In good shape: The industry will benefit from scientific advances that yield new and improved service capabilities

Laboratories are vital to the healthcare sector, as Diagnostic and Medical Laboratories industry operators provide healthcare practitioners with information concerning the onset, severity and cause of patients' ailments and illnesses. The aging population and the movement toward preventive care have stimulated demand for industry services over the five years to 2018. Industry consolidation has also boosted industry profitability due to larger operations enabling laboratories to share their research and development expenditures and secure large-scale contracts with hospitals that lack in-house laboratory testing. Over the five years to 2023, industry revenue is forecast to grow...purchase to read more.

Industry Statistics & Market Size
Annual Growth 13-18
Forecast Growth 18-23

Industry Threats & Opportunities

  • Many operators have increased salaries as a method to entice workers into the field
  • In response to cost-cutting pressures, customers and payers have consolidated
  • Operators in the Diagnostic and Medical Laboratories industry will benefit from healthcare reform over the next five years
  • Industry Report - Industry SWOT Analysis Chapter

    The Diagnostic and Medical Laboratories industry is in the growth stage of its life cycle, evidenced by the industry growing faster than the overall US economy. Over the 10 years to 2023, industry value added (IVA), which measures the industry's contribution to the overall economy, is expected to increase at an annualized rate of 3.1%. Comparatively, GDP is projected to grow at an annualized rate of 2.2% during the period. Industry growth is due to the aging population and greater funding for preventative medicine.Laboratories have been used for many decades, which will allow a few players to dominate the industry over the next five years. Many industry services can provide low-cost results, compared with substitute interventional approaches, such as exploratory surgery. Ear...purchase to read more.

    Additional Insights for the Diagnostic & Medical Laboratories Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Diagnostic & Medical Laboratories 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 people with private health insurance and Total health expenditure in the Diagnostic & Medical Laboratories industry impact industry performance..

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    What's in this report

    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
  • General pathology services
  • Clinical pathology services
  • Magnetic resonance imaging (MRI) services
  • Anatomic pathology services
  • X-ray/radiography imaging services
  • 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 people with private health insurance
  • Total health expenditure
  • Federal funding for Medicare and Medicaid
  • Number of adults aged 50 and older
  • Technological change for the Diagnostic and Medical Laboratories industry

  • Current Performance
  • Laboratory technician shortage
  • Pricing pressures
  • Personalized care
  • Chart: Revenue Growth

  • Industry Outlook
  • Healthcare reform
  • Increased consolidation
  • Medical advances
  • Table: Diagnostic & Medical Laboratories Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Diagnostic & Medical Laboratories 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 services
  • Clinical pathology services
  • Other
  • X-ray/radiography imaging services
  • Magnetic resonance imaging (MRI) services
  • Anatomic pathology services
  • Chart: Diagnostic & Medical Laboratories Industry Products and Services Segmentation

  • Demand Determinants
  • Technology
  • Population aging
  • Preventative medicine
  • Cost of services and healthcare expenditure

  • Major Markets
  • Private insurance payments
  • Medicare and Medicaid payments
  • Payments from healthcare providers
  • Other
  • Patient out-of-pocket
  • Chart: Major Market Segmentation for the Diagnostic & Medical Laboratories Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesPurchasesRent and utilitiesDepreciation and other costs
  • Chart: Cost Structure Benchmarking – Sector vs Diagnostic & Medical Laboratories

  • Basis of Competition
    Internal competitionExternal competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Diagnostic & Medical Laboratories Industry

  • Industry Globalization
    Laboratory Corporation of America Holdings, Quest Diagnostics Inc.,
  • Table: Laboratory Corporation of America Holdings - financial performance
  • Table: Quest Diagnostics Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Diagnostic & Medical Laboratories 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 Industry
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Number of people with private health insurance (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    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.
  • What Our Customers Say

    Why buy this report?

    The Diagnostic & Medical Laboratories Industry Research Report measures market size, analyses current and future trends, and provides an indication of market share for the industry’s largest companies. IBISWorld’s collection of industry market research reports gives you insightful, up-to-date information on the supply chains, economic drivers, and key buyers and markets for hundreds of industries.

    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:
    • 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 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, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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