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
20-Mar-2019
North America
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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)
Popular Topics
No Index | No |
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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 |