Why Lab Franchises are a Hot Investment After COVID-19

Since the beginning of the pandemic, COVID-19 testing has been a hot commodity that has only highlighted the growing demand for lab services that are often filled by lab franchises. According to new study conducted by Research Dive, the global laboratory testing market will grow from $177 billion in 2019 revenue to nearly $289 billion by the end of 2027, with North America accounting for more than 38 percent of the global rapid diagnostics market.  

While coronavirus testing has obviously dominated the news cycle, this data indicates that the lab franchise market has significant room to grow even outside a global pandemic. So let’s take a look at a few of the best lab and clinic franchises to see how they’re performing.  

American Family Care 

In October, American Family Care was recognized for the fifth year in a row as a leading franchise in the Franchise Times Top 200+ rankings. American Family Care hit $550 million in system-wide sales in 2019 and is projected to surpass that number for 2020 due to the surge in coronavirus testing demand. This growth is expected to help expand AFC’s footprint from 220 to 500 locations by 2025. 

American Family Care offers a wide variety of walk-in and urgent care services, including on-site laboratories that handle tests for many common aspects such as drug use, STDs, and other diseases.  

To inquire about available franchises with American Family Care, click here.

Any Lab Test Now 

In August, Any Lab Test Now was named for the second time in the Inc. 5000 as one of the fastest-growing companies in America based on its revenue growth from 2015-2018. Prior to that in 2018, the franchise was recognized for the third time in a row in the Franchise Times Top 200+ based on system-wide sales for the previous year. Any Lab Test Now hit over $40 million in sales nationwide for 2017 with 160 locations. 

The franchise has been at the forefront of COVID testing and in major publications such as Forbes to discuss its experiences. But it has also led a steady push to keep customers aware of its other offerings, which range from Vitamin D tests, Lyme disease screenings, immune health, and more. 

To learn more about Any Lab Test Now lab franchises for sale, click here.

Fastest Labs 

While Fastest Labs does not perform COVID testing, they have built a strong presence in a steadily growing lab niche: employer- and legally-mandated screenings. Fastest Labs offers drug & alcohol testing for employment requirements (including CDL drivers), DNA testing for paternity claims, anti-doping testing by competitive bodies, and more. The franchise currently operates 41 locations in 17 states and is growing in the Midwest and South.  

To review franchise opportunities with Fastest Labs, click here.