Diagnostic & Medical Laboratories in the US - Industry Market Research Report

Diagnostic & Medical Laboratories in the US - Industry Market Research Report

Diagnostic & Medical Laboratories in the US

Operators in the Diagnostic and Medical Laboratories industry are an integral part of patients' medical evaluation and treatment. Laboratories are vital to the healthcare market, as 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. For example, as more elderly patients received preventive screening tests, many required laboratory services to address irregular screening results. Additionally, in 2020, the industry surged as the pandemic created a need for testing services. To track and control the spread of the virus, governments need to test people for COVID-19. As a result, in 2020 and 2021, government funding for industry laboratories increased, resulting in increased revenue. Industry revenue grew at a CAGR of 2.4% to $75.0 billion over the past five years, despite a 0.1% decrease in 2023.

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.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.