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Procurement Market Intelligence Report

Medical Laboratory Services
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Medical Laboratory Services?

What is the average price of Medical Laboratory Services?

This procurement report includes pricing information to help you purchase Medical Laboratory Services. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Medical Laboratory Services been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Medical Laboratory Services yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Medical Laboratory Services?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Medical Laboratory Services with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase Medical Laboratory Services?

This market exhibits a moderate level of concentration, with the top two players, Quest Diagnostics Inc. and Laboratory Corporation of America Holdings (commonly known as LabCorp), controlling a significant share of the market. The rest of the medical laboratory services market remains highly fragmented and competitive. In fact, there are... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Supply Chain

Do you outsource packaging and transportation services? If so, do you get discounted rates for their services?

How have the rising costs of fuel, chemicals and other expenses affected your pricing?

How many of your costs are worked into fixed prices, and how many are added on as surcharges?

Will any third-party companies be hired to work on cases? Under what circumstances?

Customer Base

What percentage of your customer base consists of small-volume requisitions versus large-volume?

How does your level of service differ for clients of different sizes and specialties?

With what types of facilities do you have contracts and partnerships?

What type of healthcare facilities is your average client? What is their average tenure?

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Key elements for every RFP

What should my Medical Laboratory Services RFP include?

Project Budget

If one exists, buyers should specify their budget for the desired pharmacy automation systems and related products and services.

Vendors should submit separate price quotation for each lab test requested.

Buyers should request detailed information about shipping and handling fees.

Buyers can reference the Benchmark Price and Total Cost of Ownership sections of this report for assistance in creating a budget.

Selection Criteria

Buyers will evaluate potential vendors based on their ability to fulfill their current and future laboratory testing needs.

Buyers will evaluate potential vendors based on the cost of services.

Buyers will evaluate potential vendors based on their proposed method of performance, technology and support capabilities.

Buyers will evaluate potential vendors based on their experience, as well as customer references.

Project Schedule

Buyers should outline the schedule and process for the RFP and project.

Buyers need to include the date when proposals are due and when the award will be announced.

Buyers should outline the length and terms of the contract as well as cancellation policy terms.

Evaluate major factors to mitigate risk

How risky is the Medical Laboratory Services supply chain?

Buyers in this market benefit from a low level of supply chain risk, which means that the risk of input prick shocks or discontinuity of service is unlikely. Laboratory and chemical suppliers are among the key upstream suppliers to medical laboratories because they supply a variety of chemicals, reagents and... Subscribe to learn more.

HIGH

MEDIUM

LOW