerging country in the office-based lab market, with the market in the country anticipated to progress at an impressive CAGR of 23.3%.
- 100+ health systems are partnering with retail chains, providing physician oversights and increased patient traffic to retail clinics, and extending health system primary care networks to new patient populations.
- With the COVID-19 pandemic burdening the healthcare sector across the world, utmost priority is being given to its treatment at most hospitals. Non-essential treatments have been put on hold, which gives an opportunity for office-based labs to step in and increase their business.
“Increasing prevalence of non-physician-led care and smooth workflow at office-based labs will boost the growth of the global office-based lab market over the coming years,” says a PMR analyst.
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Hospital Systems are Active in Primary Care
Hospitals in the U.S. focus on expanding their provider network to gain high referral volume by increasingly extending primary care. To reduce the cost of unnecessary or unavoidable surgical procedures, hospital systems are using stronger physician alignment. Besides this, multiple methods have been pursued by large hospital systems to offer primary care. This includes acquiring a practise group or collaborating with existing practises. The focus of hospital systems for expanding primary care will provide an absolute opportunity for the office-based lab market.
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