Diagnostics has emerged as one of the largest and fastest-growing segments with evolving diseases. The segment has played a vital role in diagnosing growing and ageing global population with increasing health expenditure and more prevalent lifestyle ailments including obesity, cancer, and cardiovascular diseases. Our team at PharmaShots has compiled a list of top 20 diagnostics companies based on their 2019 diagnostics revenue.
According to the 2018 list, the top three companies were Roche along with Philips and Abbott with which generated revenue of $13.08B, $8.10B, and $7.49B, respectively. The list of 2019 has affected a lot of companies in their position. This year Siemens is at 1st rank in 2019, following GE Healthcare and Roche has generated revenue of $15.83B, $14.64B, and $13.38B, respectively. GE Healthcare struggled to reach the second position which stood fifth in 2018. Unfortunately, Roche showed a decline in its diagnostic revenue along with position from the first position to third in 2019 reflected a difference of $2.45B to Siemens. LabCorp generated diagnostic revenue of $7B and stood on the fifth position. Danaher generated revenue of $6.56B and reached on the sixth position showing an increment of $0.21B.
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Diagnostic Revenue: $0.59B Total Employees: ~2,000
Founded Year: 2017 Stock Exchange: NASDAQ
Market Cap: ~$0.67B Headquarters: Utah, US
Varex Imaging is a designer and manufacturer of X-ray imaging components including X-ray tubes, digital detectors, and other image processing solutions. In Mar 2019, Varex acquired Direct Conversion AB for $83.7M to strengthen Varex’s diagnostics imaging services with the addition of linear array digital detector products.
Diagnostic Revenue: $0.79B Total Employees: ~1,939
Founded Year: 1968 Stock Exchange: BIT
Market Cap: ~$10.45B Headquarters: Saluggia, Italy
DiaSorin is an Italian in-vitro diagnostics firm and is involved in developing, producing, and commercializing diagnostic tests for a wide range of clinical areas. The tests are designed for hospital and private testing laboratories, in the markets of immunodiagnostics and molecular diagnostics which are used to identify biological components aimed at determining the presence of specific elements in the patient’s blood sample. In Jan 2019, DiaSorin launched LIAISON Calprotectin test post it was approved by the US FDA.
Diagnostic Revenue: $0.82B Total Employees: ~24,016
Founded Year: 1940 Stock Exchange: BME
Market Cap: ~$18.96B Headquarters: California, United States
Grifols is a global healthcare company dedicated to improving the health and well-being of people around the globe and is divided into four divisions- Bioscience, Diagnostic, Hospital, and Bio Supplies. The company focusses on developing therapies for rare, chronic, and life-threatening conditions. In Jan 2019, Grifols signed a license agreement with Rigel Pharmaceuticals to commercialize fostamatinib disodium hexahydrate in all potential future indications in the EU and Turkey. In Sep 2019, Grifols signed an agreement with Mondragon to jointly develop healthcare sector-related automation, robotics, and instrumentation as well as other technologies and infrastructure.
Diagnostic Revenue: $0.87B Total Employees: ~4,110
Founded Year: 1995 Stock Exchange: NASDAQ
Market Cap: ~$13.89B Headquarters: Madison, Wisconsin
Exact Sciences Corporation is a molecular diagnostics company focused on the early detection and prevention of some of the deadliest forms of cancer. The company has an accurate, non-invasive, screening test called Cologuard, used for the detection of colorectal cancer and precancer. In Jun 2019, the company built its new clinical laboratory focusing to fight against Colorectal Cancer. In Aug 2019, Exact presented data from its blood-based test for the detection of hepatocellular carcinoma and received the US FDA’s Breakthrough Device Designation.
Diagnostic Revenue: $0.95B Total Employees: ~72,332
Founded Year: 1934 Stock Exchange: TYO
Market Cap: ~$23.81B Headquarters: Tokyo, Japan
Fujifilm Medical is a leader in diagnostic imaging products and medical informatics solutions and is divided into three business categories: Imaging Solutions, Healthcare & Material Solutions, and Document Solutions. In Jul 2019, Fujifilm Sonosite signed an agreement with Partners HealthCare with the focus to apply AI to improve the utility and functionality of portable ultrasound. Additionally, in Jul 2019, the company collaborated with Axcelead Drug Discovery to develop novel drug efficacy evaluation methods and toxicity testing using iPSCs based platform for drug discovery solutions.
Diagnostic Revenue: $1.10B Total Employees: ~49,567
Founded Year: 1873 Stock Exchange: TYO
Market Cap: ~$1.95B Headquarters: Tokyo, Japan
Konica Minolta is the global developer, manufacturer of multi-functional peripherals (MFPs), equipment for production print systems and graphic arts, equipment for healthcare systems, measuring instruments for healthcare applications, and related consumables and solution services. The company also makes medical and graphic imaging products, such as X-ray image processing systems, colour proofing systems, and X-ray film; photometers, 3-D digitizers, and other sensing products
Diagnostic Revenue: $2.31B Total Employees: ~8,120
Founded Year: 1952 Stock Exchange: NYSE
Market Cap: ~$13.43B Headquarters: California, US
Bio-Rad is a leading healthcare industry involved in blood typing products, offering a wide variety of platforms, reagents, data management, and connectivity solutions. In Apr 2019, Bio-Rad’s BioPlex 2200 Lyme Total Assay received the US FDA’s approval for aiding in the diagnosis of Lyme disease. Additionally, in Feb 2019, Bio-Rad receives the US FDA’s clearance for the Ih-500, expanding its offering for the blood testing market.
Diagnostic Revenue: $2.61B Total Employees: ~6,478
Founded Year: 1986 Stock Exchange: NASDAQ
Market Cap: ~$13.43B Headquarters: Massachusetts, US
Hologic is a medical technology company primarily focused on women’s health, beauty products development, and marketing medical devices for surgery and medical imaging. Hologic is acquiring SuperSonic Imagine, a French-based company for its Ultrasound products, which will further strengthen its breast health portfolio with best-in-class technology used for diagnosing cancer in women with dense breasts. In Jun 2019, Hologic acquired SuperSonic Imagine for $85M, with the focus to strengthen its diagnostics and surgical solutions in breast health. In Nov 2019, Hologic’s LOCalizer radiofrequency identification (RFID) received CE Mark for the expansion of its use in long-term placement in breast lesions which are implanted 30 days prior for greater flexibility and convenience to patients and providers.
Diagnostic Revenue: $2.80B Total Employees: ~9,000
Founded Year: 1968 Stock Exchange: TYO
Market Cap: ~$15.87B Headquarters: Kobe, Japan
Sysmex is a Japanese firm involved in the development, manufacturing, sales, and export/import of diagnostic instruments, reagents, and related software. In Mar 2019, Sysmex reported the launch of Caresphere LWS a laboratory information system for enhancing the efficiency of clinical testing. In Nov 2019, Sysmex and OPTiM signed an agreement to establish a joint venture for accelerating and commercializing digital medicine to support next-generation healthcare and diagnostics.
Diagnostic Revenue: $3.00B Total Employees: ~12,000
Founded Year: 1963 Stock Exchange: EPA
Market Cap: ~$15.11B Headquarters: Marcy-l’Étoile, France
BioMerieux develops and produces in-vitro diagnostic solutions like systems, reagents, software, and services for private and hospital laboratories, mainly for the diagnosis of infectious diseases. BioMerieux provides diagnostic solutions (systems, reagents, software) which determine the source of diseases and contamination to improve patient health and ensure consumer safety. Its products are mainly used for diagnosing infectious diseases and for detecting microorganisms in agri-food, pharmaceutical, and cosmetic products. In Feb 2019, BioMerieux acquired Invisible Sentinel for $75M, which will further strengthen its position in food pathogen testing and spoilage organism detection. In late 2019, BioMerieux submitted the BIOFIRE Blood Culture Identification 2 (BCID2) Panel to the US FDA for 510(k) clearance aimed for bloodstream infections.
Diagnostic Revenue: $3.71B Total Employees: ~75,000
Founded Year: 1902 Stock Exchange: NYSE
Market Cap: ~$139.34B Headquarters: Massachusetts, US
Thermo Fisher is globally serving its primary brands: Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, and Unity Lab Services. The company has four main segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Services. Thermo Fisher’s Specialty Diagnostics Segment has five primary business– Clinical Diagnostics, ImmunoDiagnostics, Microbiology, Transplant Diagnostics, and Healthcare Market Channel, offering a variety of diagnostic test kits, reagents, culture media, and instruments. In Apr 2019, the company acquired Brammer Bio for $1.67B in cash for the expansion of its contract manufacturing capabilities. In Jun 2019, Thermo Fischer sold its Anatomical Pathology business to PHC Holdings Corporation for $1.14B.
Diagnostic Revenue: $4.03B Total Employees: ~1,87,041
Founded Year: 1937 Stock Exchange: TYO
Market Cap: ~$28.29B Headquarters: Tokyo, Japan
Canon is a Japanese multinational corporation specialized in the manufacturing of imaging and optical products, including cameras, camcorders, photocopiers, steppers, computer printers, and medical equipment. Canon Medical’s next-generation 3-Tesla MRI scanner, the Vantage Galan 3T, maximizes high-resolution imaging performance while minimizing space requirements and energy consumption. The device also employs noise-reduction technology to provide greater comfort to patients. In 2019, Canon signed an agreement with R-Pharma Holding to expand its footprints in Russia with the sales of medical diagnostic imaging equipment.
Diagnostic Revenue: $4.30B Total Employees: ~70,093
Founded Year: 1895 Stock Exchange: NYSE
Market Cap: ~$68.72B Headquarters: New Jersey, United States
BD is a global medical technology company engaged in the development, manufacture, and sale of a broad range of medical supplies, devices, laboratory equipment and diagnostic products for physicians, life science researchers, clinical laboratories, the pharmaceutical industry, and the general public. In Sep 2019, BD partnered with global organizations to support diagnostic testing for antimicrobial resistance (AMR).
Diagnostic Revenue: $4.65B Total Employees: ~107,000
Founded Year: 1900 Stock Exchange: NYSE
Market Cap: ~$163.02B Headquarter: Illinois, United States
Abbott Laboratories is an American healthcare company with a broad pipeline of generics, diagnostic, natural products, cardiovascular and neuromodulation products. Diagnostic segment is divided into four divisions Rapid Diagnostics, Molecular Diagnostics, Core Laboratory Diagnostics, Diabetes Care. In Jun 2019, Abbott launched its Afinion HbA1c Dx is a rapid point-of-care available for use on the Afinion 2 Analyzer & Afinion AS100 Analyzer to aid health care professionals in the diagnosis of diabetes. In Jul 2019, Abbott’s MitraClip G4 received the US FDA’s approval to treat Mitral Regurgitation. Additionally, in Jul 2019, Abbott’s Alinity S System Receives FDA’s approval for blood and plasma screening in the US.
Diagnostic Revenue: $6.56B Total Employees: ~60,000
Founded Year: 1969 Stock Exchange: NYSE
Market Cap: ~$122.26B Headquarter: Washington, D.C, US
Danaher Corporation designs manufacture and markets professional, medical, industrial, and commercial products and services. The company has a focus on Life Sciences, Diagnostics, Dental, and Environmental & Applied Solutions. In Feb 2019, Danaher acquired the Biopharma Unit of GE LifeScience for $21.4B with the focus to strengthen & advance Danaher’s life science portfolio using GE’s bioprocessing technologies in developing therapies.
Diagnostic Revenue: $7.00B Total Employees: ~80,495
Founded Year: 1971 Stock Exchange: NYSE
Market Cap: ~$17.02B Headquarter: North Carolina, US
LabCorp is a leading global life sciences company targeting in guiding patient care. In 2019, LabCorp launched lab-based data reports regarding Insight Analytics which supports organizations in the efficient use of laboratory testing and the enhanced management of patients with chronic conditions such as diabetes, chronic kidney disease, and cardiovascular disease. In Jun 2019, LabCorp and Mount Sinai Health System collaborated to establish a digital and AI-enabled pathology centre of excellence supporting greater efficiency and improvement for patient care. In 2019, LabCorp announced an expansion of its Pixel by LabCorp platform allowing the consumers to purchase testing online, visit a convenient LCD PSC for specimen collection by a phlebotomist, and receive confidential results through a secure online portal.
Diagnostic Revenue: $9.52B Total Employees: ~80,495
Founded Year: 1891 Stock Exchange: NYSE
Market Cap: ~$41.92B Headquarter: Amsterdam, Netherlands
Philips Healthcare has focused on research and development efforts to develop new approaches in the areas of radiology, cardiology, oncology, decision support, home health, respiratory, and other critical areas. Its parent company, Royal Philips is a diversified company focusing on improving public health with meaningful innovation offering treatments at a lower cost. Philips Healthcare@home providing a wide range of healthcare services at the patient’s home with the help of experienced and certified in Basic Life Support (BLS) professionals. In Aug 2019, Philips collaborated with Lindacare for the remote monitoring of patients with cardiac implantable electronic devices. In 2019, Philips introduced its next-generation IntelliVue MX750 and MX850 bedside patient monitor platforms in the EU.
Diagnostic Revenue: $13.38B Total Employees: ~98,000
Founded Year: 1896 Stock Exchange: SWX
Market Cap: ~$305.69B Headquarter: Basel, Switzerland
Roche is a Swiss multinational healthcare company operating worldwide under pharmaceuticals and diagnostics divisions. Roche focusses on multiple therapy areas including ophthalmology, oncology, and immunology. The Diagnostics segment of Roche is divided into four segments: Molecular Diagnostics, Diabetes Care, Tissue Diagnostics, Centralized, and Point of Care Solutions. In Dec 2019, Roche launched its Cobas Zika blood screening test for the detection of Zika virus RNA. Additionally, in Dec 2019, Roche received CE Mark for its Accu-Chek SugarView app which examines blood glucose range using the Accu-Chek Active test strip including two photos taken off the strip with a smartphone camera.
Diagnostic Revenue: $14.64B Total Employees: ~2,05,000
Founded Year: 1878 Stock Exchange: NYSE
Market Cap: $66.57B Headquarters: Massachusetts, US
GE Healthcare is a leading global wholly owned subsidiary of General Electric Company focused on the development, manufacturing, and commercialization of healthcare technologies. The portfolio provides solutions and products in the diagnosis, treatment, and monitoring of patients. The company has +4M imaging, mobile diagnostics, and monitoring units installed globally in 43 global centers. GE Healthcare also has an AI-based technology for MR slice presentation using artificial neural networks delivering consistent and accurate scans. In Dec 2019, the company signed an R&D and distribution agreement with Advanced Solutions for personalized tissue regeneration. Additionally, in Dec, Affidea and GE Healthcare signed a multi-year agreement to deploy imaging and digital technologies.
Diagnostic Revenue: $15.83B Total Employees: ~38,500
Founded Year: 1847 Stock Exchange: ETR
Market Cap: $98.73 Headquarters: Munich, Germany
Siemens Healthineers is a subsidiary of Siemens AG, a diagnostic company focused on the development of diagnostic, therapeutic imaging, laboratory diagnostics, molecular medicine, digital health services, and enterprise services. In Mar 2019, Red Cross Hospital signed a ten-year agreement with Siemens Healthineers for the new heart centre focusing on the cardiovascular continuum for the prevention of the early detection, treatment, and follow-up of cardiovascular diseases. In Dec 2019, Siemens’ launched an AI-based assistant for magnetic resonance for imaging the body regions of the brain and prostate to ease routine activities for radiologists and improve the quality of care of patients.
Source: Company annual reports, SEC filings, press releases, and company websites
Market Cap source: Google finance (as on 11th Jun 2020)
All revenues are reported in USD.
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