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Diagnostic & Medical Laboratories in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Diagnostic & Medical Laboratories Market Research Report | NAICS 62151 | Aug 2014

Normal range: Increasing insurance coverage and an aging population will boost demand

IBISWorld’s Diagnostic & Medical Laboratories market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$53bn
Annual Growth 09-14
3.0%
Annual Growth 14-19
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Profit
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Employment
252,493
Businesses
24,174
Industry Analysis & Industry Trends

Healthcare has been shifting from curative care to detection, prevention and personalized care over the past five years, which has benefited the Diagnostic and Medical Laboratories industry. Moreover, the trend of preventive care stimulates demand for industry services, as more physicians monitor patients' blood and tissue, and test for health ailments with technology like MRI scans. However, the recession caused fewer individuals to have employer mandated health insurance and greatly limited industry revenue growth over the period. Nevertheless, during the next five years, the industry is expected to benefit from healthcare reform and the growing aging population, which will boost revenue, in turn... purchase to read more

Industry Report - Industry Investment Chapter

Diagnostic and medical laboratories require substantial amounts of capital investment; however, relatively high labor costs put the industry at a low level of capital intensity. In 2014, for every dollar spent on labor, the industry invests about $0.11 in capital. While there is an increasing need for specialized, high-cost equipment in the industry, which causes capital costs to escalate, the average wage is increasing at a faster pace.

Competition has encouraged efforts to develop new tests, mechanize processes and streamline the number of staff required. Nevertheless, a large staff is still required to conduct tests and procedures and to provide marketing, collection and distribution networks... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Diagnostic & Medical Laboratories Industry?

Operators in this industry provide analytic services to identify or determine the nature and cause of a disease or injury, through the evaluation of a patient’s history, examination and data. These services are provided to healthcare providers or patients upon referral from health practitioners.

Industry Products
Routine medical testingEsoteric medical testingAnatomical pathology testingDiagnostic imaging servicesOther services
 
Industry Activities
Operating diagnostic imaging centersOperating dental or medical X-ray laboratoriesOperating medical forensic laboratoriesOperating medical testing laboratoriesOperating blood analysis laboratoriesOperating medical bacteriological laboratoriesOperating computer tomography (CT-scan) centersOperating magnetic resonance imaging (MRI) centersOperating medical radiological laboratoriesOperating ultrasound imaging centers


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