Quest Diagnostics DGX recently acquired select assets of Nationwide Laboratory Services (NLS). This Boca Raton, FL-based independent clinical diagnostics laboratory provides patient-centric service throughout the United States.However, financial terms of the deal were not disclosed.Deal DetailsWith the acquisition, testing services provided by NLS will transition to Quest Diagnostics’ full-service laboratory in Miramar, FL. Quest Diagnostics will additionally acquire select patient service sites in South Florida. Quest Diagnostics expects the acquisition of NLS assets to broaden the company’s spectrum in diagnostic innovation and insights helping the company to offer better health for more communities in South Florida.According to Quest Diagnostics, amid the ongoing health crisis under double threat of COVID-19 and deferral of non-COVID medical care due to the pandemic, access to access to advanced and cost-effective laboratory services is crucial. With Florida currently being one of the hardest hit states by the second wave of the pandemic, the development by Quest Diagnostics seems to be well timed.Image Source: Zacks Investment ResearchWith the completion of the acquisition, the company looks forward to delivering diagnostic insights for COVID-19 and a range of other medical conditions to help empower better care, particularly for communities in South Florida.Quest Diagnostics currently has major laboratory facilities in Tampa as well as Miramar and over 50 patient sites across Florida.Clinical Lab Market ProspectsGoing by a Grand View Research analysis, the global clinical laboratory testing market is expected to reach $286.7 billion by 2026 at a 7.1% CAGR from 2018. In fact, there is growing demand for these diagnostic testing laboratories, which can help in providing early diagnosis in order to render effective therapeutic interventions.According to many researchers, increasing incidence rates of infectious and chronic diseases in the years to come will lead these clinical labs to come up with range of diagnostic tests. This is expected to drive market growth gradually in this niche. As far as market projections are concerned, going forward, Quest Diagnostics is expected to see modest shifts from uninsured patient volumes to government and other payers.M&A Strategy ProgressOver the past few years, M&A pipeline has remained strong and the company achieved its goal to exceed 2% CAGR from acquisitions in base business. The company is seeing increasing interest from hospital partners on lab strategy related to outreach acquisitions and professional lab services arrangements. The company is currently hopeful about its recent acquisition of Mercy's outreach laboratory services business that currently operates from 31 hospitals and clinical laboratory service providers and patients in Arkansas, Kansas, Missouri and Oklahoma. The acquisition is expected to help Quest Diagnostics grow its base business revenues by approximately 2% from accretive strategic acquisitions in 2021.Price PerformanceShares of the company have gained 26.4% in a year’s time against the industry’s 29% slump.Zacks Rank and Key PicksCurrently, Quest Diagnostics carries a Zacks Rank #3 (Hold).A few better-ranked stocks from the broader medical space are Envista Holdings Corporation NVST, BellRing Brands, Inc. BRBR and Henry Schein, Inc. HSIC, each carrying a Zacks Rank #2(Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.Envista Holdings has an estimated long-term earnings growth rate of 26%.BellRing Brands has an estimated long-term earnings growth rate of 22%.Henry Schein has a projected long-term earnings growth rate of 14%. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Quest Diagnostics Incorporated (DGX): Free Stock Analysis Report Henry Schein, Inc. (HSIC): Free Stock Analysis Report Envista Holdings Corporation (NVST): Free Stock Analysis Report BellRing Brands, Inc. (BRBR): Free Stock Analysis Report To read this article on Zacks.com click here.