Top 20 Diagnostics Companies Based on 2020 Revenue

 Top 20 Diagnostics Companies Based on 2020 Revenue

Top 20 Diagnostics Companies Based on 2020 Revenue

  • The extraordinary demand for COVID-19 testing kits that were seen in 2020 and is yet to subside in 2021 resulted in many of the world’s biggest diagnostics companies being thrust into the limelight
  • Siemens Healthineers, GE Healthcare, Roche, and Abbott are the top players in the race of the global diagnostic companies. The companies are in the race to develop fast, accurate methods for detecting patients infected with the SARS-CoV-2 virus  
  • Our team at PharmaShots has compiled a list of the top 20 diagnostics companies based on their 2020 diagnostics revenue

Diagnostic Revenue: $0.58B                                                         Total Employees: ~2,000

Founded Year: 2017                                                                       Stock Exchange: NASDAQ

Market Cap:  ~$1.05B                                                                    Headquarters: Utah, US

Varex Imaging is a leading innovator, designer and manufacturer of X-ray tubes, digital detectors, linear accelerators, and other image software processing solutions. The company is one the largest global manufacturers of X-ray components and each year, it produces over 27,000 X-ray tubes and 20,000 X-ray detectors.

Diagnostic Revenue: $0.94B                                                      Total Employees: ~22,200

Founded Year: 1940                                                                     Stock Exchange: BME

Market Cap:  ~$16.03B                                                                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. In 2020, the EC approved Tavlesse (fostamatinib) to treat immune thrombocytopenia (ITP) in adult patients who are refractory to other treatment whereas, in Aug’2020, the FDA granted EUA for convalescent plasma to treat patients with COVID-19. In Sept’2021, the company acquired the remaining stake in Alkahest to boost its R&D efforts.

Diagnostic Revenue: $0.97B                                                         Total Employees: ~44,961

Founded Year: 1873                                                                         Stock Exchange: TYO

Market Cap:~$2.94B                                                                       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 is dealing with ultrasounds, digital radiography and has a healthcare T segment as well. SONIMAGE MX1 is a POC ultrasound system that delivers advanced technology to ensure excellent image quality and efficient workflow with exceptional value.

Diagnostic Revenue: $1.07B                                                          Total Employees: ~2,045

Founded Year: 1968                                                                         Stock Exchange: BIT 

Market Cap:   ~$9.76B                                                                     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. In Oct’2020, DiaSorin launches its new LIAISON SARS-CoV-2 Ag for quantitative detection of SARS-CoV-2 in symptomatic patients through nasal and nasopharyngeal swabs. In Apr’2021, DiaSorin to acquire Luminex for $1.8B to broaden its positioning in the molecular diagnostics space.

Diagnostic Revenue: $1.30B                                                         Total Employees: ~8,000

Founded Year: 1952                                                                        Stock Exchange: NYSE

Market Cap:  ~$17.31B                                                                 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. Bio-Rad operates in two industry segments designated as Life Science and Clinical Diagnostics and generated 49% and 51%, respectively. Bio-Rad offers SARS-CoV-2 / COVID-19 assay and research solutions to address the COVID-19 pandemic.

Diagnostic Revenue: $1.49B                                                            Total Employees: ~5,000

Founded Year: 1995                                                                            Stock Exchange: NASDAQ 

Market Cap: ~$20.39B                                                                       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. In Dec’2020, the company reported the data from the RxPONDER trial that demonstrated the benefit of CT in early-stage, node-positive breast cancer.

Diagnostic Revenue: $1.76B                                                       Total Employees: ~4, 500

Founded Year: 1939                                                                      Stock Exchange: NASDAQ

Market Cap: $4.90B                                                                      Headquarters: New Jersey, US

Ortho Clinical Diagnostics develops in-vitro products and diagnostic equipment for blood testing. The company operates in two lines of business, Clinical Laboratories and Transfusion Medicine. In Jan’2021, Ortho’s Vitros SARS-CoV-2 antigen test received the US FDA’s EUA for accurate, mass-scale COVID-19 testing.

Diagnostic Revenue: $2.07B                                                          Total Employees: ~6,000

Founded Year: 1986                                                                         Stock Exchange: NASDAQ

Market Cap:   ~$15.84B                                                                   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. The diagnostic segments include our molecular diagnostic assays, which run on advanced instrumentation systems (Panther, Panther Fusion, and Tigris), ThinPrep cytology system, and the Rapid Fetal Fibronectin Test. In 2020, in response to the COVID-19 global pandemic, it developed and launched Aptima SARS-CoV-2 assays for the detection of SARS-CoV-2.  The company also developed and launched the Panther Fusion SARS-CoV-2 assay for the detection of SARS-CoV-2, which has received the FDA’s EUA in Mar’2020.

Diagnostic Revenue: $2.73B                                                        Total Employees: ~9,000

Founded Year: 1968                                                                       Stock Exchange: TYO

Market Cap: ~$21.53B                                                                   Headquarters: Kobe, Japan

Sysmex is a Japanese firm involved in the development, manufacturing, sales, and export/import of diagnostic instruments, reagents, and related software. To reduce the burden of Dementia, Sysmex collaborated with Eisai to develop a blood test that will enable diagnosis while placing less of a burden on the patient. The joint research aimed at enabling early-stage diagnoses, the selection of treatment methods and the monitoring of treatment results.

Diagnostic Revenue: $3.09B                                                          Total Employees: ~73,906

Founded Year: 1934                                                                         Stock Exchange: TYO

Market Cap: ~$36.03B                                                                    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 2020, The company commenced the development of an antigen test kit for diagnosis of SARS-CoV-2 infection and later, collaborated with Carelink in deploying Avigan in China. Additionally, Fujifilm concludes a manufacturing contract agreement with VLP Therapeutics, for a COVID-19 vaccine formulation.

Diagnostic Revenue: $4.22B                                                         Total Employees: ~ 181897

Founded Year: 1937                                                                        Stock Exchange: TYO

Market Cap:   ~$32.2 B                                                             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. In 2020, Canon developed and offered a suite of total solutions for diagnosing COVID-19 infections, for example, CT equipment, X-rays system, ultrasounds system, rapid COVID-19 genetic and antigen testing. In Japan, the company partnered with Nagasaki University to develop set of reagents for COVID-19 RNA testing.

Diagnostic Revenue: $4.70B                                                        Total Employees: ~70,093

Founded Year: 1895                                                                       Stock Exchange: NYSE

Market Cap: ~$71.11B                                                                  Headquarters: New Jersey, US

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 2020, BD received CE Mark for its portable, rapid POC antigen test to detect SARS-CoV-2 in 15 minutes and got CE Mark for combination COVID-19, Influenza, RSV Test on BD MAX Molecular diagnostic system.

Diagnostic Revenue: $5.34B                                                          Total Employees: ~75,000

Founded Year: 1902                                                                         Stock Exchange: NYSE

Market Cap: ~$178.23B                                                                  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. The company develops Applied Biosystems TaqPath COVID-19 Combo Kit, which received EUA n in the US in Mar’2020, followed by similar authorizations around the world. The company significantly expanded the portfolio of COVID-19 related products, launching the Thermo Fisher Scientific Amplitude Solution for high-throughput PCR-based testing and our Applied Biosystems TaqCheck PCR test for asymptomatic health surveillance. These innovations allow the company to establish worldwide leadership in COVID-19 diagnostic testing, supporting millions of COVID-19 PCR tests across the world.

Diagnostic Revenue: $7.40B                                                       Total Employees: ~69,000

Founded Year: 1969                                                                      Stock Exchange: NYSE

Market Cap: ~$173.83B                                                               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. The Company’s diagnostics segment offers analytical instruments, reagents, consumables, software, and services. In Mar’ 2020, the company completed the acquisition of GE LifeScience’s biopharma business knows as Cytiva.

Diagnostic Revenue: $9.25B                                                          Total Employees: ~80,000

Founded Year: 1971                                                                         Stock Exchange: NYSE

Market Cap:   ~$25.49B                                                                   Headquarter: North Carolina, US

LabCorp is a leading global life sciences company targeting in guiding patient care. In 2020, Labcorp received FDA’s authorization to make at-home COVID-19 collection kits available through retail and collaborated with GENFIT to commercialize novel diagnostic test for liver diseases. Moreover, the company collaborated with public health authorities on no-charge antibody test program to accelerate COVID-19 blood plasma donation.

Diagnostic Revenue: $10.00B                                                          Total Employees: ~81,592

Founded Year: 1891                                                                          Stock Exchange: NYSE

Market Cap:   ~$51.64B                                                                   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. In 2020, Philips collaborated with InSightec to expand access to MR-guided focused ultrasound for incision-less neurosurgery and expanded its dedicated cardiovascular ultrasound offering by launching Affiniti CVx. Philips continued to advance the capabilities of its KODEX-EPD cardiac imaging and mapping system for the treatment of heart rhythm disorders, improving image quality and workflow efficiency for Atrial Fibrillation procedures. The company increased ventilator production multifold to meet the high COVID-19-related demand and shipped ventilators across the globe.

Diagnostic Revenue: $10.80B                                                          Total Employees: ~109,000

Founded Year: 1900                                                                           Stock Exchange: NYSE

Market Cap: ~$194.59B                                                                    Headquarter: Illinois, US

Abbott Laboratories is an American healthcare company with a broad pipeline of generics, diagnostic, natural products, cardiovascular and neuromodulation products. The diagnostic segment is divided into four divisions Rapid Diagnostics, Molecular Diagnostics, Core Laboratory Diagnostics, Diabetes Care. Regarding the COVID-19 pandemic, the FDA issued EUAs for several COVID-19 related products in 2020, including Abbott diagnostic tests. Abbott’s Diagnostics business experienced the most significant change in sales from 2019 to 2020 as sales from new tests and other related products to detect COVID-19 more than outweighed the negative impact of COVID-19 on routine diagnostic testing volumes. Few are mentioned, which include in Mar, Abbott launched a molecular test to detect COVID-19 on its ID NOW rapid POC platform in the US pursuant to a EUA. In Dec, Abbott received CE Mark and launched its SARS-CoV-2-IgG II quantitative lab-based serology blood test for use on its ARCHITECT and Alinity I platforms.

Diagnostic Revenue: $14.64B                                                      Total Employees: ~101,465

Founded Year: 1896                                                                       Stock Exchange: SWX

Market Cap: ~$331.02B                                                                Headquarter: Basel, Switzerland

Roche is a Swiss multinational healthcare company operating worldwide under pharmaceuticals and diagnostics divisions. Roche focuses on multiple therapy areas including ophthalmology, oncology, and immunology. The Diagnostics segment of Roche is divided into four segments: MolecularDiagnostics, Diabetes Care, Tissue Diagnostics, Centralized, and Point of Care Solutions. In response to COVID-19, Roche developed a new diagnostic tool, joined forces with governments, other business partners, and organizations to accelerate progress, and secures employee safety while maintaining business continuity to ensure supplies of tests and medicines reached patients in need. Roche initiated an internal research program to develop SARS-CoV-2 tests and to discover potential drugs that combat the virus.

Diagnostic Revenue: $15.38B                                                        Total Employees: ~174,000

Founded Year: 1878                                                                         Stock Exchange: NYSE

Market Cap:  ~$121.41B                                                                 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. In Dec’2020, GE Healthcare and St. Luke’s University Health Network accelerate breast cancer care with a first one-stop clinic in the US. The company completes a portfolio of Macrocyclic MRI contrast agent Clariscan (gadoterate meglumine) with US FDA Approval of Clariscan in 5mL glass vials. GE Healthcare also reported the first X-ray AI to assess endotracheal tube placement for COVID-19 patients.

Diagnostic Revenue: $15.91B                                                      Total Employees: ~38,500

Founded Year: 1847                                                                       Stock Exchange: ETR

Market Cap:   ~$65.20B                                                                 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. The company completes its acquisition of Varian that will accelerate the company’s impact on global healthcare and establishes a strong partnership for customers and patients.

Source: Company annual reports, SEC filings, press releases, and company websites

Market Cap source: Google finance (as on 10th Jun 2021)

All revenues are reported in USD.

Note:  The revenue of Fujifilm Medical, Sysmex and Konica Minolta are forecasted revenues.

Related Post: Top 20 Diagnostics Companies Based on 2019 Revenue

Tuba Khan

Tuba Khan is Senior Editor at PharmaShots. She is curious, creative, and passionate about recent updates and innovation in the Life sciences industry. She covers Biopharma, MedTech, and Digital health segments. Tuba also has an experience of digital and social media marketing and runs the campaigns independently. She can be contacted on tuba@pharmashots.com

Related post