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Who is bigger Quest or Labcorp?

Published in Clinical Laboratory Services 2 mins read

Who Is Bigger: Quest or Labcorp?

Labcorp is currently the larger of the two leading clinical diagnostic laboratory companies, having surpassed Quest Diagnostics in recent years. Both Laboratory Corporation of America (Labcorp) and Quest Diagnostics are recognized as the two largest commercial clinical diagnostic laboratory companies in the U.S., and quite possibly globally, playing a critical role in healthcare by providing a vast array of testing services.

Labcorp's Current Position as Industry Leader

For several years now, Labcorp has emerged as the industry's largest player in terms of revenue and operational scale. The company offers a comprehensive range of laboratory services, from routine blood work to highly specialized genetic testing and clinical trial support. Their extensive network and broad service portfolio contribute to their significant market presence.

Historical Context: Quest's Former Dominance

Historically, for many years, Quest Diagnostics held the position as the largest clinical diagnostic laboratory. Quest built a strong reputation and expansive operations through decades of growth and strategic acquisitions, becoming a household name in diagnostic testing. However, the competitive landscape and strategic maneuvers by Labcorp led to a shift in market leadership.

Comparing the Diagnostic Giants

While both companies are titans in the diagnostic space, recent financial performance indicates Labcorp's larger operational footprint. Below is a comparative overview based on approximate full-year 2023 revenues:
Metric Labcorp Quest Diagnostics
Approx. 2023 Annual Revenue ~$12.15 Billion ~$8.91 Billion

Note: These figures are approximate based on public financial reports for the full year 2023 and are subject to minor variations based on final audited reports.

Key Areas of Operation

Both Labcorp and Quest Diagnostics provide an essential suite of services that underpin the healthcare system:
  • Routine and Esoteric Testing: They conduct millions of tests annually, covering everything from cholesterol panels and complete blood counts to complex molecular and genetic diagnostics.
  • Clinical Trials: Both companies are significant partners in clinical research, providing laboratory testing services for pharmaceutical and biotechnology companies developing new drugs and therapies.
  • Employer Solutions: They offer wellness programs, drug testing, and health screening services to employers.
  • Patient Access: With thousands of patient service centers and phlebotomy sites across the country, they ensure broad access to diagnostic services for patients and healthcare providers.

In essence, while both Labcorp and Quest Diagnostics remain indispensable pillars of the diagnostic industry, Labcorp currently holds the lead in overall size and revenue.