While many diagnostics companies have suffered from the decline in COVID-19 testing since the pandemic, the sector, expected to grow from USD 210.58 billion to reach USD 284.38 billion by 2033, continues to thrive as it brings forward new levels of innovation and precision for a range of diseases. We look at ten global players who are currently dominating the industry.
Roche Diagnostics
The Swiss company may be known for its innovative therapies, but Roche is also a heavy hitter in the diagnostics arena providing a range of products that include in vitro diagnostics solutions covering molecular diagnostics, clinical chemistry, and immunoassays, tissue diagnostics, point-of-care testing, patient self-testing, next-generation sequencing, laboratory automation, and decision support solutions.
With a total revenue of USD 16.76 billion in 2023, sales within the diagnostics division increased by USD 0.1 billion to USD 2.9 billion in the first half of 2024 although lower sales of the firm’s SARS-CoV-2 rapid antigen test drove a 16 percent sales decrease in its patient care area.
In recent milestones, Roche received the CE Mark for its Accu-Chek SmartGuide glucose monitoring solution and expanded access to its cervical cancer screening tools with two new WHO prequalification designations. At the end of 2023, Roche also acquired LumiraDx’s Point of Care technology.
GE Healthcare
Another leading diagnostics player is GE Healthcare, which spinned off from its parent company, General Electric, in 2023. The firm’s services span medical imaging, ultrasound, patient monitoring solutions and pharmaceutical diagnostics.
Revenues for its first year as an independent public company saw a rise of 8 percent with respect to the previous year, and for its diagnostic division, with revenues of USD 0.591 billion, a 25 percent increase. The Chicago-based company took a hit in 2024, however, when China sales declined due to anti-corruption measures.
It did also score a couple of wins: the FDA approval of its PET radiotracer for coronary artery disease and the takeover of Japanese diagnostic radiopharmaceuticals and molecular imaging specialist Nihon Medi-Physics.
Abbott Laboratories
With divisions that cover cardiovascular, diabetes and neuromodulation care, nutrition, and branded generics, as well as diagnostics, Abbott has been around for over 135 years, holding a solid position in diagnostics even after suffering the flagging need for COVID-19 tests. While lowered demand for these tests brought the division’s sales down by 44 percent in 2023, the effect was countered by double-digit growth in its other segments with total worldwide sales reaching USD 10.241 billion.
A recent breakthrough for Abbott was the FDA approval of its new over-the-counter continuous glucose monitoring systems — Lingo and Libre Rio, which are based on the firm’s FreeStyle Libre continuous glucose monitoring technology. Abbott also received an FDA green light for a molecular human papillomavirus (HPV) test to run on its Alinity M.
Philips Healthcare
Dutch HealthTech provider Philips, with healthcare business areas that reach across personal health, connected care, and diagnosis and treatment, is another diagnostics front runner. While the company’s 2023, revenues rose by 9.44 percent with respect to 2022 with group sales of EUR 18.2 billion and increased revenue coming from its diagnosis and treatment segment, Philips has also come up against some serious obstacles in recent years.
The Amsterdam-headquartered company fell victim to China’s state-led anti-corruption campaign, bringing down orders from Chinese hospitals, and is still recovering from recalls of some 5.5 million CPAPs and other devices that began in 2021. These recalls have led to major civil lawsuits and as a result, Philips laid off some 4,000 employees last year and plans to continue job cuts in 2025.
Danaher
Leading in the diagnostics space is also the American conglomerate founded in 1984, Danaher. Divided into three business areas: biotechnology, life sciences and diagnostics, Danahar has no less than six companies under its diagnostics arm, including Beckman Coulter and Leica Biosystems.
In 2023, Danaher’s revenues decreased by 10.5 percent year-over-year to USD 23.9 billion, due in part to lower sales of molecular diagnostics tests for COVID-19. At the same time, the company made some transformational moves that year, namely spinning out its environmental, water quality and applied solutions businesses to hone in its focus, and the making the decision to acquire the British antibody specialist Abcam.
Quest Diagnostics
The comprehensive New Jersey-based Quest Diagnostics offers products and services across diagnostics information services, clinical trials, healthcare IT, risk management, employer population health and drug screening. Yet another diagnostics provider to feel the decline in COVID-19 testing in 2023, Quest saw its 2023 revenues, USD 9.252 billion, decrease by 6.38 percent as compared to 2022.
Jumping onto a trend of Alzheimer’s testing, in 2023 Quest launched its Quest AD-Detect, which measures amyloid-beta 42 and amyloid-beta 40 in blood to provide an amyloid-beta 42/40 (AB 42/40) ratio. Originally supplied direct to the consumer, the company has since focused on offering the non-FDA-approved test to physicians.
Quest has also made some strategic acquisitions, snapping up the provider of personalized cancer tests Haystack Oncology in 2023 and AI-based solutions provider PathAI as well as the Canadian provider of laboratory diagnostic information and digital health connectivity systems, LifeLabs in 2024.
Fujifilm
Fujifilm Holdings also maintains its position among the world’s leading diagnostics providers. While the Japanese conglomerate has vast business operations that cover electronics and imaging as well as healthcare, a division that includes its ever-expanding BIO CDMO Diosynth Biotechnologies, it is also a strong player in diagnostics. Some of its well-known diagnosis tools are the AFP-L3 serum biomarker for hepatocellular carcinoma and DCP tests.
With 2023 revenues of USD 21.157 billion, Fujifilm reported a 5.88 percent increase with respect to 2022 due to the strong sales of its medical systems in a year that also saw the FDA approval of the firm’s new MRI System, ECHELON Synergy, using deep learning reconstruction technology.
Becton-Dickinson and Company
Becton-Dickinson (BD), an American company that dates back to 1906 and is a solid player in the MedTech arena, manufacturing and commercialisings medical devices, instrument systems, and reagents, also has a firm position in integrated diagnostics solutions and biosciences.
While BD, like many of its peers, suffered from slowing sales of COVID-19 tests, it registered 2023 revenues of USD 19.4 billion, a rise of 2.7 percent with respect to the previous year. BD saw growth in its diagnostics area thanks to the continued adoption of its BD Kiestra Total Modular Track solutions. In addition, the company received an FDA nod for its Respiratory Viral Panel for BD MAX System, a single molecular diagnostic combination test that identifies and distinguishes COVID-19, Influenza A/B and RSV.
Siemens Healthineers
Siemens Healthineers, a subsidiary of the multinational conglomerate Siemens, is yet another strong actor on the diagnostics stage. The German company that provides healthcare equipment, solutions, and services globally, focuses on imaging, diagnostics, cancer care, as well as minimally invasive therapies.
With 2023 revenues of EUR 21.68 billion, Siemens faced a decline of 23.3 percent in its diagnostics revenue due to lowered revenue from its COVID-19 antigen tests, leading to the closure of its fast track diagnostics unit, which produced a collection of polymerase chain reaction (PCR) testing products within its diagnostics business. The company has also had some important launches, such as its Atellica UAS 60 Analyzer, a compact digital urine microscope, and in 2024, Siemens Healthineers made a major acquisition, picking up Novartis’s European radio diagnostic manufacturing network.
Thermo Fisher Scientific
The list could not be complete without Thermo Fisher Scientific, an American provider of analytical equipment, life sciences solutions, specialised diagnostics, laboratory, pharmaceutical, and biotech services, whose specialty diagnostics arm encompasses clinical diagnostics, immuno diagnostics, microbiology and transplant diagnostics. Reporting 2023 revenues of USD 42.86 billion, which was 5 percent lower versus the prior year, Thermo Fisher was yet another company to suffer the plunge in demand for COVID-19-related products.
Big news for Thermo Fisher last year was the launch of its noninvasive urine-based biomarker testing service, CXCL10, which monitors graft dysfunction in kidney transplant patients, and its USD 3.1 billion deal for Swedish protein analyzer and antibody test specialist Olink.
This list does not represent a company ranking and is solely intended for informational purposes.
