Overview

Results are good: Favorable demographic trends and growing access to insurance have yielded growth

IBISWorld’s industry research report on Diagnostic & Medical Laboratories in Illinois contains five-year forecasts and data analysis that can help you identify and mitigate risks in potential new markets. Position yourself as an expert with internal stakeholders by using our comprehensive industry research to inform your reports, proposals and presentations. Our business information will save you money by helping you make better decisions, faster.

REPORT SNAPSHOT

Industry Threats & Opportunities

  • Revenue is expected to grow faster in Illinois than in the rest of the country
  • Large companies have grown their presence in Illinois
  • Revenue is projected to rise steadily

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    Industry Analysis & Industry Trends

    The past five years have been a period of growth for the Diagnostic and Medical Laboratories industry in Illinois. Though revenue declined after a surge in 2013, the industry has grown steadily since then. However, historically, revenue has been relatively stable, as industry services are a necessary part of the healthcare sector. After healthcare reform went into effect, the insured population grew significantly, driving demand for healthcare and industry services. Over the next five years, many of the trends that have supported industry growth are expected to continue. Total health expenditure in Illinois, for example, is expected to grow, as is the number of people with private health insurance in the state...

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    Additional Insights for the Diagnostic & Medical Laboratories in Illinois Industry

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

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    Industry Products

    What is the Diagnostic & Medical Laboratories in Illinois 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

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Number of people with private health insurance in Illinois
  • Total health expenditure in Illinois
  • Federal funding for Medicare and Medicaid
  • Number of adults aged 50 and older in Illinois

  • Current Performance
  • Growing demand
  • Industry structure
  • Chart: Revenue Growth

  • Industry Outlook
  • Industry structure
  • Table: Diagnostic & Medical Laboratories in Illinois Industry Revenue Outlook

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

  • Products & Markets
    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
  • Other
  • Clinical pathology services
  • X-ray/radiography imaging services
  • Magnetic resonance imaging (MRI) services
  • Anatomic pathology services
  • Chart: Diagnostic & Medical Laboratories in Illinois Industry Products and Services Segmentation

  • Major Markets
  • Private insurance payments
  • Medicare and Medicaid payments
  • Hospital payments
  • Other
  • Health practitioner payments
  • Patient out-of-pocket
  • Outpatient care facility payments
  • Other healthcare provider payments
  • Chart: Major Market Segmentation for the Diagnostic & Medical Laboratories in Illinois Industry

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

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

  • Major Companies
    Laboratory Corporation of America HoldingsQuest Diagnostics Inc.ACL LaboratoriesMedical Diagnostic Laboratories LLCNorthern Illinois Clinical Laboratory
  • Table: Laboratory Corporation of America Holdings - financial performance
  • Table: Quest Diagnostics Inc. - financial performance
  • Table: ACL Laboratories - financial performance
  • Table: Medical Diagnostic Laboratories LLC - financial performance
  • Table: Northern Illinois Clinical Laboratory - financial performance

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

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

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Diagnostic & Medical Laboratories in Illinois Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of people with private health insurance (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    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, then uses computer processing to create a cross-section of body tissues, organs and bony anatomy.
  • Esoteric Tests
  • Tests that analyze rare substances or molecules and which 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?

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

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