Industry Analysis & Industry Trends
Diagnostic and medical laboratories are an integral part of patients' medical evaluation and treatment. Laboratories are vital to the healthcare sector due to industry operators providing healthcare practitioners with information concerning the onset, severity and cause of patients' ailments and illnesses. Over the past five years, Medicare and Medicaid, which includes coverage for most clinical diagnostic laboratory services, have bolstered industry growth. 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