Test of time: Rising healthcare expenditure for baby boomers will sustain industry revenue growth

With a high portion of adults over the age of 65, Florida has a strong healthcare sector. As the majority of the average person's health expenditure comes after the age of 65, demand for healthcare services is greatest in regions with high concentrations of elderly people like Florida. This is the case for the Diagnostic and Medical Laboratories industry in Florida. Demand for medical and diagnostic testing services is particularly driven by the number of people over the age of 65, which has grown in Florida over the past five years. The trends that have supported industry revenue growth in the past are expected to continue over the five years to 2022...read more.

Industry Statistics & Market Size
Revenue
$5bn
Annual Growth 12-17
4.0%
Forecast Growth 17-22
Profit
Employment
22,024
Businesses
3,672
What Our Customers Say

Industry Threats & Opportunities

  • Industry revenue has been driven by the growing elderly population in Florida and rising health expenditure
  • Market share concentration has increased over the past five years
  • The number of people covered by Medicare in Florida is high compared with the rest of the country
  • Industry Report - Industry Locations Chapter

    The distribution of establishments in the Diagnostic and Medical Laboratories industry in Florida is tied to the population distribution. The regions with the highest percent of establishments are also the most populated regions. The Tampa-West region accounts for 30.0% of establishments and 30.2% of the population, while the Orlando-East Central region accounts for 19.2% of establishments and 19.9% of the population. The one region where there is discrepancy between establishments and population is the Miami-South region. As Miami is a retirement destination, the number of adults over the age of 65 is particularly high in this region, resulting in a high demand for industry services. In 2017, this region is expected to account for 35.2% of establishments, while only accounting for 30.1% o...purchase to read more.

    Additional Insights for the Diagnostic & Medical Laboratories in Florida Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Diagnostic & Medical Laboratories in Florida Industry are

  • Ensuring pricing policy is appropriate
  • Having a good reputation
  • Economies of scale
  • IBISWorld analysts also discuss how external factors such as Number of adults aged 65 and older and Total health expenditure in Florida in the Diagnostic & Medical Laboratories in Florida industry impact industry performance..

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    What is the Diagnostic & Medical Laboratories in Florida 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
  • Clinical pathology services
  • General pathology
  • Anatomic pathology
  • MRI
  • X-Ray
  • Industry Activities
  • Operating diagnostic imaging centers
  • Operating dental or medical X-ray laboratories
  • Operating medical forensic laboratories
  • Operating medical testing laboratories
  • Operating blood analysis laboratories
  • Operating medical bacteriological laboratories
  • Operating computer tomography (CT-scan) centers
  • Operating magnetic resonance imaging (MRI) centers
  • Operating medical radiological laboratories
  • Operating ultrasound imaging centers
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of adults aged 65 and older
  • Total health expenditure in Florida
  • Number of people with private health insurance
  • Federal funding for Medicare and Medicaid

  • Current Performance
  • Demand determinants
  • Industry structure
  • Chart: Revenue Growth

  • Industry Outlook
  • Demand demographics
  • Industry structure
  • Table: Diagnostic & Medical Laboratories in Florida Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Diagnostic & Medical Laboratories in Florida Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Veterinary Services
  • Primary Care Doctors
  • Specialist Doctors
  • Chiropractors
  • Emergency & Other Outpatient Care Centers
  • Hospitals
  • Psychiatric Hospitals
  • Specialty Hospitals

  • Key Selling Industries
  • Chemical Wholesaling
  • Inorganic Chemical Manufacturing
  • Medical Device Manufacturing
  • Medical Instrument & Supply Manufacturing
  • Medical Supplies Wholesaling
  • Organic Chemical Manufacturing

  • Products & Services
  • General pathology
  • Other
  • MRI
  • X-Ray
  • Anatomic pathology
  • Clinical pathology services
  • Chart: Diagnostic & Medical Laboratories in Florida Industry Products and Services Segmentation

  • Major Markets
  • Payments from private insurance
  • Payments from government insurance
  • Health practitioners
  • Hospitals
  • Out-of-pocket payments
  • Non-patient care revenue
  • Outpatient care facilities
  • Other healthcare providers
  • Chart: Major Market Segmentation for the Diagnostic & Medical Laboratories in Florida Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Purchases
  • Wages
  • Other costs
  • Chart: Cost Structure Benchmarking – Sector vs Diagnostic & Medical Laboratories in Florida

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Diagnostic & Medical Laboratories in Florida Industry

  • Quest Diagnostics Inc.Laboratory CorporationFlorida Medical ClinicInternational Medical LaboratoryTomoka Medical Laboratory
  • Table: Quest Diagnostics Inc. - financial performance
  • Table: Laboratory Corporation - financial performance
  • Table: Florida Medical Clinic - financial performance
  • Table: International Medical Laboratory - financial performance
  • Table: Tomoka Medical Laboratory - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Diagnostic & Medical Laboratories in Florida Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Diagnostic & Medical Laboratories in Florida Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of adults aged 65 and older in Florida (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Anatomical Pathology Test
  • A test that analyzes diseases by examining changes in human tissues and cells.
  • Capitated Payment Contract
  • A healthcare plan that allows payment of a flat fee for each patient it covers.
  • Computed Tomography (Ct)
  • A body scan that uses X-ray equipment to obtain image data from different angles around the body, and then uses computer processing to create a cross-section of body tissues, organs and bony anatomy.
  • Esoteric Tests
  • Tests that analyzes rare substances or molecules that are not performed in routine clinical labs.
  • Genomics
  • The study of DNA, genes and chromosomes.
  • Magnetic Resonance Imaging (Mri)
  • A procedure that uses a magnet linked to a computer to create detailed pictures of areas inside the body.
  • Managed-Care Organization (Mco)
  • Any organization that contracts with physicians for the delivery of medical care and exercises control over the care provided.
  • Medicaid
  • A joint federal and state program that helps pay for healthcare expense for the low-income population and certain aged and disabled individuals.
  • Medicare
  • A federal system of health insurance for people over 65 years of age and for certain younger people with disabilities.
  • Positron Emission Tomography (Pet)
  • A highly specialized imaging technique that uses short-lived radioactive substances and produces three-dimensional colored images.
  • Why buy this report?

    The Diagnostic & Medical Laboratories in Florida industry market report contains data and analysis of the most influential current and future trends shaping the industry. IBISWorld’s in-depth industry market research is presented in a logical, user-friendly format, and provides growth and profit forecasts for a five-year outlook period.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Diagnostic & Medical Laboratories in Florida:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Diagnostic & Medical Laboratories in Florida market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Diagnostic & Medical Laboratories in Florida, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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