Medical & Imaging Labs

Industry Profile Report

Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters

Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.

Call Preparation Call Prep Questions, Industry Terms, and Weblinks.

Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.

Industry Profile Excerpts

Industry Overview

The 7,500 medical and imaging labs in the US perform analytical and diagnostic services for patients and health care providers. Medical labs provide a variety of testing services, including routine clinical, anatomic pathology, genetic, and esoteric tests. Other types of testing include drug use, risk assessment for life insurance, and dental. Imaging labs provide diagnostic procedures, including x-rays; MRI, CT and PET scans; ultrasound; mammography; nuclear medicine; and fluoroscopy.

Competition from Health Care Providers and Academia

Medical and imaging labs compete with hospitals, clinics, physicians, and universities for services.

Complying With Government Regulation

Medical and imaging labs must be licensed and must adhere to federal and state government regulations which establish technical, operational, personnel and quality requirements.

Industry size & Structure

The average medical and imaging lab employs 37 workers and generates $7-8 million in annual revenue.

    • A typical medical lab operates out of single location, employs 63 workers, and generates about $11 million annually.
    • A typical imaging lab operates out of a single location, employs about 17 workers, and generates about $4.5 million annually.
    • The medical lab industry consists of about 3,300 companies, employs 206,800 workers, and generates about $36 billion annually.
    • The imaging lab industry consists of about 4,200 companies, employs about 72,200 workers, and generates about $19 billion annually.
    • Large medical labs include Laboratory Corporation of America, Quest Diagnostics, and Sonic Healthcare. Large imaging labs include RadNet, Imaging Healthcare Specialists, and Intrinsic Imaging.
                                  Industry Forecast
                                  Medical & Imaging Labs Industry Growth
                                  Source: Vertical IQ and Inforum

                                  Recent Developments

                                  Nov 8, 2022 - Testing For Seasonal Respiratory Disease Is Increasing
                                  • Respiratory syncytial virus (RSV) is increasing in the US. Doctors only recently began testing for RSV in adults, but medical laboratories will benefit as testing increases. Most older children and adults are exposed to RSV multiple times in their lifetimes, and the immunity they gain prevents severe illness, if not infection. Testing adults for RSV has led to the realization that in some years, RSV infections can rival those caused by influenza.
                                  • Artificial intelligence (AI) tools are increasingly common in the medical imaging industry. Advertising and IT giant Google recently announced a new set of artificial intelligence tools aimed at letting healthcare organizations use the search giant’s software and servers to read, store and label medical images. Google's AI technology was initially developed primarily for consumer applications in Google Photos, Google Image Search, and Google Lens. GE Healthcare won FDA clearance for its "deep-learning powered" MRI software that it says can produce better image quality while providing patients a quicker trip inside the scanner. Company officials say that FDA clearance expands the company’s AIR Recon DL programs from 2D to 3D imaging sequences, eliminating the need to take multiple 2D scans to reach a diagnosis in certain cases.
                                  • The CDC is trying to identify monkeypox cases and possible outbreak areas by ramping up testing — from 6,000 tests a week to 70,000. The US expects to have 7 million vaccine doses by mid-2023. Some experts have been critical of the response at all levels and said that warning signs of the threat were ignored. Monkeypox, which is characterized by painful, itchy poxes and lesions that can last for up to a month, is rarely fatal and doesn't generally lead to hospitalization. It is not as contagious or easily spread as COVID-19.
                                  • The Centers for Medicare and Medicaid Services (CMS) issued guidance that terminates numerous blanket waivers applicable to skilled nursing facilities (SNFs), inpatient hospices, intermediate care facilities for individuals with intellectual disabilities (ICF/IIDs), and end-stage renal disease (ESRD) facilities. CMS expressed concern “about how residents’ health and safety has been impacted by the regulations that have been waived, and the length of time for which they have been waived.” A CMS waiver of ITM requirements for facility and medical equipment to reduce disruption of patient care and potential exposure/transmission of COVID-19.is among those cancelled.
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