Kevin JohnsonLaboratory Corporation of America, aka Labcorp, is a healthcare company headquartered in Burlington, North Carolina. The company was founded in April 1995 after National Health Laboratories merged with Roche Biomedical Laboratories. The merger created America’s largest blood-testing company.
Labcorp expanded through strategic acquisitions, including ViroMed, Dynacare, Dianon, Esoterix, Tandem, Genzyme, Medtox, MuirLab, LipoScience, ClearPath, and Chiltern. In 2021, the company purchased Toxikon and Personal Genome Diagnostics. These acquisitions expanded Labcorp’s US network to over 35 laboratories. In July 2023, Labcorp spun off its clinical development unit to create Fortrea. [1]
Labcorp operates one of the world’s largest clinical laboratory networks. The lab operator tests drugs to ensure they are effective and safe for humans. In 2020, Labcorp was one of the top six lab testing providers in the US during the health crisis.
The laboratory serves private and public organizations and companies. In 2012, the US Defense Department contracted Labcorp to provide lab testing to US military treatment facilities globally. Labcorp retained the contract for over ten years but faces stiff competition from Quest Diagnostics, ARUP, BioReference, Pfizer, Sonic Healthcare, Charles River, Myriad Genetics, and NeoGenomics. [2]
Here is an in-depth analysis of Labcorp’s top competitors and alternatives.
1. Quest Diagnostics
Year founded: 1967
Headquarter: Secaucus, New Jersey
Quest Diagnostics is a Fortune 500 clinical laboratory company. The lab operator serves over 150 million patients annually, making it one of America’s largest clinical laboratory services providers. As of September 2023, Quest had around 50,000 employees.
Quest offers diagnostic testing services to patients through physicians’ offices, hospitals, and other healthcare providers. The company serves one in three adult Americans and 50% of US physicians and hospitals annually.
In September 2023, Americares and Quest Diagnostics teamed up to provide no-cost diagnostic and telehealth services to free and charitable clinics across the US. Quest is the top Labcorp competitor and alternative. [3]
2. Associated Regional and University Pathologists (ARUP)
Year founded: 1984
Headquarter: Salt Lake City, Utah
ARUP is a nonprofit laboratory operator with over 4,000 employees. The company provides clinical lab testing and award-winning health and wellness services, including the Corrective Exercise program. In August 2023, ARUP was named one of Forbes Magazine’s Best Employers by the State. [4]
ARUP is an AABB institutional member and operates in the University of Utah’s Pathology Department. In January 2023, ARUP secured $3 million in federal funding to build a clinical laboratory training center at the University of Utah Research Park. The center will help address a shortage of trained lab professionals in the US by providing education for students in medical laboratory sciences. ARUP is one of the top competitors for Labcorp. [5]
3. BioReference Laboratories
Year founded: 1981
Headquarter: Elmwood Park, New Jersey
BioReference is one of America’s largest clinical laboratories and a subsidiary of OPKO Health. The lab operator specializes in oncology, urology, and women’s health. In July 2022, BioReference and OPKO Health agreed to pay $9.85 million for violating the anti-kickback statute and the stark physician self-referral law. [6]
BioReference plays a critical role in the US healthcare sector. It was one of the nation’s first labs to help organize drive-through specimen collection centers during the 2020 health crisis. In 2020, the company created and managed the NBA’s biosecure bubble program for the last eight NBA games at Disney World in Orlando. BioReference is a formidable competitor for Labcorp. [7]
4. Pfizer Inc.
Year founded: 1849
Headquarter: New York City, New York
Pfizer is an American multinational pharmaceutical and biotech corporation. The company offers drugs and clinical lab testing. In May 2023, Pfizer acquired Lucira Health, Inc. for $36.4 million. Lucira filed for bankruptcy in Feb 2023, two days before receiving FDA Emergency Use Authorization for its influenza A and B at-home diagnostic test. [8]
Pfizer is globally renowned for its innovative drug development programs. In August 2023, the US FDA granted accelerated approval to Pfizer’s Elrexfio therapy for treating cancer patients with multiple myeloma. Pfizer is an innovative competitor for Labcorp. [9]
5. Sonic Healthcare
Year founded: 1934
Headquarter: Sydney, Australia
Sonic is an Australian healthcare company that offers laboratory, pathology, and radiology services. It is one of the world’s largest medical diagnostics companies. In 2022, Sonic had over 41,000 employees.
Sonic is best known for its industry-leading medical diagnostics. In November 2022, Sonic invested $17.8 million to acquire a 19.99% shareholding in Microba Life Sciences. The company will distribute Microba’s microbiome testing technology in the US, UK, Belgium, Australia, New Zealand, Germany, and Switzerland. Sonic Healthcare is one of the best alternatives to Labcorp for medical diagnostics. [10]
6. Charles River Laboratories
Year founded: 1947
Headquarter: Wilmington, Massachusetts
Charles River is an American pharmaceutical company. It provides preclinical and clinical laboratory and gene and cell therapy services for the pharmaceutical and biotech industries. In December 2022, Charles River had around 21,400 employees.
Charles River helps accelerate research and drug development efforts for companies, government agencies, and academic institutions. In January 2023, Charles River acquired SAMDI Tech, which offers high-throughput screening (HTS) solutions for drug discovery research. This acquisition increases Charles River’s competitive advantage over Labcorp. [11]
7. Myriad Genetics, Inc.
Year founded: 1991
Headquarter: Salt Lake City, Utah
Myriad is a precision medicine and genetic testing company. It offers genetic tests to help practitioners and healthcare providers assess patients’ risk of developing disease or disease progression and guide treatment decisions. In 2022, Myriad had over 2,600 employees.
Myriad’s genetic insights help improve patient care and lower healthcare costs. In September 2023, Great Place To Work and Fortune magazine named Myriad to the Fortune Best Workplaces in Health Care List. Myriad Genetic is one of the best alternatives to Labcorp for genetic testing. [12]
8. NeoGenomics Laboratories, Inc
Year founded: 2002
Headquarter: Fort Myers, Florida
NeoGenomics is a CAP-accredited and CLIA-certified clinical laboratory company. It serves pharmaceutical clients in clinical trials and drug development. In 2023, NeoGenomics had six full-service laboratories in Fort Myers, Aliso Viejo, San Diego, North Carolina, Houston, and Rolle, Switzerland. [13]
NeoGenomics specializes in genetics testing for cancer and information services. The company serves pathologists, oncologists, academic institutions, hospitals, pharmaceutical firms, and managed care providers across the US. The main competitive advantage of NeoGenomics is its comprehensive oncology-focused testing menu, which helps physicians diagnose and treat cancer. NeoGenomics is one of the best alternatives to Labcorp.
9. Parexel International
Year founded: 1982
Headquarter: Auburndale, Newton, Massachusetts
Parexel is one of the world’s largest clinical research organizations (CROs). It provides Phase I to IV clinical development services to help pharmaceutical companies deliver drugs to patients quickly. In August 2023, Parexel had over 21,000 employees.
Parexel works with biopharmaceutical leaders and emerging innovators to design and deliver innovative clinical trials. In August 2023, Parexel partnered with data-to-drugs pharma firm Partex to leverage AI-powered solutions to accelerate drug discovery and development. Parexel is an innovative competitor for Labcorp. [14]
10. Mayo Clinic
Year founded: 1971
Headquarter: Rochester, Minnesota
Mayo Clinic is a nonprofit medical center specializing in integrated health care, education, and research. It offers clinical lab services under the Mayo Clinic Laboratories division. In 2022, Mayo Clinic had around 76,000 employees.
Mayo Clinic Laboratories is a leading reference laboratory. In January 2023, the lab operator partnered with Helix to provide a comprehensive laboratory offering to biopharma clients. Biopharma customers can use the lab for research and development initiatives. The offering leverages Helix’s next-generation sequencing solutions and Mayo Clinic’s 3,800 tests and pathology services. Mayo Clinic Laboratories is a worthy competitor for Labcorp. [15]
11. Medpace Holdings, Inc.
Year founded: 1992
Headquarter: Cincinnati, Ohio
Medpace is a full-service global clinical contract research organization (CRO). It provides Phase I-IV clinical development services to the biotech, pharmaceutical, and medical device industries. As of March 2023, Medpace employed around 5,400 people across 40 countries.
Medpace and Labcorp provide scientifically-driven clinical laboratory services, but Medpace is a CRO, while Labcorp is a full-service lab operator. Organizations can contract Labcorp or Medpace to provide lab testing. The main competitive advantage of Medpace is its high-science operating approach that leverages regulatory and therapeutic expertise across all major medical areas. Medpace is one of the top competitors for Labcorp. [16]
12. Abbott Laboratories
Year founded: 1888
Headquarter: Chicago, Illinois
Abbott is a global medical technology and generic medicine provider. It also offers clinical laboratory services to pharmaceutical companies to accelerate the drug approval process. In June 2023, Abbott had around 115,000 employees in over 160 countries.
Abbott and Labcorp offer clinical laboratory services, but Abbott also provides innovative medical technologies and generic drugs. In Q2 2023, the lab operator received FDA approval for its TactiFlex Ablation Catheter and AVEIR pacemaker system. Abbott is one of the best alternatives to Labcorp. [17]
13. LifeLabs
Year founded: 1969
Headquarter: Toronto, Ontario, Canada
LifeLabs is a leading laboratory diagnostic information provider. The lab operator also offers digital health connectivity systems. In July 2023, Forbes named LifeLabs one of Canada’s Best Employers for Diversity. The company has 6,500 employees. [18]
LifeLabs helps healthcare practitioners diagnose, treat, monitor, and prevent diseases. The company supports 20 million patient visits annually and conducts over 100 million lab tests. In August 2023, LifeLabs opened its new Patient Service Centre in Trail, British Columbia. It operates Canada’s first commercial genetics lab and online patient portal, serving over 5 million Canadians. LifeLabs is one of the best alternatives to Labcorp. [19]
14. SYNLAB International
Year founded: 1998
Headquarter: Munich, Germany
SYNLAB is a global medical diagnostics provider. The company offers diagnostic services and specialty testing in 36 countries across four continents. In August 2023, SYNLAB had over 28,000 employees, including over 2,000 medical experts.
SYNLAB offers innovative and reliable medical diagnostics to patients, practicing doctors, hospitals and clinics, governments, and companies. In 2022, SYNLAB performed around 600 million laboratory tests and is a worthy competitor for Labcorp. [20]
15. Exagen Inc.
Year founded: 2002
Headquarter: Vista, California
Exagen is a leading autoimmune testing solutions provider. Its CLIA-certified and CAP-accredited laboratory offers tests focusing on rheumatology and autoimmune diseases. In 2022, Exagen had around 200 employees.
Exagen offers discovery-driven testing to improve autoimmune disease decision-making and patients’ clinical outcomes. In September 2023, Exagen participated in the Cantor Fitzgerald Global Healthcare Conference. Exagen is one of the best alternatives to Labcorp for autoimmune testing. [21]
References & more information
- Sunny, M. (2023, Jul 27). Labcorp cuts 2023 profit forecast after clinical development unit spin-off. Reuters
- Constantino, A. K. (2023, Mar 27). Labcorp pays $2.1 million to settle DOJ lawsuit for allegedly overbilling Defense Department. CNBC
- Quest Diagnostics (2023, Sep 13). Americares and Quest Diagnostics Expand Collaboration to Support Health Equity. QuestDiagnostics.com
- ARUP Laboratories (2023, Aug 22). ARUP Laboratories Appears on Forbes Magazine’s 2023 Best Employers by State List. ARUPLab.com
- AABB (2023, Jan 24). ARUP Laboratories and University of Utah received $3 million for a clinical laboratory training center. AABB.org
- The Volkov Law Group (2022, Jul 22). BioReference Laboratories and Parent Company Agree to Pay $9.85 Million to Resolve False Claims Act Violations for Illegal Payments to Referring Physicians. JD Supra
- Cohen, J. (2023, Sep 18). BioReference Laboratories’ Unique Journey during the COVID-19 Pandemic. Dark Daily
- LabMedica International Staff (2023, May 2). Pfizer Acquires Test Developer Lucira Health for USD 36.4 Million. LabMedica.com
- Satija, B. (2023, Aug 14). US FDA approves Pfizer’s blood cancer therapy. Reuters
- Microba Life Sciences Limited (2022, Nov 29). Sonic Healthcare acquires a strategic stake in Microba and establishes a significant commercial partnership. Microba.com
- Charles River Laboratories International Inc. (2023, Jan 30). Charles River Laboratories Acquires SAMDI Tech. Business Wire
- Myriad Genetics, Inc. (2023, Sep 6). Myriad Genetics was Named to the 2023 Best Workplaces in Health Care List by Fortune and Great Place To Work. Yahoo Finance
- NeoGenomics, Inc. (2023, Aug 8). NeoGenomics Reports Second Quarter 2023 Results. NeoGenomics.com
- Parexel International LLC (2023, Aug 15). Parexel and Partex Announce Innovative Alliance Leveraging AI and Big Data to Accelerate Drug Discovery and Development. Globe Newswire
- Mayo Clinic (2023, Jan 10). Mayo Clinic Laboratories and Helix collaborate to provide a comprehensive suite of biopharma laboratory services. MayoClinic.org
- Medpace Holdings, Inc. (2023, Jul 5). Medpace Holdings, Inc. to Report Second Quarter 2023 Financial Results. Business Wire
- Abbott Labs (2023, Jul 20). Abbott Reports Second-Quarter 2023 Results. PRNewswire
- LifeLabs (2023, Jul 12). LifeLabs was named one of Canada’s Best Employers for Diversity by Forbes for the second consecutive year. Globe Newswire
- LifeLabs (2023, Aug 21). LifeLabs, Canada’s Leading Medical Laboratory, Expands to Trail BC with a Brand New Location Opening in Fall 2023. Life Sciences BC
- SYNLAB AG (2023, Aug 9). SYNLAB AG: Continued strong performance in the second quarter of 2023. EQS News
- Exagen Inc. (2023, Sep 12). Exagen Inc. Participates in the 2023 Cantor Fitzgerald Global Healthcare Conference. Globe Newswire
- Featured Image by National Cancer Institute
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