Conor Stewart
Research expert covering health & pharmaceuticals in the UK & Europe
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In 2023, Swiss company Roche had the highest revenue worldwide from medical diagnostics, at almost 16.8 billion U.S. dollars. This was closely followed by GE Healthcare, which had a revenue from diagnostics of around 16.3 billion U.S. dollars. In vitro diagnostics (IVD) are one of the prominent segments of the diagnostics industry overall. Although also included in the industry are devices which scan or image parts of the body such as MRIs, CT scans, and ultrasounds.
Market share in the IVD markets
In 2022, Roche occupied 23 percent of the IVD market in the United States, followed by Abbott laboratories with 20 percent market share. Similarly, Roche diagnostics and Abbott laboratories had the largest market share in Europe in the given year.
IVD industry revenue and market size
The outbreak of the COVID-19 pandemic caused a huge demand for tests that could detect the disease. The IVD industry therefore underwent massive growth in 2020 and 2021. In 2024, the global revenue of the in vitro diagnostics industry amounted to nearly 99 billion U.S. dollars, with an expected growth to 110 billion U.S. dollars by 2028.
