The US Medical and Diagnostic Laboratory Services Market size was valued at USD 82 Billion in 2023 and the total US Medical and Diagnostic Laboratory Services revenue is expected to grow at a CAGR of 9% from 2024 to 2030, reaching nearly USD 149.90 Billion.The US medical and diagnostic laboratory services covers diverse services such as clinical laboratory testing, anatomical pathology testing, molecular diagnostics, and genetic testing. Clinical laboratory testing is the largest segment and diagnoses conditions through blood and bodily fluid tests. Also, anatomical pathology analyzes tissue samples for conditions such as cancer, while molecular diagnostics identifies genetic mutations. The US medical and diagnostic laboratory services market is competitive, with key players including Quest Diagnostics, LabCorp, Sonic Healthcare, and Bio-Reference Laboratories. The growth has increased due to the demand for diagnostic testing and a focus on personalized medicine, but challenges like regulatory changes arise.
Employees 770727 Profit XX Billion Remunerations for Employees XX The comprehensive report serves as a detailed analysis of the US Medical and Diagnostic Laboratory Services Market. MMR has precisely examined the industry's evolution, spotlighting significant trends, groundbreaking innovations, and the driving forces that mold its trajectory. Delving deep into the present landscape, the report dissects the US market. It accurately outlines the market's current dimensions, growth patterns, size, and the nuanced trends that use significant influence. Additionally, it keenly identifies the pivotal factors driving market growth and sheds light on growing opportunities.
1. In 2023, the US medical laboratory industry performed 30 billion tests. 2. 6 laboratory tests per person per year 3. Variation by Age and Health Status 3.1. Children: Average of 3 tests per person per year. 3.2. Adults: Average of 4 tests per person per year. 3.3. Adults 65+: Average of 8 tests per person per year. 4. Utilization by Service 4.1. Clinical chemistry: 50% of all laboratory tests. 4.2. Hematology: 20% of all laboratory tests. 4.3. Microbiology: 15% of all laboratory tests. To know about the Research Methodology :- Request Free Sample Report Increased healthcare spending drives the US Medical and Diagnostic Laboratory Services Market Rising healthcare spending drives the demand for diagnostic testing and amplifies revenue for the US Medical and Diagnostic Laboratory Services Market. The influx of funds facilitates investment in cutting-edge diagnostic technologies and improves accuracy and efficiency. Also, expanded services driven by increased funding, promote accessibility and early disease detection, improving overall health outcomes. Additionally, US market growth generates employment opportunities and stimulates economic growth across sectors.
The raised healthcare spending triggers cost inflation and unsustainable growth burdening patients and insurers. Overreliance on diagnostic tests, driven by financial incentives, does not improve outcomes and leads to misinterpretations and harm to patients. Also, quantity-focused environments compromise quality and impact patient care. Inequitable access persists, as increased spending doesn't guarantee affordability for all, widening health disparities. Additionally, rising healthcare spending impacts the US market. Collaboration among policymakers, healthcare providers, and stakeholders is crucial to ensure increased spending leads to improved access to affordable, quality diagnostic services for all. Initiatives promoting cost-effectiveness, addressing overutilization, and implementing targeted financial assistance can contribute.
US Medical and Diagnostic Laboratory Services Market Segment Analysis
Based on the Test, the Complete Blood Count segment held the largest market share of about 15% in the US Medical and Diagnostic Laboratory Services Market in 2023. According to the MMR analysis, the segment is expected to grow at a CAGR of 9.2% during the forecast period. It stands out as the dominant segment within the US market thanks to its rapid technological advancement and growing adoption of smart devices with data connectivity and integration.The US Medical and Diagnostic Laboratory Services Market rigorously regulates Complete Blood Counts for accuracy. A Complete Blood Count helps in diagnosing conditions such as anemia, infections, leukemia, and bleeding disorders by assessing red blood cell count, hemoglobin levels, white blood cell count, and platelet count. It also monitors treatment effectiveness, especially in cancer or blood disorder cases, and serves as a preventive tool in routine checkups, detecting potential health issues before symptoms emerge. Overdiagnosis occurs when minor CBC abnormalities prompt unnecessary investigations or treatments, causing concern for health-anxious individuals. While CBC is cost-effective, frequent or combined testing increases expenses. Also, inconclusive results due to conditions or medications require tests for a definitive diagnosis, adding complexity to the result interpretation. A complete Blood Count (CBC) is vital for diagnosing and managing various medical conditions, but results are considered alongside a patient's clinical profile and other tests and it helps to grow the US market. Technological advancements in automated analyzers improve efficiency, while ongoing research explores CBC's potential for discovering new biomarkers and advancing personalized medicine.
US Medical and Diagnostic Laboratory Services Market Scope: Inquiry Before Buying
US Medical and Diagnostic Laboratory Services Market Report Coverage Details Base Year: 2023 Forecast Period: 2024-2030 Historical Data: 2018 to 2023 Market Size in 2023: US $ 82 Bn. Forecast Period 2024 to 2030 CAGR: 9% Market Size in 2030: US $ 149.9 Bn. Segments Covered: by Test Lipid Panel Liver Panel Renal Panel Complete Blood Count Electrolyte Testing Infectious Disease Testing by Product Instruments Reagents by End User Hospital Laboratory Diagnostic Laboratory Point-of-care Testing US Medical and Diagnostic Laboratory Services Market Key Players
1. Quest Diagnostics 2. Laboratory Corporation of America (LabCorp 3. Sonic Healthcare 4. Bio-Reference Laboratories 5. ARUP Laboratories 6. Mayo Clinic Laboratories 7. Genomic Health, Inc. 8. Myriad Genetics, Inc. 9. American Esoteric Laboratories (AEL) 10. Genomic Health 11. Invitae Corporation 12. Aurora DiagnosticsFAQs:
1. What are the growth drivers for the US Medical and Diagnostic Laboratory Services market? Ans. Increased healthcare spending is expected to be the major driver for the US market. 2. What is the major restraint for the US Medical and Diagnostic Laboratory Services market growth? Ans. High costs and Limited Affordability and Access are expected to be the major restraining factors for the US market growth. 3. What is the projected market size and growth rate of the US Medical and Diagnostic Laboratory Services Market? Ans. The US market size was valued at USD 82 Billion in 2023 and the total US Medical and Diagnostic Laboratory Services revenue is expected to grow at a CAGR of 9% from 2024 to 2030, reaching nearly USD 149.90 Billion By 2030.
1. US Medical and Diagnostic Laboratory Services Market Executive Summary 1.1 Study Assumption and Market Definition 1.2 Scope of the Study 1.3 Emerging Technologies 1.4 Market Projections 1.5 Strategic Recommendations 2. US Medical and Diagnostic Laboratory Services Market: Dynamics 2.1.1 Market Drivers 2.1.1.1 Growing Awareness and Focus on Preventive Healthcare 2.1.2 Market Restraints 2.1.3 Market Opportunities 2.1.4 Market Challenges 2.2 PORTER’s Five Forces Analysis 2.3 PESTLE Analysis 2.4 Value Chain Analysis 2.5 Regulatory Landscape 2.6 Analysis of Government Schemes and Initiatives for the US Medical and Diagnostic Laboratory Services Industry 2.7 The Pandemic and Redefining of The US Medical and Diagnostic Laboratory Services Industry Landscape 3. US Medical and Diagnostic Laboratory Services Market: Market Size and Forecast by Segmentation (Value) (2023-2030) 3.1 US Medical and Diagnostic Laboratory Services Market Size and Forecast, by Test (2023-2030) 3.1.1 Lipid Panel 3.1.2 Liver Panel 3.1.3 Renal Panel 3.1.4 Complete Blood Count 3.1.5 Electrolyte Testing 3.1.6 Infectious Disease Testing 3.2 US Medical and Diagnostic Laboratory Services Market Size and Forecast, Product (2023-2030) 3.2.1 Instruments 3.2.2 Reagents 3.3 US Medical and Diagnostic Laboratory Services Market Size and Forecast, End User (2023-2030) 3.3.1 Hospital Laboratory 3.3.2 Diagnostic Laboratory 3.3.3 Point-of-care Testing 4. US Medical and Diagnostic Laboratory Services Market: Competitive Landscape 4.1 MMR Competition Matrix 4.2 Competitive Landscape 4.3 Key Players Benchmarking 4.3.1 Company Name 4.3.2 Service Segment 4.3.3 End-user Segment 4.3.4 Revenue (2023) 4.3.5 Company Locations 4.4 Leading US Medical and Diagnostic Laboratory Services Companies, by market capitalization 4.5 Market Structure 4.5.1 Market Leaders 4.5.2 Market Followers 4.5.3 Emerging Players 4.6 Mergers and Acquisitions Details 5. Company Profile: Key Players 5.1 Quest Diagnostics 5.1.1 Company Overview 5.1.2 Business Portfolio 5.1.3 Financial Overview 5.1.4 SWOT Analysis 5.1.5 Strategic Analysis 5.1.6 Scale of Operation (small, medium, and large) 5.1.7 Details on Partnership 5.1.8 Regulatory Accreditations and Certifications Received by Them 5.1.9 Awards Received by the Firm 5.1.10 Recent Developments 5.2 Laboratory Corporation of America (LabCorp 5.3 Sonic Healthcare 5.4 Bio-Reference Laboratories 5.5 ARUP Laboratories 5.6 Mayo Clinic Laboratories 5.7 Genomic Health, Inc. 5.8 Myriad Genetics, Inc. 5.9 American Esoteric Laboratories (AEL) 5.10 Genomic Health 5.11 Invitae Corporation 5.12 Aurora Diagnostics 6. Key Findings 7. Industry Recommendations 8. Terms and Glossary 9. US Medical and Diagnostic Laboratory Services Market: Research Methodology