Group Practice Diagnostic Testing Market to Witness Increase in Revenues by 2023

The healthcare industry has experienced a major transformation in recent years which has forced the market participants to introduce new and efficient ways to compete in the industry. The focus has been mainly towards having standardized process across the professional, patients and related services. Similarly, respective national governments are taking initiatives to increase the number of quality healthcare facilities. The market participants have adopted this strategy; hence there have been introduction of various testing facilities such as independent diagnostic testing facilities and group diagnostic testing facilities. Group practice diagnostic testing facilities are characterized by the presence of specialties beyond radiology with a group of healthcare practitioners offering testing and consultation services.

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Group diagnostic testing facilities which usually includes the hospitals and physician offices, offers various services that cater to a wide range of specialties such as pathology, hematology, urinalysis, MRI, ultrasound, and radiology, immunoproteins, coagulation, flow cytometry and tumor markers. Rapidly aging population increases the risk for chronic diseases and infection hence creating a need for conducting different diagnostic tests. Pathological and urinalysis are the most common diagnostic tests performed globally as presence of any antigen can be identified primarily by these tests. Various other facilities offered at the group diagnostic testing facilities include medical forensic laboratories, blood analysis laboratories, medical bacteriological laboratories, computer tomography (CT-scan) centers, magnetic resonance imaging (MRI) centers, dental or medical X-ray laboratories. These centers prove to be a one stop shop provider for all medical needs. Patients find this set up more acceptable as the consultation, sample collection and processing of test results is provided at the same center, reducing the travel time.

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Furthermore, increase in awareness about various services provided by group diagnostic testing centers has led to an increase in the number of test volumes that are conducted at these centers. Moreover, there is an emphasis laid on early detection and prevention of chronic diseases which has increased the demand of screening tests. Moreover, increasing outpatient and emergence care services globally is driving the need for group practice diagnostic testing facilities especially in the hospitals. Faster accessibility to diagnostic tests at the group centers improves patient care and patient’s time for treatment.

Increased access to insurance and medical facilities due to the Affordable Care Act has led to increase in patient’s visit for diagnostic testing. Medicaid and Medicare, the two major insurance providers in the U.S., provide coverage for majority of the diagnostic laboratory services. This have further propelled the demand for diagnostic testing. However, falling reimbursement levels due to increasing cost burden across the industry has weekend the clinical laboratory market and small laboratories have been acquired by the major market participants. In addition, the provision of testing and patient consultation fuels the growth of group practice diagnostic testing market compared to the individual diagnostic testing market. Moreover, the advent of new scientific approaches that yield innovative and enhanced service capabilities in the near future, coupled with the aging population will drive the global group diagnostic testing market.

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Geographically, the group practice diagnostic testing market is segmented into North America, Europe, Asia Pacific and Rest of the World. Healthcare reforms in the United States and Europe are experiencing significant improvements driving the demand for pathology and routine testing. However, with increasing medical awareness and government support in the emerging economies in India, China, Brazil and Russia is expected to drive the group practice testing services market rapidly in these regions.

Some of the key global market participants present in the global group diagnostic testing market include Quest Diagnostics Incorporated, Laboratory Corporation of America Holdings, Mayo Clinic, Associated Regional and University Pathologists, Inc., Cleveland Clinic laboratories, and Sonic Healthcare Limited.

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