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's Comment on Competitors and Industry Peers
The Company competes in markets for its web-based services and its telehealth
products and services that are highly competitive and rapidly changing. The
Company believes that the principal competitive factors affecting the market
for the telehealth and web-based services and solutions include features such
as ease of use, quality/reliability of our offerings, scalability, features
and functionality, customer service and support and price. Competitors to AHC
services and solutions offer products, web-based processing of medical forms,
signature solutions and patient monitoring products and services that compete
with those we have offered. Almost all of these competitors are substantially
larger or have more experience and market share than we do in their respective
markets. In addition, companies with which we do not presently directly compete
may become competitors in the future through their product development in the
area of secure online services and telehealth services and such companies may
have greater financial, technological, and marketing resources than we do. Therefore,
these competitors may be able to respond more quickly than we can to new or
changing opportunities, technologies, standards and customer requirements. Many
of these competitors also have broader and more established distribution channels
that may be used to deliver competing products or services directly to customers
through bundling or other means. As a result of the foregoing and other factors,
we may not be able to compete effectively with current or future competitors,
and competitive pressures that we face could materially harm our business.
The clinical laboratory business is intensely competitive. AEON competes with
laboratories owned by hospitals, many larger and smaller independent laboratories,
as well as physician office laboratories. The clinical laboratory industry consists
primarily of three types of providers: hospital-based laboratories, physician-office
laboratories and independent clinical and anatomical pathology laboratories.
AEON believes that in 2016, the U.S. clinical laboratory testing industry generated
revenues of approximately $70 billion based on industry publications, with the
total ex-U.S. market standing at over than $100 billion. The Centers for Medicare
and Medicaid Services of the Department of Health and Human Services have estimated
that in 2016 there were more than 8,900 hospital-based laboratories, 121,200
physician-office laboratories and 5,900 independent clinical laboratories in
the U.S.
Based on industry data, management believes that the clinical laboratory testing
market sector is forecast to grow at an annualized rate of over 5% from its
current level. However, this total represents less than 3% of the total U.S.
annual healthcare expenditures, estimated to be over $3 trillion, despite the
fact that the results of clinical laboratory tests drive 70% of all treatment
decisions. Demand for lab services is expected to continue to grow due to a
number of factors including the movement towards preventative care, the aging
population, higher illicit drug use and the increasing trend towards personalized
and value-based medicine. Management believes that large healthcare organizations
including payors, providers and administrative service providers will drive
increasing testing volumes as they strive to guide the treatment of patients,
ensure safe use of prescriptions and help doctors provide the highest level
of care.
*Market share is calculated based on total revenue.
Who are 's Competitors?
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