Conor Stewart
Research expert covering health & pharmaceuticals in the UK & Europe
Diagnostics - statistics & facts
In healthcare, getting the correct diagnosis is critical. In order to properly treat a patient with the right medications or therapy, a diagnosis is required. Diagnostics can take the form of in vitro diagnostics (IVD), where a sample such as blood or tissue is taken from the body and then tested, or scanning or imaging a person or part of the body, examples of these include CT scans, X-rays, and ultrasounds. The diagnostics market is therefore big business, with many companies involved posting large sales figures. In the global market, diagnostic imaging devices produced a revenue of 47.6 billion U.S. dollars in 2024. Roche was the largest company based on revenue from diagnostics which stood at almost 17 billion U.S. dollars. GE Healthcare was the second-largest company with a revenue of just over 16 billion U.S. dollars.
The development and administering of cancer screening programs by health systems requires resources and infrastructure. However, the WHO argues that through them lives are saved, as well as costs of cancer care are lowered, both economically and societally.
In vitro diagnostics
IVD accounts for the segment with largest revenue share within the global medical technology industry, taking up nearly a fifth of the total global revenue. The COVID-19 pandemic affected years of 2020 and 2021 saw worldwide revenue in the industry increase significantly as the pandemic caused a huge demand for quick and reliable tests. Prior to the pandemic, worldwide revenue was 63 billion U.S. dollars. In 2020, revenue jumped to almost 100 billion U.S. dollars before increasing again the next year. Abbot Laboratories held the largest share of the IVD market in the United States, while across the Atlantic in Europe Roche was the single largest business.Importance of preventative screening
Depending on a person’s age, gender, and the country they live in they could be recommended to be screened for certain cancers. The chance of surviving cancer is higher the earlier a tumor is detected. Furthermore, the tumor could also be fairly small when detected early and preventative screenings can catch cancers before symptoms appear. There were worries that due to the COVID-19 pandemic lowering willingness to attend in-person appointments alongside the general strain that the pandemic put on health systems around the world that rates of cancer screenings would decrease. In England, the share of women who were screened for cervical cancer in 2024 was at its lowest rate for 15 years. However, on the other hand, in Sweden, the share of women who had a cervical cancer screening was at an all-time high in 2022.The development and administering of cancer screening programs by health systems requires resources and infrastructure. However, the WHO argues that through them lives are saved, as well as costs of cancer care are lowered, both economically and societally.
Conor Stewart
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Mar 10, 2025
Conor Stewart
Research expert covering health & pharmaceuticals in the UK & Europe
