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
Key players operating in the Office-based Labs Market Size 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.
The demand for office-based lab 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.
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.
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