The medical laboratories industry is experiencing remarkable growth, and KKG Healthcare is at the forefront of this exciting expansion.
With a global worth projected to reach USD 280 billion by 2030 and a compound annual growth rate (CAGR) of 3,2%, the potential for success in this industry is tremendous (source: GWS)
As the demand for high-quality diagnostic services continues to rise, medical laboratories have become essential for healthcare providers and patients alike. The industry’s future growth is fueled by advancements in technology, increasing prevalence of chronic diseases, aging populations, and the growing importance of preventive care.
Medical laboratories, as the name suggests is physical place consisting of various equipment and technologies which allows for various medical discoveries and clinical treatment. Certain sub-division of medical laboratories can be pathology laboratory (study of various blood and urine samples), clinical laboratory (for any kind of testing process) and anatomic pathology laboratories (disease investigation). Each of the said holds a different value in the medical value chain.
At global level, the COVID-19 pandemic has re-emphasised the importance of overcoming the challenges faced by the diagnostics sector. Furthermore, the changing landscape of healthcare supplemented by government increasing healthcare budget along with growing disease burden across the globe has been the key drivers for the Medical Laboratories Industry.
The next five years present unparalleled opportunities for entrepreneurs and organizations seeking to establish their own medical laboratories.
KKG Healthcare is here to guide you through this journey, leveraging our extensive experience and expertise in the medical distribution sector.
Investing in the medical laboratories industry offers both substantial advantages and inherent risks. Let’s explore them:
At KKGM, we understand these advantages and risks, and our expertise empowers us to help you navigate these challenges effectively. Starting from an economic point of view.
Startup costs for a medical lab range from $40,000 to $80,000, but it may vary significanlty from regions. Costs include a space rental and preparation, a certain amount of lab equipment and an operating budget. It will cost less than what you can imagine!
START-UP COSTS (ESTIMATION)
Business name, Type of corporation, registration
Minimum amount, it will depend on local legislastion
Minimum amount, it will depend on local laws and opportunity
Hardly depending on which kind of area
On line booking included
Basic start up of the place
Hardly depending of which kind of equipment you will start with
Employees (2 resources), bills, ,
* handful of items to successfully launch of a medical laboratory includes: Microscopes, Hematology analyzers, Blood gas Analyzers, Hotplates, Chemistry, Urina or DNA analyzers, Gamma counters, Microplate readers/washers, Incubators, Point of care analyzers, Immunoassay analyzers, Refrigerator and freezer, Computer system, etc.
Lab tests cost anywhere from $100 to $1,000 or more. These calculations will assume an average price per test of $300. Your profit margin after rent, overhead, and labor could be about 20%.
In your first year or two, your lab might do five tests a day, five days per week, bringing in $390,000 in annual revenue. This would mean $78,000 in profit, assuming that 20% margin. As you begin to get more referrals from physicians, you could do 10 tests per day. With annual revenue of $780,000, you’d make an outstanding profit of $156,000.
At KKG Healthcare, we are committed to being your trusted partner on your journey to success in the medical laboratories industry. Here’s why you should choose us:
Marylebone Diagnostic Centre is one of our succesful partnership in Medical Laboratory industry. Laboratory is located in the heart df London and opened in April 2022 reaching fantastic resut in terms of customer satisfaction, revenues and profit just after few months.
Embark on your journey towards success in the medical laboratories industry with us!
Contact us today to explore how we can assist you in establishing and growing your own medical laboratory.