- 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.
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