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2018 Market Analysis & Industry Outlook: Medical Laboratories

Overview: the U.S. Medical 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 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 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

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 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 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 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 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 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 Laboratories Industry Market Share [PREMIUM]

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

CompanyAddressRevenue Estimate

Innovation News

  • Blackfly Investments trademarks "MOLECULAR TESTING LABS" - Genetic testing for medical purposes; Medical testing for diagnostic or treatment purposes - 12/19/2017
  • Metastat raises $2 million in funding. - 07/05/2017

  • Top Innovators

    CompanyInnovation Score
    Blackfly Investments

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

    Latest Industry News

    • Understanding Compounding Pharmacy with Two Medical Experts - including the Brigade of Guards Medical Center in Abuja, the Department of Medico-Legal Services in Johannesburg, Abbot Laboratories, Pharmacia (which merged with Pfizer, another global pharmaceutical giant, in 2003), and NYU Hospital. (01/10/2018)
    • North Dakota medical marijuana rules poised for approval - The North Dakota Compassionate Care Act allows the use of the drug for 17 medical conditions ... unveiled 50 pages of proposed administrative rules to cover such things as lab testing, security requirements and transportation regulations, and the ... (01/10/2018)
    • Crises in the Capitol: Infrastructure, Crime Lab, Not Enough Money to Cover Needs - Crime Lab Director Sam Howell told senators last week that he will be down to just one medical examiner in a few months. The state would need seven to meet national standards. In the most recent fiscal year, the medical examiner's office performed just ... (01/10/2018)
    • Massachusetts radiology lab loses medical records of about 9,400 patients - FRAMINGHAM, Mass. -- A Massachusetts radiology lab says it has lost a portable hard drive that may contain the personal information and X-ray images of almost 9,400 patients. Charles River Medical Associates, based in Framingham, mailed letters this week ... (01/10/2018)
    • Aeon Global Health Names Armando Moncada, MD, FCAP as Chief Medical Officer of its Anatomic Pathology Business - He continues to serve as a CAP inspector for the College of American Pathologists and understands the changing needs of the medical community and laboratory industry. Dr. Moncada also has a special interest in the laboratory industry and healthcare ... (01/10/2018)
    • Global medical IT market estimated to grow at 7% CAGR by 2022 detailed in new research report - Key players in the global Medical IT market are Essillor International, Stryker, General Electric. Roche, Abbott Laboratories, Covidien, Philips, Medtronics, Siemens among others. Leading players operating in this market are collaborating with other key ... (01/10/2018)
    • Sphinx Medical Technologies Inc. Launches the Android Version of 'Call My Doc' - Call My Doc ™ is a managed service with mobile apps that is able to integrate with all electronic medical records to replace telephone based answering services. Patient medications, allergies, labs and history, all will appear on doctor's exquisitely ... (01/10/2018)
    • 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)
    • Medical labs not accredited - DESPITE increasing pressure from Caricom for mandatory accreditation, none of Jamaica's 65 medical laboratories has been accredited, and the Medical Laboratories 2005 Act, which would help to streamline this process, is yet to be passed into law. (10/22/2012)

    Government Contracts

    In 2016, the federal government spent a total of $261,810,296 on Medical Laboratories. It has awarded 4,559 contracts to 505 companies, with an average value of $518,436 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 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 LaboratoriesOpportunity/Threat
    Physical, Occupational & Speech Therapists & Audiologists Competing industry
    Diagnostic Imaging Centers Competing industry
    Kidney Dialysis Centers Competing industry
    Chiropractors Competing industry
    Optometrists Competing industry

    Sales from other industries of Patient Care are less than those from Medical 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

    Segments classified within this market research report

    This industry market research report includes companies whose primary business is any of the following:
    Bacteriological laboratories, diagnostic, Toxicology health laboratories, Testing laboratories, medical, Urinalysis laboratories, Pathology laboratories, Genetic testing laboratories, Laboratories, medical (except radiological, X-ray), Cytology health laboratories, Forensic laboratories, Mycology health laboratories, Blood analysis laboratories, Parasitology health laboratories, Laboratory testing services, Medical pathology laboratories, Medical laboratories (except radiological, Pathological analysis laboratories, Biological laboratories, DNA testing laboratories, etc.

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