First Research US Industry Profile

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Medical & Diagnostic Laboratories
SIC Codes: 8071, 8090, 8093, 8099
NAICS Codes: 6215
Last Quarterly Update: 6/10/2019
Companies in this industry provide analysis and diagnostic services by examining body fluids and producing images of the body for medical professionals and patients. Major companies include Alliance HealthCare Services, LabCorp, Quest Diagnostics, and RadNet (all based in the US), as well as LifeLabs (Canada), Sonic Healthcare (Australia), and the clinical diagnostics division of Eurofins (Luxembourg).
As access to health care expands around the world, the need for diagnostic and research laboratory services will also increase. Growth in the industry is impacted by aging populations and rising demand for preventive care and personalized medical treatments.
The commercial medical and diagnostic laboratory industry in the US consists of about 17,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $50 billion. Medical labs account for about 65% of industry revenue; imaging centers account for 35%.
Competitive Landscape
Demand is linked to the number of people receiving medical treatment. The profitability of individual companies depends on efficient operations and good marketing. There are large economies of scale in the operation of medical labs, which can receive samples from a wide geographical area. Small medical labs can compete effectively by providing specialized analyses, or by serving geographical regions with few medical facilities. Imaging centers don't have similar economies of scale because they must be located close to patients, so small firms can compete effectively with large ones in a particular area.
The US industry is fragmented: the 50 largest companies account for about 45% of revenue. However, the medical laboratories segment is concentrated: the 50 largest companies generate about 65% of segment revenue. The diagnostic imaging segment is fragmented: the 50 largest companies account for about 30% of segment revenue.
Products, Operations & Technology
Medical labs (often called "clinical labs") receive specimens of body fluids (most often blood) or tissues collected from patients, and perform a wide ... plus:
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