Growth Opportunities in the North American Clinical Laboratory Services Market, Forecast to 2022

Growth Opportunities in the North American Clinical Laboratory Services Market, Forecast to 2022

Laboratories Seek Alternate Revenue Streams to Combat Reimbursement Pressure

RELEASE DATE
20-Mar-2019
REGION
North America
Research Code: K335-01-00-00-00
SKU: HC03145-NA-MT_22933
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Description

Clinical laboratory services represent one of the highest healthcare expenditures in North America, yet the United States and Canada represent different scenarios in the way clinical services are rendered. The market for clinical lab services in Canada was an estimated $10.33 billion in 2017 whereas in the United States it was an estimated $78.33 billion for the same year. Heavily influenced by the Protecting Access to Medicare Act (PAMA) reimbursement cuts, US laboratories are expanding their revenue streams to collaborate with retail clinics and eCommerce channels to increase their testing footprint. Today’s market is ripe for mergers and acquisitions. The private market is heavily concentrated between two reference laboratories, Quest Diagnostics and LabCorp.

This report analyzes the market for clinical laboratory services in North America across 3 main segments: hospital laboratories, physician office laboratories, and specialty/independent laboratories. In Canada, regional public laboratories are also analyzed. Revenue forecasts for the period 2018–2022 have been carefully studied to understand the impact of PAMA and the upcoming reimbursement cuts. The study also includes competitive profiles of top vendors serving the United States and Canada for laboratory testing and gives an in-depth analysis of winning strategies for laboratories to survive in a future that is governed by value-based healthcare. Since the market is ripe for mergers and acquisitions, a detailed M&A analysis for the period 2017–2018 is included.

In Canada, lab services as well as any innovation pertaining to the introduction of new tests are heavily dependent on Ministry of Health (MoH) funding. Some provinces are more open than others (e.g., Ontario is more open to innovation and introduction of new tests when compared to Quebec.). Ontario, British Columbia, and Quebec are the major markets within Canada. Although similar in the flow of funds and governance by their respective MoHs, it is important to note there is a huge pricing difference observed for clinical tests in each Canadian province. There are downsides to the clinical lab services market in Canada given that several medically necessary tests remain uninsured and not paid for by the MoH. These are covered through private insurance. Also, a substantial amount of outsourcing occurs for genetic testing (sent to the United States, mostly) because of an inadequate strategy for this type of testing.

Other areas covered in this research are challenges and drivers impacting the clinical lab services market in the United States and Canada; new business models and alternate revenue channels; winning strategies for clinical labs to combat reimbursement pressure; actionable growth opportunities for companies; and major lab chains by country.

Author: Divyaa Ravishankar

RESEARCH: INFOGRAPHIC

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Table of Contents

Purpose of this Experiential Study

5 Step Process to Transformational Growth

Scope and Segmentation—United States

Scope and Segmentation—United States (continued)

Scope and Segmentation—Canada

Scope and Segmentation—Canada (continued)

Market Highlights

Market Highlights (continued)

Strategic Imperatives for Laboratories

Key Questions this Study will Answer

Top 3 Predictions

US Clinical Laboratories Market Landscape

Canadian Clinical Laboratories Market Landscape

Key Trends in the North American Clinical Services Market

Key Trends in the North American Clinical Services Market (continued)

Factors Considered When Choosing a Clinical Service Provider

Winning Strategies for Labs to Survive

Winning Strategies for Labs to Survive (continued)

Key Focus Areas for Clinical Laboratories

Growth Opportunity 1—Seeking Alternate Revenue Channel

Growth Opportunity 2—Transformative Care Practices Combining Pathology and Genomics Data

Growth Opportunity 3—Blockchain for Transforming Care Pathways

US Clinical Laboratory Services Market Snapshot

Top Clinical Laboratory Services Trends (US)

Market Drivers

Market Restraints

Strategies to Combat PAMA

Merger and Acquisition Analysis

Summary of Merger and Acquisition Trends

Notable Deals of 2017 and 2018

Notable Deals of 2017 and 2018 (continued)

Notable Deals of 2017 and 2018 (continued)

Market Engineering Measurements

Forecast Assumptions

Revenue Forecast

Revenue Forecast by Lab Type

Revenue Forecast Discussion

Market Share Analysis

Market Share Analysis (continued)

Market Share Analysis (continued)

US Clinical Laboratory Services by Numbers

Number of Labs by Specialty

US Clinical Laboratory Services Overview

US Clinical Laboratory Services Overview (continued)

US Clinical Laboratory Services Overview (continued)

Quest Diagnostics

LabCorp

BioReference Laboratories (OPKO Health)

Myriad Genetics

Canadian Clinical Laboratory Services Market Snapshot

Top Trends in Canadian Clinical Laboratory Services Market

Market Drivers

Market Restraints

Snapshot of Clinical Laboratory Providers (By Numbers)

Provincial Analysis—Reimbursement

Provincial Analysis—Outlook

Provincial Analysis—Outlook (continued)

Provincial Analysis—Pricing Differences

Provincial Analysis—Coverage Variations

Genetic Testing Outsourcing

Market Engineering Measurements

Forecast Assumptions

Revenue Forecast

Revenue Forecast by Lab Type

Revenue Forecast Discussion

Market Share Analysis

Market Share Analysis—Private Lab Market

LifeLabs

Dynacare

DynaLIFE Dx

Key Conclusions and Future Outlook

Legal Disclaimer

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

Related Research
Clinical laboratory services represent one of the highest healthcare expenditures in North America, yet the United States and Canada represent different scenarios in the way clinical services are rendered. The market for clinical lab services in Canada was an estimated $10.33 billion in 2017 whereas in the United States it was an estimated $78.33 billion for the same year. Heavily influenced by the Protecting Access to Medicare Act (PAMA) reimbursement cuts, US laboratories are expanding their revenue streams to collaborate with retail clinics and eCommerce channels to increase their testing footprint. Today’s market is ripe for mergers and acquisitions. The private market is heavily concentrated between two reference laboratories, Quest Diagnostics and LabCorp. This report analyzes the market for clinical laboratory services in North America across 3 main segments: hospital laboratories, physician office laboratories, and specialty/independent laboratories. In Canada, regional public laboratories are also analyzed. Revenue forecasts for the period 2018–2022 have been carefully studied to understand the impact of PAMA and the upcoming reimbursement cuts. The study also includes competitive profiles of top vendors serving the United States and Canada for laboratory testing and gives an in-depth analysis of winning strategies for laboratories to survive in a future that is governed by value-based healthcare. Since the market is ripe for mergers and acquisitions, a detailed M&A analysis for the period 2017–2018 is included. In Canada, lab services as well as any innovation pertaining to the introduction of new tests are heavily dependent on Ministry of Health (MoH) funding. Some provinces are more open than others (e.g., Ontario is more open to innovation and introduction of new tests when compared to Quebec.). Ontario, British Columbia, and Quebec are the major markets within Canada. Although similar in the flow of funds and governance by their respective MoHs, it i
More Information
No Index No
Podcast No
Author Divyaa Ravishankar
Industries Healthcare
WIP Number K335-01-00-00-00
Is Prebook No
GPS Codes 9600-B1,9562-B1,9568-B1,9611-B1,9627-B1