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Top 20 Diagnostics Companies Based on 2021 Revenue

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Top 20 Diagnostics Companies Based on 2021 Revenue

Top 20 Diagnostics Companies Based on 2021 Revenue

  • The diagnostic companies continued to serve the high demand for diagnostic testing throughout the COVID-19 pandemic in 2021
  • Siemens Healthineers, Roche, GE Healthcare, and Abbott were the top players in the race for the global diagnostic companies
  • PharmaShots has compiled a list of the top 20 diagnostics Companies based on their 2021 revenue in the diagnostics segment

Diagnostic Revenue: $0.64B

Founded Year: 2017

Market Cap: ~$0.90B

Total Employees: ~ 2,100

Stock Exchange: NASDAQ

Headquarters: Utah, Unied States

Varex Imaging is a leading innovator- designer and manufacturer of X-ray tubes, digital detectors, linear accelerators, and other image software processing solutions. Varex’s 2021 revenue increased by 10.34% vs 2020. In Jul 2021, Varex added LUMEN 4343W, a radiography detector to its product line to strengthen its portfolio.

Diagnostic Revenue: $0.88B

Founded Year: 1940

Market Cap: ~$11.98B

Total Employees: ~ 23,245

Stock Exchange: BME

Headquarters: Barcelona, Spain

Grifols is a global healthcare company focused on developing medicines derived from plasma and other innovative biotech solutions. It has four business divisions: Bioscience, Diagnostic, Hospital, and Bio Supplies. Grifols’ 2021 revenue decreased by 6.38% vs 2020. In Dec 2021, Grifols received its first European Union (EU) Technical Documentation Assessment and Quality Management System certification under the In Vitro Diagnostics Medical Devices Regulation (IVDR) for in vitro diagnostic devices including Promonitor Quick IFX.

Diagnostic Revenue: $0.90B

Founded Year: 1873

Market Cap: ~$1.77B

Total Employees: ~ 39,121

Stock Exchange: TYO

Headquarters: Tokyo, Japan

Konica Minolta is a Japanese company focused on the development, manufacturing, and commercialization of multifunction devices, digital printing systems, functional films, and diagnostic imaging systems for healthcare applications and related consumables and solution services. Konica Minolta’s 2021 revenue dip by 8.16% vs 2020. In Mar 2021, Konica Minolta collaborated with Amazon Web Services (AWS) to strengthen its precision diagnostics portfolio through AWS’ diagnostic data platform, LATTICE.

Diagnostic Revenue: $1.40B

Founded Year: 1968

Market Cap: ~$7.20B

Total Employees: ~ 3,358

Stock Exchange: BIT

Headquarters: Saluggia, Italy

DiaSorin is an Italian biotechnology company involved in developing, producing, and commercializing in vitro diagnostics reagent kits used in immunodiagnostics and molecular diagnostics. DiaSorin’s 2021 revenue increased by 31% vs 2020. In Nov 2021, Qiagen and DiaSorin’s QuantiFERON-TB Gold Plus Assay received the US FDA’s approval for the treatment of latent tuberculosis infection.

Diagnostic Revenue: $1.51B

Founded Year: 1952

Market Cap: ~$16.02B

Total Employees: ~ 7,500

Stock Exchange: NYSE

Headquarters: California, Unied States

Bio-Rad Laboratories is a global manufacturer and distributor of life science research and clinical diagnostics products. Bio-Rad operates in two industry segments designated as Life Science and Clinical Diagnostics. Bio-Rad 2021 revenue increased by 16.15% vs 2020. In Jun 2021, Bio-Rad partnered with Seegene for the development and commercialization of infectious disease molecular diagnostic products.

Diagnostic Revenue: $1.76B

Founded Year: 1995

Market Cap: ~$8.21B

Total Employees: ~ 6,500

Stock Exchange: NASDAQ

Headquarters: Madison, Wisconsin

Exact Sciences Corporation is a molecular diagnostics company focused on the early detection and prevention of various forms of cancer through its precision oncology tests. Exact Sciences 2021 revenue increased by 18.12% vs 2020. In Jan 2021, Exact Sciences collaborated with GE Healthcare to develop an ultrasound probe to enable the deployment of the ACT therapeutic amplification platform across multiple disease conditions.

Diagnostic Revenue: $2.04B

Founded Year: 1939

Market Cap: ~$6.25B

Total Employees: ~ 4800

Stock Exchange: NASDAQ

Headquarters: New Jersey, Unied States

Ortho Clinical Diagnostic develops in-vitro products and diagnostic equipment for blood testing. The company operates in two lines of business- Clinical Laboratories and Transfusion Medicine. The company’s revenue grew to 15.7% vs 2020. In Dec 2021, Quidel signed an agreement to merge with Ortho Clinical Diagnostics for ~$6.0B and in May 2022 the company was renamed as QuidelOrtho.

Diagnostic Revenue: $2.98B

Founded Year: 1968

Market Cap: ~$13.10B

Total Employees: ~ 9821

Stock Exchange: TYO

Headquarters: Kobe, Japan

Sysmex is a Japanese firm involved in the development- manufacturing- sales- and export/import of diagnostic instruments- reagents- and related software. Sysmex’s 2021 revenue increased by 8.36% vs 2020. In July 2021, Sysmex collaborated with QIAGEN for the development and commercialization of cancer companion diagnostics.

Diagnostic Revenue: $3.59B

Founded Year: 1986

Market Cap: ~$18.74B

Total Employees: ~ 6,705

Stock Exchange: NASDAQ

Headquarters: Massachusetts, Unied States

Hologic is a medical technology company that develops diagnostics products, medical imaging systems, and surgical products focused on women's health and well-being. It has four business segments that include: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health. Hologic’s 2021 revenue increased by 73.4% vs 2020. In Apr 2021, Hologic acquired Mobidiag for ~$795M, strengthening its diagnostics portfolio through the expansion into acute care adjacency with a near-patient testing solution that offers ease of use, multiplex capability, and rapid turnaround time.

Diagnostic Revenue: $4.39B

Founded Year: 1934

Market Cap: ~$27.93B

Total Employees: ~ 75,474

Stock Exchange: TYO

Headquarters: Tokyo, Japan

Fujifilm Medical is a healthcare company that provides diagnostic imaging products and medical informatics solutions and is divided into three business categories: Imaging Solutions- Healthcare & Material Solutions- and Document Solutions. Fujifilm revenue increased by 40% vs 2020. In May 2021, Fujifilm Medical collaborated with Helio Health to advance blood-based screening methods for Early-Stage Liver Cancer

Diagnostic Revenue: $4.65B

Founded Year: 1937

Market Cap: ~$33.81B

Total Employees: ~ 184,034

Stock Exchange: TYO

Headquarters: Tokyo, Japan

Canon is a Japanese multinational corporation specializing in the manufacturing of imaging and optical products- including cameras- camcorders- photocopiers- steppers- computer printers- and medical equipment. Canon’s 2021 revenue grew by 10.18% vs 2020. In Nov 2021, Canon Medical partnered with Resoundant to advance its MRI scanners through Resoundant’s Magnetic Resonance Elastography (MRE).

Diagnostic Revenue: $5.65B

Founded Year: 1902

Market Cap: ~$216.43B

Total Employees: ~ 130,000

Stock Exchange: NYSE

Headquarters: Massachusetts, Unied States

Thermo Fisher Scientific manufactures and supplies lab and hospital instruments. Its primary brands include Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon, and PPD. The company has four main segments: Life Sciences Solutions- Analytical Instruments- Specialty Diagnostics, and Laboratory Products & Services. ThermoFisher’s 2021 revenue increased by 6% vs 2020. In Jan 2021, Thermo Fisher acquired Mesa Biotech for $450M.Thermosfisher accelerated the availability of advanced molecular diagnostics at the point of care with the addition of Mesa Biotech's PCR-based rapid POC testing platform.

Diagnostic Revenue: $6.53B

Founded Year: 1897

Market Cap: ~$73.75B

Total Employees: ~ 75,000

Stock Exchange: NYSE

Headquarters: New Jersey, Unied States

Becton-Dickinson and Company (BD) is a global medical technology company focused on developing manufacturing and commercialization of a broad range of medical supplies, devices, laboratory equipment, and diagnostic products used by healthcare professionals. BD’s 2021 revenue boosted to 39% vs 2020. In Dec 2021, BD acquired Scanwell Health to develop an app by using its Veritor system to expand and scale Digital At-Home Testing for Covid-19.

Diagnostic Revenue: $9.82B

Founded Year: 1891

Market Cap: ~$22.29B

Total Employees: ~ 78,189

Stock Exchange: AMS

Headquarters: Amsterdam, Netherlands

Philips is a diversified technology company focused on three key areas; Diagnosis & Treatment, Connected Care, and Personal Health. It provides new healthcare technologies in the areas of radiology, cardiology, oncology, decision support, home health, respiratory, and other critical areas. Philips’ 2021 revenue declined by 1.8% vs 2020. In Jan 2021, Philips acquired Capsule Technologies for ~$635M to bolster its strategy to transform the delivery of healthcare along the health continuum with integrated solutions.

Diagnostic Revenue: $9.84B

Founded Year: 1984

Market Cap: ~$191.76B

Total Employees: ~ 80,000

Stock Exchange: NYSE

Headquarters: Washington D.C, Unied States

Danaher is a global science and technology company comprised of more than 20 operating companies in the field of Life Sciences, Diagnostics, Dental, and Environmental & Applied Solutions. Danaher’s 2021 revenue shoots up to 33% vs 2020. In Jun 2021, Danaher acquired Aldevron for ~$9.6B to expand its capabilities in the field of genomic medicine.

Diagnostic Revenue: $10.36B

Founded Year: 1995

Market Cap: ~$22.43B

Total Employees: ~ 75,000

Stock Exchange: NYSE

Headquarters: North Carolina, Unied States

Laboratory Corporation of America Holdings (LabCorp) is a global life sciences company focused on medical laboratory tests and services. LabCorp’s 2021 revenue increased by 12% vs 2020. In Dec 2021, LabCorp acquired Personal Genome Diagnostics for $575M to accelerate its liquid biopsy capabilities and expand its oncology portfolio.

Diagnostic Revenue: $15.64B

Founded Year: 1888

Market Cap: ~$203.84B

Total Employees: ~ 113,000

Stock Exchange: NYSE

Headquarters: Illinois, Unied States

Abbott Laboratories is an American healthcare company with a broad portfolio of generics, diagnostic, natural products, and cardiovascular and neuromodulation products. The diagnostic segment is divided into four divisions Rapid Diagnostics, Molecular Diagnostics, Core Laboratory Diagnostics, Informatics, and automation solutions for use in laboratories and point of care systems. Abbott’s 2021 revenue increased by 45% vs 2020. In Sep 2021, Abbott acquired Walk Vascular to bolster its peripheral vascular portfolio with the addition of Walk Vascular's peripheral thrombectomy systems to treat patients with peripheral blood clots

Diagnostic Revenue: $17.72B

Founded Year: 1878

Market Cap: ~$84.75B

Total Employees: ~ 168,000

Stock Exchange: NYSE

Headquarters: Illinois, Unied States

GE Healthcare is a wholly-owned subsidiary of General Electric Company focused on medical technology, pharmaceutical diagnostics, and digital solutions to provide better patient care supported by its intelligence platform, Edison. GE Healthcare’s 2021 revenue grew to 15% vs 2020. In Sep 2021, GE Healthcare acquired BK Medical for ~$1.45B to expand its $3B ultrasound business from diagnostics to surgical & therapeutic interventions and accelerate its growth in precision health, advancing its surgical visualization segment.

Diagnostic Revenue: $18.52B

Founded Year: 1896

Market Cap: ~$268.60B

Total Employees: ~ 100,920

Stock Exchange: SWX

Headquarters: Basel, Switzerland

Roche is a Swiss multinational healthcare company with robust pharmaceuticals and diagnostics divisions across multiple therapy areas including ophthalmology, oncology, infectious, neurology, and immunology. The Diagnostics segment of Roche is divided into four segments: Core Laboratory Diagnostics, Molecular Diagnostics, Diabetes Care, Pathology Laboratory Diagnostics, and Point of Care Solutions. Roche’s 2021 revenue boosted to 26.50% vs 2020. In Mar 2021, Roche acquired GenMark Diagnostics for $1.8B to boost its molecular diagnostics portfolio and to expand the global reach of GenMark’s products.

Diagnostic Revenue: $18.81B

Founded Year: 1847         

Market Cap: ~$66.09B

Total Employees: ~ 66,000

Stock Exchange: ETR

Headquarters: Munich, Germany

Siemens Healthineers is a subsidiary of Siemens AG, a diagnostic company that provides healthcare solutions and services. Its business segments include Imaging, Diagnostics, Varian, and Advanced Therapies. Siemens’ 2021 revenue increased by 14% vs 2020. In Nov 2021, Siemens Healthineers partnered with Subtle Medical to develop an Open Recon interface by integrating Subtle Medical's SubtleMR image-enhancement software into the MRI machines of Siemens Healthineers.

All revenues are reported in $B

Sources: Annual reports, SEC filings, Press releases, Company websites

Market Cap source: Google finance (7th June 2022);

Currency Conversion: X-Rates (7th June 2022)

  • Note: The revenue for Philips and Varex Imaging increased by 5.62% and 0.04% respectively Y-o-Y in Euros (native currency) but decreased in USD due to the currency rate drop
  • The revenue for Konica Minolta increased by 0.73% Y-o-Y in Yen but decreased in USD due to the currency rate drop 

Related Post: Top 20 Diagnostics Companies Based on 2020 Revenue


Smriti

Smriti is a Senior Editor at PharmaShots. She is curious and very passionate about recent updates and developments in the life sciences industry. She covers Biopharma, MedTech, and Digital health segments along with different reports at PharmaShots. She can be contacted at smriti@pharmashots.com.

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