Top 20 Diagnostic Companies of 2024 

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Propelled by unceasing innovations and inch-perfect precision, the diagnostic industry is advancing at an astonishing pace
In 2023, the global diagnostic test market size was valued at $210.58B and is envisioned to reach $284.38B by 2033, registering a CAGR of 3.05 percent from 2024 to 2033. Roche reclaims its first position with a revenue of $16.76B, followed by GE Healthcare and Abbott Laboratories with $16.34B and $9.98B, respectively
PharmaShots brings a concise report on the top 20 diagnostic companies based on 2023 revenue

Rank	Company	Total 2022 Revenue	Total 2023 Revenue	Percentage Change
1	Roche	$19.17B	$16.76B	12.57%
2	GE Healthcare	$15.36B	$16.34B	6.38%
3	Abbott Laboratories	$16.46B	$9.98B	39.36%
4	Philips Healthcare	$8.89B	$9.73B	9.44%
5	Danaher	$10.84B	$9.57B	11.71%
6	Quest Diagnostics	$9.88B	$9.25B	6.37%
7	Fujifilm Medical	$6.55B	$6.91B	5.49%
8	Becton-Dickinson and Company	$5.38B	$5.11B	5.01%
9	Siemens Healthineers	$6.50B	$4.99B	23.23%
10	Thermo Fisher Scientific	$4.76B	$4.40B	7.56%
11	Hologic	$4.46B	$3.96B	11.21%
12	Canon	$3.91B	$3.92B	0.25%
13	IDEXX Laboratories	$3.36B	$3.66B	8.92%
14	Sysmex	$3.08B	$3.10B	0.64%
15	QuidelOrtho	$3.26B	$2.99B	8.28%
16	Bruker	$2.53B	$2.96B	16.99%
17	Bio-Rad Laboratories	$1.45B	$1.48B	2.06%
18	Revvity	$2.01B	$1.45B	27.86%
19	DiaSorin	$1.46B	$1.26B	13.69%
20	SGS	$0.96B	$1.01B	5.20%

Note: Columns 1 and 2 represent ranks and companies while Columns 3, 4, & 5 showcase the Total revenue of 2022, the Total revenue of 2023, and the Percentage Change

20. SGS

Total Revenue: $1.01B

Founded Year: 1878

Total Employees: 99,600

Headquarters: Geneva, Switzerland

Market Cap: $17B

Stock Exchange: SWX

SGS is a Swiss multinational company that provides services including inspection, verification, testing, and certification
SGS operates in five business segments viz. Connectivity & Products, Health & Nutrition (H&N), Industries & Environment, Natural Resources, and Business Assurance. In 2023, the company registered an increase in its revenue by 5.20% as compared to 2022. The increase in revenue can be attributed to the rise in sales in the Health & Nutrition segment
In 2023, SGS CPU, Belgium, and Vaccinopolis, University of Antwerp, Belgium, collaborated to standardize human challenge trials

19. DiaSorin

Total Revenue: $1.26B

Founded Year: 1968

Total Employees: ~3,200

Headquarters: Saluggia, Italy

Market Cap: $5.96B

Stock Exchange: BIT

An Italian multinational biotech company, DiaSorin produces and commercializes in vitro diagnostics reagent kits used in immunodiagnostics and molecular diagnostics
DiaSorin operates in three business segments viz. Immunodiagnostics, Molecular Diagnostics, and Licensed Technologies. LIAISON XL is among the company’s well-known products in the market. In 2023, DiaSorin's revenue declined by 13.69% as compared to 2022, due to a decrease in COVID-19 tests
In Jul’23, DiaSorin launched LIAISON Legionella Urinary Antigen Immunodiagnostic Assay to diagnose Legionnaires’ Disease (LD)

18. Revvity

Total Revenue: $1.45B

Founded Year: 1937

Total Employees: 11,500

Headquarters: Massachusetts, United States

Market Cap: $13.97B

Stock Exchange: NYSE

Formerly known as PerkinElmer, Revvity is an American company that focuses on the development of cell therapy or gene therapy
Revvity divides its business into life sciences and diagnostics. The company develops several products, including EnVision XCite and VICTOR Nivo. In 2023, the company witnessed a dip in its revenue by 27.86% as compared to 2022, owing to less demand for COVID-19 products
In 2023, Revvity launched UNIQO 160 (CE-IVDR), an automated indirect immunofluorescence test (IIFT) system for autoimmune disease diagnostics

17. Bio-Rad Laboratories

Total Revenue: $1.48B

Founded Year: 1952

Total Employees: ~8,000

Headquarters: Hercules, California

Market Cap: $8.28B

Stock Exchange: NYSE

Bio-Rad Laboratories is an American company that develops, manufactures, and markets products for the life science research and clinical diagnostics markets
Life Science and Clinical Diagnostics (Test systems, Informatics systems, Test kits, and specialized quality controls) are the two business segments in which the company operates. Droplet Digital is among several products of Bio-Rad. In 2023, the company registered a spike of 2.06% in revenue as compared to 2022. The rise in sales can be attributed to the increased sales of diagnostic testing systems
In 2023, Bio-Rad Launched IH-500 NEXT, a fully automated system for ID-Cards

16. Bruker

Total Revenue: $2.96B

Founded Year: 1960

Total Employees: ~8,500

Headquarters: Massachusetts, United States

Market Cap: $11.38B

Stock Exchange: NASDAQ

Bruker manufactures, distributes, and provides scientific instruments for molecular and materials research and diagnostic solutions
The company operates in four business segments viz. Bruker Scientific Instruments (BSI) BioSpin, BSI CALID, BSI Nano, and Bruker Energy & Supercon Technologies. The company produces products like CBRNE Detectors, Elemental Analyzers, and more. In 2023, the company's revenue increased by 16.99% as compared to 2022, due to strong sales in BSI BioSpin, BSI CALID, BSI Nano, and BEST
In 2023, Bruker introduced new mycobacteria and fungi IVD solutions for MALDI Biotyper and LiquidArray gastrointestinal syndromic panel

15. QuidelOrtho

Total Revenue: $2.99B

Founded Year: 1979

Total Employees: 7,100

Headquarters: California, United States

Market Cap: $2.85B

Stock Exchange: NASDAQ

A US-based diagnostic company, QuidelOrtho manufactures and distributes diagnostic healthcare products and operates globally in in-vitro diagnostics
Labs, Molecular Diagnostics, Point of Care, and Transfusion Medicine are the four business segments that the company operates under. ELVIS HSV Test System and FreshCells Cell Culture are the company's marketed products. In 2023, QuidelOrtho's total revenue decreased by 8.28% vs. 2022, mainly driven by low sales in point-of-care and molecular diagnostics
In 2023, QuidelOrtho received the US FDA 510(K) clearance for the Savanna PCR platform and Savanna HSV 1+2/VZV in-vitro diagnostic test

14. Sysmex Corporation

Total Revenue: $3.10B

Founded Year: 1968

Total Employees: ~10,500

Headquarters: Kobe, Japan

Market Cap: $10.91B

Stock Exchange: TYO

Known for hematology, Sysmex Corporation is a Japan-based company that engages in healthcare business and serves globally
The company mainly works in the in-vitro diagnostics-hematology field. Some of the company's well-known products in the US are XN-9100, RU-20, BT-50, and more. In 2023, the company registered an increase of 0.64% as compared to 2022, due to increased sales in hematology
In 2023, Sysmex launched a point-of-care testing system in Europe that detects antimicrobial susceptibility rapidly

13. IDEXX Laboratories

Total Revenue: $3.66B

Founded Year: 1983

Total Employees: 11,000

Headquarters: Westbrook, United States

Market Cap: $42.78B

Stock Exchange: NASDAQ

IDEXX is a global American company that focuses on the companion animal, cattle, poultry, dairy, and water testing sectors
The company business is spread into three segments Companion Animal Group, Water quality products, Livestock, Poultry, and Dairy. Some of the company's well-known products are Catalyst OneChemistry analyzer and ImageVue DR30 Digital Imaging System. In 2023, the company registered a spike of 8.92% in its revenue as compared to 2022, one of the reasons for the spike is the growth in CAG Diagnostics’ recurring revenue
In 2023, IDEXX announced the Cystatin B test for detecting kidney injury in cats and dogs

12. Canon

Total Revenue: $3.92B

Founded Year: 1937

Total Employees: ~169,200

Headquarters: Tokyo, Japan

Market Cap: $37.72B

Stock Exchange: TYO

A Japan-based global company, Canon manufactures multifunction devices including imaging products. The company mainly focuses on optical, imaging, and industrial products
Canon operates in four business segments namely; Printing Group, Medical Group, Imaging Group, and Industrial Group. Vantage Galan 3T and INSTINX are some of the well-known products in the Medical Group. In 2023, the revenue increased by 0.25% as compared to 2022 due to high sales of medical devices
In 2023, Canon launched its two compact ultrasound systems Aplio Flex and Aplio Go

11. Hologic

Total Revenue: $3.96B

Founded Year: 1985

Total Employees: 7,000

Headquarters: Massachusetts, United States

Market Cap: $17.46B

Stock Exchange: NASDAQ

Hologic is an American company that prioritizes women's health and manufactures & develops diagnostics products, medical imaging systems, and surgical products
Hologic operates under three business segments Diagnostics products, Medical imaging systems, and Surgical products. Acessa Laparoscopic Radiofrequency Ablation (Lap-RFA) and Aptima Sexual and Vaginal Health Solutions are some products of the Hologic portfolio. In 2023, the company witnessed a decline of 11.21% in its revenue as compared to 2022, due to low sales of COVID-19-related products
In 2023, Hologic's Aptima Trichomonas vaginalis assay received expanded approval from the US FDA for use with patient-collected vaginal swabs (in clinical settings), female urine, and male urine sample types

10. Thermo Fisher Scientific

Total Revenue: $4.40B

Founded Year: 1956

Total Employees: 1,22,000

Headquarters: Massachusetts, United States

Market Cap: $225.52B

Stock Exchange: NYSE

Thermo Fisher Scientific is an American provider of analytical equipment, life sciences solutions, specialized diagnostics, laboratory, pharmaceutical, and biotechnology services
Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, Laboratory Products, and Biopharma Services are four areas in which the company operates. Specialty Diagnostics has five primary businesses – Clinical Diagnostics, Immuno Diagnostics, Microbiology, Transplant Diagnostics, and our Healthcare Market Channel. In 2023, the company’s revenue decreased by 7.56% as compared to 2022, majorly driven by low revenue generation in COVID-19 products
In 2023, Thermo Fisher Scientific launched CE-IVD, a marked assay to detect treatment-resistant strains of HIV-1

9. Siemens Healthineers

Total Revenue: $4.99B

Founded Year: 1847

Total Employees: 71,000

Headquarters: Forchheim, Germany

Market Cap: $66.09B

Stock Exchange: ETR

Siemens Healthineers is a German healthcare company that provides healthcare equipment, solutions, and services globally. The company focuses on imaging, diagnostics, cancer care, and minimally invasive therapies
Siemens operates under three business segments viz. Imaging, Diagnostics, Varian, and Advanced Therapies. The AVVIGO+ Guidance System and Getinge are among the various products of the company. In 2023, the company's diagnostic revenue declined by 23.23% as compared to 2022 due to low revenue generation in COVID-19 antigen test business
In 2023, Siemens Healthineers introduced the Atellica UAS 60 Analyzer, a Compact Digital Urine Microscope for High-resolution, Digital Urine Microscopy

8. Becton-Dickinson and Company

Total Revenue: $5.11B

Founded Year: 1897

Total Employees: 75,000

Headquarters: New Jersey, United States

Market Cap: $67.76B

Stock Exchange: NYSE

A global MedTech company, Becton-Dickinson manufactures and commercializes medical devices, instrument systems, and reagents. Additionally, the company provides consulting and analytics services in certain regions
The company focuses on three areas BD Medical, BD Life Sciences, and BD Interventional. BD SurePath and BD Totalys are among the various screening devices. In 2023, the company's revenue declined by 5.01% as compared to 2022 due to low sales of COVID-19 tests
In Dec 2023, BD launched SiteRite 9 Ultrasound system to improve clinician efficiency

7. Fujifilm

Total Revenue: $6.91B

Founded Year: 1934

Total Employees: ~73,900

Headquarters: Tokyo, Japan

Market Cap: $27.25B

Stock Exchange: TYO

A Japan-based conglomerate, Fujifilm Holdings focuses on photography, optics, office & medical electronics, biotechnology, and chemicals
When it comes to healthcare, the company works in Medical Systems, Life science Solutions, and Bio CDMO. AFP-L3 (lectin-reactive alphafetoprotein) and DCP (des-gammacarboxy prothrombin) tests are some of the well-known diagnostic tests of Fujifilm. In 2023, the company reported a 5.49% increase in its revenue as compared to 2022. The spike in revenue is attributed to strong sales of medical systems
In Aug’23 Fujifilm reported the US FDA 510(k) clearance of its new 1.5 Tesla MRI system, the ECHELON Synergy. The system uses Synergy Deep Learning Reconstruction (DLR) technology powered by AI

6. Quest Diagnostics

Total Revenue: $9.25B

Founded Year: 1967

Total Employees: 48,000

Headquarters: New Jersey, United States

Market Cap: $15.76B

Stock Exchange: NYSE

Quest Diagnostics is an American clinical laboratory company that works in collaboration arrangements with numerous hospitals and clinics across the world
Diagnostic Information Services and Diagnostic Solutions are the two segments under which the company operates. In 2023, the company's revenue decreased by 6.37% as compared to 2022 due to the decrease in COVID-19 testing
In 2023, Quest Diagnostics introduced transplant diagnostic services allowing anywhere-access (pre- and post-transplant testing) to patients in the US

5. Danaher

Total Revenue: $9.57B

Founded Year: 1984

Total Employees: 63,000

Headquarters: Washington, United States

Market Cap: $197.90B

Stock Exchange: NYSE

Danaher is an American conglomerate that designs, manufactures, and markets medical, industrial, and commercial products and services
Biotechnology, Life Sciences, and Diagnostics are the three segments in which the company operates. Aldevron and Abcam are among the many assets of Danaher. In 2023, the company's revenue declined by 11.71% as compared to 2022 owing to the low sales of molecular diagnostics tests for COVID-19
In 2023, Danaher announced providing Cepheid's tuberculosis test at the cost of $7.97 each to the Global Fund to Fight AIDS, TB, and Malaria

4. Philips Healthcare

Total Revenue: $9.73B

Founded Year: 1891

Total Employees: ~69,100

Headquarters: Amsterdam, Netherlands

Market Cap: $25.49B

Stock Exchange: AMS

Philips is a Dutch health technology company that develops and manufactures innovative health and well-being products. The company divides its business into four segments namely, personal health, connected care, diagnostic & treatment, and other
Philips diagnosis & treatment segment consists of Precision Diagnosis and Image Guided Therapy. In 2023, the company's revenue rose by 9.44% vs 2022. The increase in revenue is attributed to the higher sales from the diagnosis & treatment segment
In Jul’23, Philips enrolled the first patient in the US site for the WE-TRUST clinical study, assessing the benefits of a Direct Angio Suite treatment pathway for stroke patients

3. Abbott Laboratories

Total Revenue: $9.98B

Founded Year: 1888

Total Employees: 1,14,000

Headquarters: Illinois, United States

Market Cap: $182.35B

Stock Exchange: NYSE

Abbott discovers, develops, and manufactures a wide range of healthcare products. The company develops diabetes care products, neuromodulation devices, and several other products for the treatment and diagnosis of cardiovascular diseases
The company operates in four business segments viz. pharmaceutical products, diagnostic products, nutritional products, and medical devices. Abbott provides different diagnostic solutions core laboratory, molecular, point of care & rapid diagnostics, and transfusion medicine. In 2023, the company's revenue declined by 39.36% as compared to 2022, owing to lower sales of tests for COVID-19
In 2023, Abbott received the US FDA approval for HPV test to run on Alinity M

2. GE Healthcare

Total Revenue: $16.34B

Founded Year: 1994

Total Employees: 51,000

Headquarters: Chicago, Illinois

Market Cap: $36.80B

Stock Exchange: NASDAQ

GE Healthcare delivers MedTech solutions and offers services, including digital infrastructure, data analytics, and decision support tools. In Jan’23, GE Healthcare spun off from its parent company General Electric
Medical imaging, ultrasound, and patient monitoring systems are the company's three business segments. In 2023, the company’s revenue spiked by 6.38% as compared to 2022. The increase in revenue is attributed to the organic growth in Cardiovascular and point-of-care
In Oct’23 SOFIE and GE HealthCare entered into a licensing agreement to develop and commercialize FAP PET radiotracers

1. Roche

Total Revenue: $16.76B

Founded Year: 1896

Total Employees: 100,000

Headquarters: Basel, Switzerland

Market Cap: $210.46B

Stock Exchange: SWX

Roche is a global multinational healthcare company that discovers, develops, and commercializes therapeutic and diagnostic products
The company operates under two business segments, i.e. Pharmaceuticals and Diagnostics. Under the diagnostic segment, the company offers in vitro diagnostics solutions, covering molecular diagnostics, clinical chemistry, and immunoassays, tissue diagnostics, point-of-care testing, patient self-testing, next-generation sequencing, laboratory automation & IT, and decision support solutions. In 2023, the company revenue showed a decline of 12.57% vs 2022 due to the low demand of COVID-19 products
In 2023, Roche launched Elecsys HBeAg quant for hepatitis diagnostics that will help clinicians diagnose and monitor patients with acute or chronic hepatitis B infection

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