NEW YORK, Jan. 18, 2016 /PRNewswire/ -- Revenues for routine DTC laboratory testing for routine testing are estimated to be worth $33.1 million in 2015 according to Kalorama Information. The firm said that routine DTC laboratory testing is expected to grow 30% per year on average for the next five years. Aging populations, uninsured populations, disease monitoring and treatment monitoring will be key factors for growth. The finding was made in Kalorama Information's report, The Market for Direct-to-Consumer Genetic Testing and Routine Laboratory Testing.
"It's a small but noteworthy market trend- this market was about 8 million dollars five years ago, and increasingly, as consumers desire to know more about their own healthcare and push back on waiting room times and co-pay fees, it has grown," said Bruce Carlson, Publisher for Kalorama Information. "There are challenges to the companies in the market of course. Among them are regulations that vary by state, privacy concerns, small competitors with few locations at present, and slow growth of awareness of provider companies."
Some of the most commonly ordered routine laboratory tests include CBC with differential, comprehensive metabolic panel, lipid panel, prothrombin time, and TSH.
Kalorama says that HealthCheckUSA, AnyLabTestNow, WalkinLab are among the companies offering testing services to consumers. But the large testing firms are also involved and in some cases, perform the tests for the smaller outlets as well as offer their own online services. LabCorp has partnered with Walk-In Lab to provide blood test services across the country. Quest offers Blueprint for Wellness Direct Pay for consumers to monitor their personal health and wellness. The tests can be ordered directly on line without a physician's order.
Patient direct pay is the most common payment structure for DTC lab testing. Payment for DTC lab testing is on a cash basis. There is no insurance billing. Kalorama Information says that mainly, this targets uninsured individuals and individuals that want to have a certain test done but their physician will not order it. The direct-to-consumer laboratory testing market is largely driven by the 35 million uninsured populations, of which is about 11% of the total U.S. population. To date, there is minimal penetration for DTC in the market as education and awareness have been slow to develop.
"Most patients will still see a doctor who will order lab tests, but this model will grow and is not going away anytime soon," said Carlson.
Kalorama Information's report, The Market for Direct-to-Consumer Genetic Testing and Routine Laboratory Testing, provides reliable business intelligence on the growing Direct-to-Consumer (DTC) Testing market. The report details the companies that are providing this service and innovations that have recently occurred in the market. The report provides the trends driving growth, and stats influencing companies in the industry, the incidence of diseases in the U.S. and worldwide, demographics; life expectancy, and company strategies. Information is presented as a U.S market report. Information about the report can be obtained at: http://www.kaloramainformation.com/redirect.asp?progid=88263&productid=9588755.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.
We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog at www.kaloramainformation.com.
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SOURCE Kalorama Information