The laboratory testing market was $72 billion in 2016. The largest market segments were hospital labs at 58%, independent labs at 33%, and physician office labs at 4% of the total market in 2016. Medicare remains the largest payer for lab testing, with $7 billion in spending as of 2015. The top 25 tests account for 59% of Medicare's lab spending. Legislative reform aims to curb Medicare spending in the near future, and laboratory revenues could fall by as much as 50% by 2023.
Genetic testing is on the rise with more than 65,000 testing products available as of 2016. Similarly, molecular testing, valued at $6.45 billion globally, continues to gain traction as a more accurate alternative to common rapid tests. Companion diagnostics, a $2.8 billion global market, are projected to grow to $5.8 billion by 2019 with continued development of new therapeutic products requiring companion tests.
Hospital CFOs report increased investment in laboratory departments. An estimated 23% of hospitals are investing in new capital equipment, while 16% are replacing or updating existing capital equipment. Hospital laboratory directors point to staff hiring, increased productivity, and modernization as key elements of their 2017-18 strategic plans.
Physician office labs (POLs) make up nearly half (47.8%) of all U.S. laboratories. The number of facilities has grown steadily to a total of 121,973.
Key Topics Covered:
1. Laboratory Market Overview
2. Projected Growth For Lab Market
3. Medicare Spending Trends Affect POLs, Independent Labs
4. PAMA Cuts Medicare Dollars For Laboratories
5. Laboratory Medicare Revenues Could Fall 50% By 2023
6. Few Tests To Receive Reimbursement Increases
7. Labs Do More For ACOs, Feel Undercompensated
8. Molecular Pathology Procedures Have More Associated Products
9. Global Companion Diagnostics Market Projected To Reach $5.8 Billion By 2019
10. Rapid Growth Projected In Global Molecular Testing
11. Range Of Genetic Tests Increases
12. U.S. Direct-To-Consumer Market To Reach $350 Million By 2020
13. Preventive Care Driven By Lab Testing
14. Two New Tests Added To Top 25
15. Shifts In Top 25 Tests
16. Payment, Coding May Differ Between Test Categories
17. Hospitals Target Over-/Underutilization In 2016
18. Bedside Testing Improves Efficiency
19. POCT Global Market Projected To Reach $11.7 Billion By 2024
20. Laboratory Investment Increases In 2017
21. Seasonal Lab Volumes Increase In Q4, Q1
22. Number Of POLs Grows To 120,000 In 2016
23. Nearly Half Of All U.S. Labs Are POLS
24. Reference Labs 1/3 Of U.S. Lab Market
25. Lab Tests Used In 98% Of Inpatient Stays
26. GHX Market Breakdown Of Clinical Laboratory-Related Product Categories Sold Through Distribution
27. GHX Lists Clinical Laboratory Products Sold Through Distribution
For more information about this report visit https://www.researchandmarkets.com/research/zzntfx/2017_laboratory