Economic Impact of Clinical Labs

From routine blood tests to ground-breaking genetic and molecular tests, clinical labs play a vital role in our health care system. While laboratories are only two percent of total US healthcare costs, they are essential to assist clinicians in monitoring, diagnosing, and treating disease. Clinicians rely on lab results for patients with cancer, diabetes, and heart disease. Precision medicine—the customization of healthcare, with medical decisions, practices, or products tailored to the individual patient’s genetics or other biomarkers—depends on advances in clinical laboratory techniques.

With an estimated economic impact of over $100 billion, clinical laboratories’ services and innovations promote economic growth in our local communities. The industry purchases services and goods from local and national suppliers, contributing growth in other sectors of the economy. The 622,000 employees who work in the clinical laboratory industry contribute to this impact by investing and spending over $40 billion in wages received.

Clinical laboratories pay more than $13 billion in state and federal taxes to help support vital community services. By improving the environment for the clinical laboratory industry to operate, we create the conditions for healthier patients and a stronger economy.