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2018 Market Analysis & Industry Outlook: Medical & Diagnostic Laboratories

Overview: the U.S. Medical & Diagnostic Laboratories Industry

This section provides answers to key questions about the industry:

  1. What is the total market size (industry revenue)?
  2. What is the industry outlook?
  3. Market Analysis: Is the market growing or declining, and how quickly?
  4. Are long-term forecasts positive or negative?
  5. What is the average company size in the industry?
  6. How many companies are in the industry?

Market Size & Industry Statistics

The total U.S. industry market size for Medical & Diagnostic Laboratories: Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders. In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.

Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.

market size 2018
Charts and graphs can be copied to Microsoft Word and Powerpoint presentations.

Statistics 2012        2013        2014        2015        2016        2017
Market Size
(Total Sales/Revenue)

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Total Firms
Total Employees
Average Revenue Per Firm
Average Employees Per Firm
Statistics Source: U.S. Census, AnythingResearch Market Analysis

Market Forecast

Market forecasts show the long term industry outlook and future growth trends. The following five-year demand forecast projects both short-term and long-term trends.

market forecast

Forecast / Industry Outlook 2017 2018 2019 2020 2021 2022
Market Forecast ($ millions)
Projected Industry Growth Rate (%)
Source: AnythingResearch Economic Analysis

Product & Services Breakdown

Research products and services in the Medical & Diagnostic Laboratories industry generating sales. Note that products are broken into categories with different levels of classification.

Product DescriptionNumber of Companies Sales ($ millions) Percent of Total Sales

Industry Total

Laboratory Services

Anatomic Pathology

Clinical Pathology Services

General Pathology Services

Diagnostic Imaging Services

X-Ray/Radiography Imaging, Including Fluoroscopy And Mammography

Magnetic Resonance Imaging (Mri)

Computed Tomography (Ct) Scanning

Nuclear Medicine Scanning, Including Pet/Ct

Ultrasound Imaging

Electroencephalography (Eeg), Magnetoencephalography (Meg), Electrocardiography (Ekg)

Other Diagnostic Imaging Services

Rental Or Lease Of Goods And/Or Equipment

Rental Or Lease Of - All Other Goods And/Or Equipment

All Other Receipts

All Other Operating Receipts

U.S. Geographic Distribution: Revenue Statistics by State

Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.

U.S. map by state

Medical & Diagnostic Laboratories Industry Price Trends

Rise and fall in market prices are affectedd by supply, demand, and the cost of goods/services sold. Higher demand or COGS will put upward price pressure on prices. Higher competition among Medical & Diagnostic Laboratories companies will put a downward pressure on prices. The chart shows how prices are changing within the industry, month-to-month over the last three years.

example price index trendline

Income Statement (Average Financial Metrics)

Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.

Industry AveragePercent of Sales
(Industry Benchmark)
Total Revenue

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Operating Revenue
Cost of Goods Sold
Gross Profit

Operating Expenses
Pension, profit sharing plans, stock, annuity
Rent paid on business property
Charitable Contributions
Domestic production activities deduction
Compensation of officers
Salaries and wages
Employee benefit programs
Taxes and Licenses
Bad Debts
Other Operating Expenses
Total Operating Expenses
Operating Income
Non-Operating Income
EBIT (Earnings Before Interest and Taxes)
Interest Expense
Earnings Before Taxes
Income Tax
Net Profit
Source: AnythingResearch Analysis of U.S. federal statistics

Financial Ratio Analysis

Financial ratio information can be used to benchmark how a Medical & Diagnostic Laboratories company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.

Profitability & Valuation RatiosIndustry Average
Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Medical & Diagnostic Laboratories industry is performing.
Profit Margin
Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues.
Return on Equity (ROE)
Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings).
Return on Assets (ROA)
Return on Assets (ROA) is net income relative to total assets. The market research on Medical & Diagnostic Laboratories measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets.

Liquidity RatiosIndustry Average
Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability.
Current Ratio
Measures a firm's ability to pay its debts over the next 12 months.
Quick Ratio (Acid Test)
Calculates liquid assets relative to liabilities, excluding inventories.

Efficiency Ratios - Key Performance IndicatorsIndustry Average
Measure how quickly products and services sell, and effectively collections policies are implemented.
Receivables Turnover Ratio
If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections.
Average Collection Period
Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover
Inventory Turnover
A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort.
Fixed-Asset Turnover
Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue.

Compensation & Salary Surveys for Employees

Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.

TitlePercent of WorkforceBottom Quartile Average (Median) SalaryUpper Quartile
Management Occupations 5%

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Chief Executives0%
General and Operations Managers1%
Healthcare Practitioners and Technical Occupations 42%
Health Technologists and Technicians 38%
Clinical Laboratory Technologists and Technicians 24%
Medical and Clinical Laboratory Technologists 12%
Medical and Clinical Laboratory Technicians 12%
Diagnostic Related Technologists and Technicians 13%
Radiologic Technologists 6%
Healthcare Support Occupations 17%
Other Healthcare Support Occupations 16%
Miscellaneous Healthcare Support Occupations 16%
Phlebotomists 13%
Office and Administrative Support Occupations 25%
Information and Record Clerks 7%
Source: Bureau of Labor Statistics

Medical & Diagnostic Laboratories Industry Market Share [PREMIUM]

Largest companies in the industry and related industries, with private company revenue estimates.

CompanyAddressRevenue Estimate

Innovation News

  • Ammon Analytical Laboratories trademarks "AMMON LABS ACCURATE RELIABLE TESTING SINCE 1998" - Toxicology services - 03/02/2018
  • Sentage trademarks "CHANGING SMILES, ENHANCING PRACTICES" - dental laboratory management services for others - 03/02/2018
  • Novarad trademarks "READYPACS" - Providing use of non-downloadable cloud-based software for image processing, archiving and retrieval; Providing use of non-downloadable cloud-based software for storage, retrieval, management, distribution and viewing of images - 03/02/2018
  • Integrated Diagnostics patents Compositions, Methods And Kits For Diagnosis Of Lung Cancer - 03/01/2018
  • Progenity patents Sampling Systems And Related Materials And Methods - 02/22/2018
  • Bio-Rad Laboratories patents Patient-based Results Display - 02/22/2018
  • Hygieia raises $4 million in funding. - 02/06/2018
  • CirculoGene Theranostics raises $3 million in funding. - 01/25/2018
  • Compass Therapeutics Advisors raises $1 million in funding. - 01/08/2018

  • Top Innovators

    CompanyInnovation Score
    Bio-Rad Laboratories563
    Myriad Genetics151
    Enzo Biochem119

    Additional companies, details and innovation scoring in the full report.

    Latest Industry News

    • Ventripoint Diagnostics wins CE Mark for VMS+ heart analysis system - Ventripoint Diagnostics said this week it won CE Mark approval in ... according to a study from Wake Forest Baptist Medical Center. The U.S. Department of Veterans Affairs reports that PTSD affects about 11-20% of Operations Iraqi Freedom and and Enduring ... (01/10/2018)
    • WuXi AppTec Group and Mayo Clinic Form Joint Venture to Deliver Clinical Diagnostic Services - 2018 /PRNewswire/ -- WuXi AppTec Group and Mayo Clinic announced today a joint venture to co-develop and deliver clinical diagnostic services in China. With WuXi AppTec Group's operational excellence and Mayo Medical Laboratories' clinical and laboratory ... (01/10/2018)
    • Moving Blood Tests from Labs to the Consumer - That’s the dream device of many entrepreneurs who want to move laboratory-based testing ... top prize went to Final Frontier Medical Devices, whose gadget could diagnose 34 different conditions. While these consumer diagnostics developers may have ... (01/09/2018)
    • TAI Diagnostics Closes $10M Financing and Establishes Collaboration Agreement with United Therapeutics - and the upcoming commercial launch of its post-transplant monitoring assays performed by its CLIA and CAP accredited reference laboratory. TAI Diagnostics was founded in 2015 to further develop and commercialize cfDNA technology licensed from the Medical ... (01/09/2018)
    • Laboratory Centrifuge 2018 Global Market Expected to Grow at CAGR 5.29% and Forecast to 2022 - To remain competitive in this medical centrifuge market ... This leads to their utilization in laboratories and diagnostics centers. Moreover, these centrifuges also offer a cost-effective solution for laboratories and diagnostics centers. (01/08/2018)
    • Patent-Ineligibility of Medical Diagnostics, Life Sciences Discoveries Arrests U.S. Progress - Prometheus Laboratories, Inc. In that case ... If it costs billions to bring a medical diagnostic technology based on the recent discovery regarding GIRK1 protein expression in breast cancer patients, a patent on the technology will be necessary. (01/07/2018)
    • Mako Medical Labs targets February launch date for Vance County expansion site - Within a year, the meeting led to both to becoming business partners and starting the medical diagnostics laboratory in 2014. “We really wanted to be the lab and the company that made a difference in the local communities that we are in,” said Arant ... (01/06/2018)
    • Accreditation of diagnostic laboratories - Laboratory medicine is the backbone in medical treatment, diagnosis and prevention and, laboratory diagnostics influence 70 - 80% of hospital health care decisions. Scenario of diagnostic laboratories in India: The exact number of pathology and diagnostic ... (12/10/2017)
    • Quest Diagnostics to Acquire Shiel Medical Laboratory from Fresenius Medical Care - Transaction to expand access to Quest's diagnostic innovations in the New York-New Jersey metropolitan area SECAUCUS, N.J., Sept. 28, 2017 /PRNewswire/ -- Quest Diagnostics (DGX), the world's leading provider of diagnostic information services, today ... (09/28/2017)

    Government Contracts

    In 2016, the federal government spent a total of $308,916,821 on Medical & Diagnostic Laboratories. It has awarded 5,616 contracts to 677 companies, with an average value of $456,303 per company.   

    Top government vendors:

    CompanyFederal ContractsTotal Award Amount

    Growth Opportunities / Competitive Threats

    Companies in other industries may also sell similar products. Since there is an overlap in the customer base, there may be an opportunity for companies in Medical & Diagnostic Laboratories to sell additional products/services offered by these adjacent industries. Alternatively, these industries may identify further products in this industry to target. Products most at risk are those with the highest profit margins and lowest barriers to entry.

    The following industries are competing channels for sales of similar products/services.

    Patient Care
    Competing IndustrySales Relative to Medical & Diagnostic LaboratoriesOpportunity/Threat
    Medical Laboratories Competing industry
    Physical, Occupational & Speech Therapists & Audiologists Competing industry
    Diagnostic Imaging Centers Competing industry
    Kidney Dialysis Centers Competing industry
    Chiropractors Competing industry

    Sales from other industries of Patient Care are less than those from Medical & Diagnostic Laboratories. This may mean that other channels are a competitive risk of increasing their Patient Care sales, taking market share from this industry.
    Patient Care Product Sales Report

    Rental Or Lease Of Goods And/Or Equipment
    Competing IndustrySales Relative to Medical & Diagnostic LaboratoriesOpportunity/Threat
    Diagnostic Imaging Centers Competing industry
    Golf Courses & Country Clubs Competing industry
    Bowling Alleys Competing industry
    Chiropractors Competing industry
    Physical, Occupational & Speech Therapists & Audiologists Competing industry

    Sales from other industries of Rental Or Lease Of Goods And/Or Equipment are less than those from Medical & Diagnostic Laboratories. This may mean that other channels are a competitive risk of increasing their Rental Or Lease Of Goods And/Or Equipment sales, taking market share from this industry.
    Rental Or Lease Of Goods And/Or Equipment Product Sales Report

    Rental Or Lease - Medical Equipment
    Rental Or Lease - Medical Equipment Product Sales Report