Dublin, Feb. 10, 2023 (GLOBE NEWSWIRE) -- The "2022 U.S. Laboratory Market Report" report has been added to ResearchAndMarkets.com's offering.
The U.S. laboratory market was valued at $112 billion in 2021 with 330,000 Clinical Laboratory Improvement Amendment (CLIA) certified laboratories.
The aging U.S. population, new and improved service capabilities, and an increase in at-home testing drove the growth of the laboratory market.
The 2022 Laboratory Market Report analyzes new laboratory services, Medicare reimbursement cuts, and the impact of acquisitions during the COVID-19 pandemic.
Key Findings
- More than 800 laboratory tests will receive reimbursement cuts up to 15% in 2023 under the Protecting Access to Medicare Act.
- The U.S. home testing market is projected to reach $11.0 billion by 2027.
- 60% of laboratory employers are offering continuing education to retain and recruit medical laboratory professionals
Executive Summary:
Market-At-A-Glance
The U.S. laboratory market was valued at $112.1 billion in 2021, a 6% increase from $105.5 billion in 2020. COVID-19 testing was a major factor in the laboratory market growth in 2021.
Moving forward, growth drivers include new and improved service capabilities, the aging U.S. population, and the high rate of chronic diseases.
There are 330,000 Clinical Laboratory Improvement Amendment (CLIA) certified laboratories in the U.S. including physician offices, nursing homes, and other non-acute settings, according to the Centers for Medicare & Medicaid Services (CMS).
COVID-19 Testing Demand Drives Increase Of At-Home Testing
The U.S. home testing market is projected to reach $11.0 billion by 2027. At the start of 2021, the Omicron wave fueled demand for at-home COVID-19 tests from consumers and the government as 28 million at-home COVID-19 antigen tests were performed each week. During the first quarter of 2022, coronavirus-related medical supplies and testing products revenue was $836 million.
Demand For Clinical Lab Technologists To Rise 19% By 2030
Laboratory technologists were the second most in-demand allied health professionals in 2021. The U.S. faces a shortage of roughly 20,000 to 25,000 medical laboratory professionals in 2022. Sixty percent of lab employers offer continuing education to employees to address the medical laboratory science (MLS) workforce shortage in 2022.
Laboratory Digitization Set To Improve Laboratory Services
Sixty-eight percent of surveyed laboratory executives reported that their highest priority for labs' budgets is investing in new technology to improve quality and reduce costs. The hospital laboratory market has evolved in recent years to become more automated and artificial intelligence (AI) based. Technology investments have the potential to accelerate remote diagnosis and ease the staffing shortage burden in laboratories.
Routine Lab Testing Declines As Payment Rates Fall
Payment rates were reduced for 19 of the top 25 lab tests in 2021. Routine laboratory testing volume declined significantly due to less overall healthcare utilization and reduced payment rates for certain tests. Under the Protecting Access To Medicare Act (PAMA), more than 800 laboratory tests are scheduled to be cut by up to 15% on January 1, 2023. Previous Medicare reimbursement cuts led to 27% reductions for laboratory tests between 2017 and 2022.
Key Topics Covered:
- Executive Summary
- Laboratory Market Overview
- Routine Testing Volume Holds Steady After Pandemic Rebound
- Pandemic Boosts Home Collection And Testing
- Home Tests Spark Concerns About Quality And Under-Reporting
- At-Home COVID-19 Testing Demand Expected To Decline In 2023
- COVID-Flu Combo Test Available Ahead Of The US Flu Season
- Direct-To-Consumer Testing Is Rising Rapidly
- Significant Medicare PAMA Reimbursement Cuts Scheduled To Take Effect In 2023
- Payment Rates Reduced For 19 Of Top 25 Lab Tests
- Reimbursement Among Top Laboratory-Related Challenges For Providers And Health Plans
- Clinical Laboratories Invest In Quality Improvement And Cost Reduction
- Laboratory Workforce Declines As Demand Increases
- Lab Worker Salaries Rising In Response To Shortage
- Labs Use Temporary Staffing And Continuing Education To Address Worker Shortage
- Independent Reference Laboratory Revenue Up 50%
- 20% Of Labs Perform Non-Waived Tests
- Physician Office Labs Remain The Majority Of Waived Laboratories
- COVID-19 Testing Revenue Fuels Increase In Acquisitions
- Medicare Expands Coverage For Next Generation Sequencing Genetic Tests
- Liquid Biopsies At The Frontier Of Early Cancer Detection
- Laboratory Capacity For Monkeypox Testing Increased With Demand
- Pandemic Led To Decrease In HIV Testing
- Clarivate Lists Top Laboratory Products Sold Through Distribution
For more information about this report visit https://www.researchandmarkets.com/r/1zpg2w-u-s?w=12
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