Positive diagnosis: An aging population and rising insurance coverage will boost revenue

The past five years have yielded strong growth for the Diagnostic and Medical Laboratories industry in New Jersey. This industry provides patients and healthcare providers with medical testing and imaging services to support healthcare services. Therefore, as health expenditure and access to healthcare increases in New Jersey, so does demand for industry services. Over the past five years the industry has benefited from growth in the state's senior population and increased access to health insurance brought on by the Patient Protection and Affordable Care Act (PPACA). Over the five years to 2018, the number of adults aged 65 and older in New Jersey is expected to increase at an annualized rate of 2.2%...purchase to read more.

Industry Statistics & Market Size
Revenue
$4bn
Annual Growth 13-18
2.4%
Forecast Growth 18-23
Profit
Employment
20,668
Businesses
1,472

Industry Threats & Opportunities

  • The industry has benefited from growth in the state’s senior population and increased access to health insurance
  • Additional Insights for the Diagnostic & Medical Laboratories in New Jersey Industry

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

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    What's in this report

    What is the Diagnostic & Medical Laboratories in New Jersey 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 in New Jersey
  • Total health expenditure
  • Federal funding for Medicare and Medicaid
  • Number of adults aged 65 and older in New Jersey

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Diagnostic & Medical Laboratories in New Jersey 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
  • Magnetic resonance imaging (MRI) services
  • X-ray/radiography imaging services
  • Anatomic pathology services
  • Chart: Diagnostic & Medical Laboratories in New Jersey Industry Products and Services Segmentation

  • Major Markets
  • Private insurance
  • Other
  • Government insurance
  • Patient out-of-pocket payments
  • Payments from healthcare providers
  • Chart: Major Market Segmentation for the Diagnostic & Medical Laboratories in New Jersey Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Diagnostic & Medical Laboratories in New Jersey

  • Basis of Competition
    Barriers to Entry
    Quest Diagnostics Inc., Laboratory Corporation of America Holdings, Accu Reference Medical Lab, RWJBarnabas Health, South Jersey Radiology,
  • Table: Quest Diagnostics Inc. - financial performance
  • Table: Laboratory Corporation of America Holdings - financial performance
  • Table: Accu Reference Medical Lab - financial performance
  • Table: RWJBarnabas Health - financial performance
  • Table: South Jersey Radiology - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Diagnostic & Medical Laboratories in New Jersey 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 New Jersey Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Number of adults aged 65 and older in New Jersey (2009-2023)

  • 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.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Diagnostic & Medical Laboratories in New Jersey Industry Research Report contains up-to-date data and analysis, allowing you to identify the strengths and potential weaknesses of major companies in the industry. Build your credibility with clients and prospects by sharing insights into the current and emerging trends driving their industry. Our market research gives you the tools to win new business and keep existing clients.

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

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