4.9.5.1Vertical

Anatomic Pathology Services

Labs performing surgical and biopsy tissue analysis.

Market snapshot

These figures describe Laboratory & Diagnostic Services (4.9.5), the segment that Anatomic Pathology Services sits within — not Anatomic Pathology Services on its own.

Market size
~$76B
Growth
~10.1%CAGR (2017–22, nominal)
Companies
~14,900
FragmentationConsolidatingEstimate

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 621511 (Medical Laboratories) + 621991 (Blood & Organ Banks); 2022 figures are inflated by the COVID-testing surge.

Business model & economics

Revenue model

Per-test reimbursement across clinical and specialty testing

Key economics

Recurring revenue
Moderate–High

recurring testing volume

EBITDA margin
15–25%
Capex intensity
High

Characteristics

  • Reference-lab market consolidated around Labcorp and Quest.
  • COVID-testing surge inflated 2020–22, then normalized.
  • Molecular and genetic testing the durable growth driver.

M&A deal context

Deal activityHigh

Who’s acquiring

  • Reference-lab majors
  • Genomic & specialty-testing acquirers
  • PE-backed lab consolidators

What’s driving deals

  • Acquisition of hospital outreach and specialty labs.
  • Molecular and precision-diagnostics growth.
  • Consolidation around scaled reference labs.

Find Anatomic Pathology Services acquisition targets

Search Acquisera’s index for companies classified under Anatomic Pathology Services (4.9.5.1) and build a targeted deal pipeline.

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