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Page Length: | 10-12 |
Last Quarterly Update: | 4/17/2023 | |
SIC Codes: | 2835 | |
NAICS Codes: | 325413 |
Chapters Include: | ||
Industry Overview | Trends & Challenges | Industry Forecast |
Quarterly Industry Update | Call Prep Questions | Website & Media Links |
Business Challenges | Financial Information | Glossary & Acronyms |
Companies in this industry develop and manufacture biological, chemical, and radioactive substances used in the process of detecting, diagnosing, and monitoring health conditions. Major companies include Beckman Coulter and Bio-Rad Laboratories (both based in the US), as well as bioMerieux and Guerbet (both in France) and the diagnostic divisions of major pharmaceutical companies such as Abbott (US), Roche (Switzerland), and Siemens (Germany).
The global market for in-vitro diagnostics, which includes drugs and devices, is forecast to grow from about $70 billion in 2020 to $105 billion in 2025, according to the Business Research Company. Demand for point-of-care diagnostic devices is increasing as these provide rapid results, are cost effective, and have advanced diagnosis feature for patients. The risk of getting disease increases while aging.
The US diagnostic substances industry includes about 240 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $14 billion.
Companies that make diagnostic equipment such as x-ray machines are covered in a separate profile.
COMPETITIVE LANDSCAPE
Demand for diagnostics is driven by the desire to detect and treat illness and disease. The profitability of individual companies depends on their ability to promote easy-to-use, effective tests and to develop new tests. Growth is fueled by increasing rates of chronic and infectious diseases. Large companies have economies of scale in research, manufacturing, and marketing. Smaller companies can compete effectively by specializing in certain types of ...
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