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. More physicians and payers, such as Medicare, recognize the vital role diagnostic testing and disease prevention play in improving patient health and reducing healthcare costs. As a result, the trend of preventive care has stimulated demand for industry services. In the coming years, the industry will benefit from scientific advances that yield new and improved service capabilities, coupled with the aging US population requiring more laboratory testing and diagnostic imaging services... purchase to read more
Industry Report - Starting a New Business Chapter
Barriers to entry in this industry are moderate, although they vary by segment. For instance, barriers are higher in the medical laboratory segment. A significant barrier is the requirement for licensure, certification and accreditation, which can raise the cost of entry. In addition, certificate-of-needs laws in some states can restrict new supply in these states.
The cost of establishing a new business can be high, mostly due to the cost of equipment. The establishment of a viable service network, a referral base, systems and a trained workforce can be costly and time intensive. Regulation accreditation and compliance can also be relatively high-cost... purchase to read more