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Infectious Disease Prevalence and New Strains Appearing Each Year Makes a Watertight Case for Clinical Laboratory Testing, Finds Frost & Sullivan

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Infectious Disease Prevalence and New Strains Appearing Each Year Makes a Watertight Case for Clinical Laboratory Testing, Finds Frost & Sullivan PR Newswire MOUNTAIN VIEW, California, July 18, 2012 - Early detection increases the use of screening tests for laboratories MOUNTAIN VIEW, California, July 18, 2012 /PRNewswire/ -- The U.S. clinical laboratory market is on the cusp of radical changes, but it is unclear if these transitions will bring greater prosperity to the market or dampen its growth prospects. The market is assessing the impact of developments like Accountable Care Organizations (ACOs) and Food and Drug Administration (FDA) oversight on laboratory developed tests (LDTs). Further, the market is witnessing physician migration to hospitals, continued consolidation of laboratories and hospitals, increased connectivity among all healthcare providers, and changes to current procedural terminology (CPT) coding in molecular pathology. New analysis from Frost & Sullivan's (http://www.drugdiscovery.frost.com) Analysis of the U.S. Clinical Laboratory Market research finds that the market generated revenues of $63.92 billion in 2011 and estimates this to reach $89.31 billion in 2017. The most significant revenue growth in the forecast model will occur in 2014 due to the Affordable Care Act, which will expand healthcare coverage to 19.5 million people.
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Infectious Disease Prevalence and New Strains Appearing Each Year Makes a Watertight Case for Clinical Laboratory Testing, Finds Frost & Sullivan
PR Newswire MOUNTAIN VIEW, California, July 18, 2012
- Early detection increases the use of screening tests for laboratories MOUNTAIN VIEW, California,July 18, 2012/PRNewswire/ -- The U.S. clinical laboratory market is on the cusp of radical changes, but it is unclear if these transitions will bring greater prosperity to the market or dampen its growth prospects. The market is assessing the impact of developments like Accountable Care Organizations (ACOs) and Food and Drug Administration (FDA) oversight on laboratory developed tests (LDTs). Further, the market is witnessing physician migration to hospitals, continued consolidation of laboratories and hospitals, increased connectivity among all healthcare providers, and changes to current procedural terminology (CPT) coding in molecular pathology. New analysis from Frost & Sullivan's (http://www.drugdiscovery.frost.com) Analysis of the U.S. Clinical Laboratory Marketresearch finds that the market generated revenues of$63.92 billionin 2011 and estimates this to reach$89.31 billionin 2017. The most significant revenue growth in the forecast model will occur in 2014 due to the Affordable Care Act, which will expand healthcare coverage to 19.5 million people. After 2014 in this forecast model, falling reimbursement rates for laboratory testing will cause market growth to lag behind the national health expenditure. If you are interested in more information on this research, please send an email to Britni Myers, Corporate Communications, at britni.myers@frost.com, with your full name, company name, job title, telephone number, company email address, company web site, city, state and country. The unceasing need for testing of transmittable disease will remain a key driver for diagnostics, as new pathogen strains (seasonal influenza, H1N1, etc.) develop each year. Clinical laboratories will also address the rising incidence of hospital-acquired infections, such as methicillin-resistant staphylococcus aureus (MRSA) and sexually transmitted diseases (STDs) like human papillomavirus (HPV) and HPV-positive head and neck cancers. "The infectious disease segment is the predominant application for molecular pathology and accounts for 60 percent of the market," said Frost & Sullivan Industry Analyst Winny Tan, Ph.D. "The tremendous need and rapid technological development guarantee higher volumes of molecular diagnostic tests for infectious disease." While opportunities are abundant, laboratories are feeling the pinch of a 1.75 percent cut to the Medicare lab fee for the next five years. Furthermore, with new American Medical Association (AMA) codes that are analyte-specific, substituting stacked procedure codes, the high-growth molecular pathology segment will likely follow the trend of falling reimbursement rates observed