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Diagnostic & Medical Laboratories in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Diagnostic & Medical Laboratories Market Research Report | NAICS 62151 | Jan 2017

Good results: The industry will benefit from increasing demand from an aging population

IBISWorld’s Diagnostic & Medical Laboratories market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$53bn
Annual Growth 12-17
0.9%
Annual Growth 17-22
Annual Growth
Profit
Profit
Employment
289,323
Businesses
37,551
Industry Threats & Opportunities
  • Consolidation has boosted profitability due to larger operations enabling laboratories to share their R&D expenditures
  • As healthcare expenditures rise, healthcare providers have implemented cost-cutting strategies
  • While healthcare reform presents opportunities, not all new regulations will be positive for the industry
  • ... purchase to read more

Industry Analysis & Industry Trends

Operators in the Diagnostic and Medical Laboratories industry 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. In the five years to 2022, 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 - Industry Analysis Chapter

Healthcare has been shifting from curative care to detection, prevention and personalized care over the past five years, which has benefited the Diagnostic and Medical Laboratories industry. More physicians and payers, such as Medicare, recognize the vital role diagnostic testing and disease prevention play in improving patient health and reducing healthcare costs. As a result, the trend of preventive care has stimulated demand for industry services, as more physicians examined patients’ blood and tissue and tested for health ailments with technology such as MRI scans.

Furthermore, the burgeoning elderly population has stimulated industry revenue, as people in this demographic require laboratory services to monitor their high rate of chronic illnesses. In .. ... 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... purchase to read more

     


    Industry ProductsRelated Reports

    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 servicesClinical pathology servicesMagnetic resonance imaging (MRI) services Anatomic pathology servicesX-ray/radiography imaging services
     
    Industry Activities
    Operating diagnostic imaging centersOperating dental or medical X-ray laboratoriesOperating medical forensic laboratoriesOperating medical testing laboratoriesOperating blood analysis laboratoriesOperating medical bacteriological laboratoriesOperating computer tomography (CT-scan) centersOperating magnetic resonance imaging (MRI) centersOperating medical radiological laboratoriesOperating 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
  • 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
  • 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
  • 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
  • Health practitioners payments
  • Hospital payments
  • Other
  • Patient out-of-pocket
  • Outpatient care facility payments
  • Other healthcare providers payments
  • Chart: Major Market Segmentation for the Diagnostic & Medical Laboratories Industry
  • International Trade
    Business Locations
  • Chart: Business Locations by State
  • Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Purchases
  • Rent and utilities
  • Depreciation and other costs
  • Chart: Cost Structure Benchmarking – Sector vs Diagnostic & Medical Laboratories
  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Diagnostic & Medical Laboratories Industry
  • Industry Globalization
    Major Companies
    Quest Diagnostics Inc.
    Laboratory Corporation of America Holdings
  • Table: Quest Diagnostics Inc. - financial performance
  • Table: Laboratory Corporation of America Holdings - financial performance
  • Operating Conditions
    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
    Key Statistics
  • Table: Industry Data for the Diagnostic & Medical Laboratories Industry
  • Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (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
  • Table: Industry Financial Ratios
  • 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, 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?
    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 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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