Shots:

• Impelled by interminable technological advances and unceasing innovations, diagnostic and testing companies hold potent positions in the healthcare industry. The diagnostic and testing companies have been serving as a pivotal foundation stone of the healthcare sector
• With a global market value of $165.58B in 2021, the diagnostic and testing market size is anticipated to touch the threshold of $348.75 by 2030. In the year 2022, Roche ranked the top among the Diagnostic Companies with a total revenue of $19.17B followed by GE Healthcare and Siemens Healthineers with $17.72B and $17.64B
• PharmaShots brings an informative report on the Top 20 Diagnostic Companies Based on the Total Revenue generated in the year 2022

Diagnostic Revenue: $674.7M

Founded Year: 2017

Total Employees: ~2,300

Headquarters: Utah, United States

Market Cap: $926.37M

Stock Exchange: NASDAQ

With businesses ranging from Medical Diagnostic Imaging, Security, or Industrial Quality Inspection Systems to systems for analysis and measurements in industrial manufacturing applications, Varex Imaging is a renowned name in the Diagnostic Care division. The company has divided its business into two segments i.e., Medical and Industrial, and primarily designs and manufactures X-ray components, including tubes, digital detectors, linear accelerators, image software processing solutions, and stand-alone X-ray-based systems. Varex’s 2022 diagnostic segment revenue increased by 4.69% as compared to 2021. In May 2023, Varex launched its XRD 3131N digital X-ray detector to address the need for faster and more comprehensive inspection in high-paced EV battery manufacturing

Diagnostic Revenue: $720.4M

Founded Year: 1940

Total Employees: ~1,640

Headquarters: Barcelona, Spain

Market Cap: $7.31B

Stock Exchange: NASDAQ

Grifols is a global healthcare company that develops, manufactures, and distributes biological medicines developed from plasma-derived proteins. Moreover, the company’s Diagnostic Business discovers, develops, and manufactures in vitro diagnostic products and devices for hospital and clinical use. Grifols’ 2022 diagnostic segment revenue dipped by 18.18% as compared to 2021. In Apr 2022, Grifol acquired Tiancheng Pharmaceutical, which held 89.88% of ordinary shares and 1.08% of the preferred shares of Biotest AG.

Diagnostic Revenue: $1.03B

Founded Year: 1873

Total Employees: ~39,120

Headquarters: Tokyo, Japan

Market Cap: $1.70B

Stock Exchange: TYO

Konica Minolta is a Japan-based diagnostic company that develops, manufactures, and markets various diagnostics devices for healthcare applications. The company segments its business into multiple areas, including Digital Workplace Business, Professional Print Business, Healthcare Business, and Industry Business. With the company's diagnostic revenue generated mostly from the healthcare business, Konica’s 2022 revenue spiked by 14.44% as compared to 2021. In Sep 2022, Konica’s Chiropractic Straight Arm (CSA) system received the US FDA’s approval as an X-ray technology allowing diagnosis through visualization of the anatomy.

Diagnostic Revenue: $1.45B

Founded Year: 1952

Total Employees: ~8,200

Headquarters: California, United States

Market Cap: $11.15B

Stock Exchange: NYSE

Bio-Rad is a multinational company that manufactures and globally distributes research and clinical diagnostic products to markets focused on life science research, healthcare, and analytical chemistry. The company divides its business into Life Science and Clinical Diagnostic Segments. Bio-Rad’s 2022 diagnostic segment revenue decreased by 3.97% vs 2021. In Nov 2022, Bio-Rad entered into an exclusive license and product development agreement with NuProbe to enhance Bio-Rad’s product pipeline through a Digital PCR application.

Diagnostic Revenue: $1.46B

Founded Year: 1968

Total Employees: ~3,360

Headquarters: Saluggia, Italy

Market Cap: $5.98B

Stock Exchange: BIT

An Italian biotech company, DioSorin, discovers, develops, and markets diagnostic devices, including in vitro diagnostics reagent kits to the laboratory diagnostic market. The company divides its business into immunodiagnostics and molecular diagnostics. DiaSorin’s 2022 diagnostic segment revenue increased by 4.28% as compared to 2021. In Jul 2022, DiaSorin’s Liaison MeMed BV test received the US FDA’s approval for its commercial launch across the US. 

Diagnostic Revenue: $2.08B

Founded Year: 1995

Total Employees: ~6,400

Headquarters: Madison, Wisconsin

Market Cap: $16.88B

Stock Exchange: NASDAQ

With a primary focus on advanced cancer diagnostics, Exact Sciences is a global diagnostic company that provides devices for the detection, treatment guidance, and monitoring of cancer. The company has various products under Screening Tests (Cologuard Test, Clinical Genetic Testing), Precision Oncology Tests (Oncotype DX Breast Recurrence Score Test, OncoExTra Test), and COVID-19 Testing Business. Exact Sciences’ 2022 diagnostic segment revenue increased by 18.18% vs 2021. In Jan 2022, Exact Sciences reported the acquisition of PreventionGenetics to enhance its cancer diagnostics portfolio and to complement its entry into the Hereditary Cancer Testing (HCT) field.

Diagnostic Revenue: $2.92B

Founded Year: 1986

Total Employees: ~6,940

Headquarters: Massachusetts, United States

Market Cap: $19.44B

Stock Exchange: NASDAQ

Primarily focusing on women’s health and well-being, Hologic is a technology-based company that develops, manufactures, and provides diagnostic products, medical imaging systems, and surgical products. The company divides its business into four segments i.e., Diagnostics, Breast Health, GYN Surgical, and Skeletal Health. Hologic’s 2022 diagnostic segment revenue decreased by 22.94% vs 2021. In May 2022, Hologic received the US FDA’s approval for its Aptima CMV Quant assay to detect the viral load of cytomegalovirus (CMV) in patients that have had a solid organ or stem cell transplants.

Diagnostic Revenue: $3.09B

Founded Year: 1968

Total Employees: ~8,770

Headquarters: Kobe, Japan

Market Cap: $14.92B

Stock Exchange: TYO

As a global diagnostic company, Sysmex develops, manufactures, and markets laboratory testing reagents and equipment alongside computer systems or software used as clinical examination information systems. Diagnostics and Medical Robotics are the two business segments under which the company operates. Sysmex’s 2022 diagnostic segment revenue increased by 3.69% vs 2021. In Jun 2022, Sysmex’s XN-10 Automated Hematology Analyzer with Blood Bank Mode received the US FDA’s approval for the addition of residual white blood cell counting. 

Diagnostic Revenue: $3.19B

Founded Year: 1937

Total Employees: ~180,780

Headquarters: Tokyo, Japan

Market Cap: $34.63B

Stock Exchange: TYO

With services extending around the globe, Canon holds a prominent position in the healthcare sector by delivering diagnostic devices. The company segments its business into printing, imaging, medical, and industrial groups. Canon’s 2022 diagnostic segment revenue decreased by 23.50% as compared to 2021. In Sep 2022, Canon entered into a strategic collaboration agreement with Gradian Health Systems to enhance its manufacturing ability and medical device expertise.

Diagnostic Revenue: $3.26B

Founded Year: 1979

Total Employees: ~7,000

Headquarters: California, United States

Market Cap: $5.72B

Stock Exchange: NASDAQ

Marking a strong presence in the diagnostics and devices sector, QuidelOrtho develops and manufactures diagnostic solutions primarily focusing on immunoassay and molecular testing, chemical chemistry, and transfusion medicine. The company has segmented its business into Clinical Laboratories and Transfusion Medicine. QuidelOrtho’s 2022 diagnostic segment revenue was boosted by 59.80% vs 2021. In Dec 2022, QuidelOrtho received Health Canada’s approval for the utility of the Quidel TriageTrue High-Sensitivity Troponin I (hsTnl) Test on the Quidel Triage MeterPro across Canada.

Diagnostic Revenue: $4.60B

Founded Year: 1934

Total Employees: ~75,470

Headquarters: Tokyo, Japan

Market Cap: $26.32B

Stock Exchange: TYO

Fujifilm Medical is a renowned name in the diagnostic business that develops and delivers diagnostic imaging products and medical informatics. The company divides its business into multiple segments, including imaging solutions, healthcare & material solutions, and document solutions. Fujifilm’s diagnostic segment revenue increased by 4.78% in 2022 as compared to 2021. In Dec 2022, Fujifilm entered into an asset purchase agreement with Tampa to acquire its global digital pathology business.

Diagnostic Revenue: $4.76B

Founded Year: 1956

Total Employees: ~130,000

Headquarters: Massachusetts, United States

Market Cap: $202.91B

Stock Exchange: NYSE

Thermo Fisher Scientific is a global company that serves pharma and biotech companies, hospitals, clinical diagnostic labs, universities, research institutions, and government agencies with innovative technologies and products. The company divides its business into multiple segments, including life science solutions, analytical instruments, specialty diagnostics, laboratory products, and biopharma services. Thermo Fisher’s 2022 diagnostic segment revenue declined by 15.75% vs 2021. In Oct 2022, Thermo Fisher Scientific reported the acquisition of The Binding Site Group for its specialty diagnostics business.

Diagnostic Revenue: $5.56B

Founded Year: 1897

Total Employees: ~77,000

Headquarters: New Jersey, United States

Market Cap: $71.43B

Stock Exchange: NYSE

A multinational medical technology company, Becton-Dickinson and Company (BD) develops, manufactures, and commercializes medical supplies, devices, laboratory equipment, and diagnostic products. The company operates under three business segments, including BD Medical, BD Life Sciences, and BD Interventional. BD’s 2022 diagnostic segment revenue faced a recession of 14.85% as compared to the year 2021. In Jun 2022, BD entered into a collaboration agreement with CerTest Biotec to develop a molecular diagnostic test for the Monkeypox virus.

Diagnostic Revenue: $6.59B

Founded Year: 1891

Total Employees: ~77,230

Headquarters: Amsterdam, Netherlands

Market Cap: $18.65B

Stock Exchange: AMS

Philips Healthcare is a global technology company that delivers medical devices and diagnostics to consumers, patients, providers, and caregivers. Diagnosis & Treatment, Connected Care, and Personal Health are the three segments under which the company operates. Philips’ diagnostic segment revenue in 2022 decreased by 2.65% vs 2021. In Sep 2022, Philips’ compact ultrasound system, Ultrasound 5000 Compact Series, received the US FDA’s 510(K) clearance.

Diagnostic Revenue: $9.20B

Founded Year: 1995

Total Employees: ~80,000

Headquarters: North Carolina, United States

Market Cap: $20.29B

Stock Exchange: NYSE

Labcorp is a global life science healthcare company that works on the delivery of diagnostics, drug development, and technology-enabled solutions to pharma companies, researchers, hospitals, doctors, and patients. Labcorp Diagnostics and Labcorp Development are the two business segments under which the company operates. Lapcorp’s 2022 diagnostic segment revenue declined by 11.19% vs 2021. In May 2022, Labcorp acquired certain assets from AltantiCare along with its Diagnostic Clinical Laboratory Services to expand its business outreach.

Diagnostic Revenue: $10.85B

Founded Year: 1984

Total Employees: ~81,000

Headquarters: Washington, United States

Market Cap: $178.03B

Stock Exchange: SWX

Danaher is a multi-disciplinary science and technology company delivering healthcare solutions to companies in the biotech, life sciences, diagnostics, environmental, and applied sciences sectors. The company divides its business into four segments i.e., Biotechnology, Life Sciences, Diagnostics, and Environmental & Applied Solutions. Danaher’s 2022 diagnostic segment revenue inclined by 10.26% vs 2021. In Oct 2022, Danaher’s Beckman Coulter Diagnostics reported the acquisition of AI company StoCastic to improve patient care through data-driven insights for clinicians and optimize clinical decision-making.

Diagnostic Revenue: $16.58B

Founded Year: 1888

Total Employees: ~115,000

Headquarters: Illinois, United States

Market Cap: $177.13B

Stock Exchange: NYSE

Abbott Laboratories develops and provides innovative tests and instrument systems for health screening, disease diagnosis, monitoring, and treatment of diseases. The company develops, manufactures, and commercializes products for the healthcare sector. Abbott’s 2022 diagnostic segment revenue increased by 6.01% vs 2021. In May 2022, Abbott received the US FDA’s approval for its Alinity m STI Assay for the detection and differentiation of four common Sexually Transmitted Infections (STIs).

Diagnostic Revenue: $17.04B

Founded Year: 1895

Total Employees: ~69,500

Headquarters: Erlangen, Germany

Market Cap: $64.14B

Stock Exchange: ETR

Siemens Healthineers is a Germany-based healthcare company that delivers healthcare solutions through scalable solutions across the globe. The company operates under its Imaging, Diagnostics, Varian, and Advanced Therapies segments. Siemens’ 2022 diagnostic segment revenue decreased by 3.40% vs 2021. In Sep 2022, Siemens Launched ARTIS icono, its new angiography system in India that consists of OPTIQ imaging that enables constant image quality.

Diagnostic Revenue: $18.46B

Founded Year: 1870

Total Employees: ~172,000

Headquarters: Illinois, United States

Market Cap: $35.37B

Stock Exchange: NYSE

A high-tech industrial company, GE Healthcare is a prominent part of the healthcare sector that delivers medical technology, pharmaceutical diagnostics, and digital solutions. The company divides its healthcare business into segments, including Healthcare Systems (HCS), Pharmaceutical Diagnostics (PDx), and BioPharma. GE Healthcare’s 2022 revenue increased by 4.17% vs 2021. On Oct 2022, GE Healthcare entered into a collaborative agreement with Telix Pharmaceutical to supply GE Healthcare’s PET imaging radiotracers, TLX250-CDx (89Zr-DFO-girentuximab), and [18F]-FLac (18F-3-fluoro-2-hydroxypropionate) to be used in third-party clinical research and development activities.

Diagnostic Revenue: $19.17B

Founded Year: 1896

Total Employees: ~1,03,613

Headquarters: Basel, Switzerland

Market Cap: $65.74B

Stock Exchange: SWX

Roche is an eminent name in developing and marketing therapeutic drugs, with therapy areas, including oncology, immunology, ophthalmology, cardiovascular, and respiratory. Roche primarily develops products dedicated to its pharma and diagnostic business. Roche’s 2022 revenue decreased by 1.54% vs 2021. In Oct 2022, Roche’s PATHWAY anti-HER2/neu (4B5) Rabbit Monoclonal Primary Antibody received the US FDA’s approval for the detection of low HER2-expressing metastatic breast cancer.

Sources:

• Annual reports
• SEC Filings
• Press releases
• Company websites

Market Cap Source: Google Finance (14^th Jun 2023)

Currency Conversion: X-Rates (14^th Jun 2023)

Note:

• All market caps were marked on 14^th Jun 2023
• The revenue for Canon Increased in YEN but Decreased in USD (Due to the Currency Rate Drop)
• The revenue for Philips Healthcare Increased in EUR but Decreased in USD (Due to the Currency Rate Drop)
• The revenue for Siemens Healthineers Increased in EUR but Decreased in USD (Due to the Currency Rate Drop)
• For Fujifilm Medical, the Revenue was calculated as per Fiscal Year 2022

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