Clinical and hospital laboratories presently account for a massive chunk of the total number of diagnostic, monitoring or screening tests undertaken across the globe. However, a constantly rising number of physicians and physician groups are preferring to undertake part or entire volumes of lab testing in-house as an excellent way of improving patient care and boosting their operative incomes. Such in-house lab practices are called physician office laboratory (POL). The term is diverse and covers physician’s practices as small as 2 to 5 physicians to large practitioners with 200 or more physicians that operate labs similar to laboratories in small hospitals.
In-house testing practices facilitate physicians to become self-reliant and obtain results in a much faster manner than possible in outsourced lab tests. POLs also reduce the chances of loss or deterioration of test samples, enhancing the confidence regarding the accuracy of results. Broadly, POL refers to tests performed in: physician’s office, conducted at the same time of consultation or with other healthcare professional, wherein results are mostly provided during the medical visit itself, and are used for monitoring, screening or diagnosis purposes.
This report on the global physician office laboratory market presents a thorough overview of the present growth dynamics of the market and its key segments. Several insightful projections regarding the growth trajectory of the market over the period between 2017 and 2025 are also included in the report. The report also includes a detailed analysis of factors such as growth drivers, restraints, regulatory scenario, competitive landscape, and trends and opportunities, expected to have a notable influence on the growth prospects of the market over the said period.
Global Physician Office Laboratory (POL) Market: Drivers and Restraints
The global Physician Office Laboratory (POL) Market is chiefly driven by the vast advancements observed in the field of testing technologies and supporting instrument and equipment in the past few years. The emergence and easy availability of easy to use microelectronic and microfluidic instruments that offer excellent accuracy and control is making POL feasible for smaller offices and is also enabling some physicians to perform tests for other doctors.
The demand for such in-house laboratories is also significantly rising globally owing to the rising prevalence of infectious and chronic diseases and associated public health issues. However, the cost of meeting compliance requirements for local, state, and federal regulations, especially in developed economies, may hamper the market’s growth to some extent.
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