Los Angeles, CA – Dec 20th, 2021 – The global market for clinical laboratory grew by more than 18% in 2020 compared to 2019, reaching an estimated $173 billion. Demand for COVID-19 testing has continued to drive market growth well into 2021, and based on results through Q3, Vamstar Inc. forecasts revenue for the full year to increase more than 25% over 2020. The first 3 months of 2021 saw a sharp increase of 31.5% over the same period in 2020, however, growth has slowed throughout the year with Q3 2021 increasing 21.5% compared to Q3 2020.
In terms of clinical lab technology suppliers, the top seven companies for revenue in the third quarter were Thermo Fisher Scientific, Danaher Corp., Roche Diagnostics, Abbott, Agilent Technologies, Becton, Dickinson and Co., and bioMérieux S.A. These companies accounted for 67% of clinical lab technology revenue during the quarter.
The largest single supplier, Thermo Fisher, had a revenue growth of 9% for the quarter, with organic revenue growth of 7%, and growth from acquisitions of 1%. From the base business, its organic revenue growth was 10% and its COVID-19 response revenue was $2.05 billion. In addition to its overall growth, Thermo Fisher also launched new mass spectrometry and chromatography solutions. Following Thermo Fisher, Danaher had the second largest share of all suppliers. Overall, the company’s revenue increased by 23.0% to $7.2 billion, with 20.5% non-GAAP core revenue growth. The company also announced their acquisition of Aldevron and Cepheid received the CE mark for Xpert Xpress CoV-2/Flu/RSV plus, a rapid molecular diagnostic test for qualitative detection within single samples of the viruses causing COVID-19, Flu A, Flu B and respiratory syncytial virus (RSV) infections.
Holding around 9% of the market each, Roche Diagnostics and Abbott also saw increases in revenue. Roche’s Diagnostics Division sales grew by 18% in the third quarter and by 39% in the first nine months, as a result of high COVID-19 test demand, strong recovery in the base business, and its new diagnostics platform. They also received FDA approval for VENTANA PD-L1 Assay, the companion diagnostic for non-small cell lung cancer patients who are eligible for Tecentriq. Abbot saw a greater, 46.8% increase of organic growth in diagnostics; a result of COVID-19 test-related sales. This totaled $1.9 billion, with approximately $1.6 billion coming from rapid tests. Non COVID-19-related sales increased by 12.5% (organic) with 14.1% reported.
Agilent Technologies, Becton, Dickinson and Co. (BD), and bioMerieux also saw growth. For Agilent, revenue was up 12%, with core growth up 11% QoQ. The company signed a global distribution agreement with Visiopharm which enables Agilent to co-market Visiopharm’s portfolio of CE-IVD marked pathology software as well as their own portfolio of automated pathology staining solutions. For BD, revenue in the third quarter grew 26.9%, to $4.9 billion. On a currency-neutral basis, this increase was 22.0%. COVID-19 testing revenues were $300 million, including the $212 million revenue from BD Veritor Plus System. BD also launched a spectral-enabled cell analyzer, expanding current cell analyzer capabilities to at least 34 parameters with live spectral unmixing, enabling researchers to analyze selected single cells from complex samples. BioMerieux found a lower sales organic growth of 11.6%, although significantly higher than expected, due to strong demand in the US for respiratory panels.
In terms of device applications, Vamstar segments the clinical laboratory market by:
• Blood Banking
• Environmental Control, Metering, Mixing
• Histology and Pathology
• Molecular Diagnostics
For 2021, 43.2% of all revenue is estimated to come from general lab equipment designed for environmental control, metering, and mixing. This is followed by molecular diagnostics at 20.9%. Accessories and consumables account for more than 50% of all clinical laboratory revenue; COVID-19 testing is expected to keep the consumables segment elevated into 2022 before returning to pre-pandemic growth expectations. Reagents and assay kits are estimated to comprise a 75% share of these consumables.
Contact Vamstar.io for more details on the company’s Clinical Laboratory market intelligence service.
Vamstar’s healthcare market research portfolio provides a unique perspective on the healthcare ecosystem by incorporating traditional business analysis with the latest data collection techniques and Vamstar’s novel, AI-based, procurement insight. Vamstar’s AI scans millions of sources every day to enrich buyer and supplier data, match buyer needs with supplier portfolio, and analyze markets and competition to identify opportunities for clients. Vamstar’s medical device analysis pairs this with market estimates built using a bottom-up approach, utilizing data obtained from manufacturers, distributors, and other sources. These estimates are then compared with estimates using top-down analyses to identify and rationalize any variances. The forecast modeling is based on expectations from vendors, the knowledge and expertise of Vamstar’s analysts, and the unique procurement insight obtained from the company’s novel AI platform.
About the Clinical Laboratory service
A clinical laboratory is where tests are performed on clinical specimens to obtain information about the health of a patient to aid in diagnosis, treatment, and prevention of disease. These laboratories differ from academic institutions as they apply science rather than conducting research. Typically, these laboratories are attached to a hospital and serve patients of the hospital, or they are private laboratories that receive samples from general practitioners, insurance companies, clinical research sites and other health clinics for analysis. This market is segmented by in vitro diagnostics (IVD) and general lab, where IVD includes hematology, histology, pathology (cytology), immunology, and molecular diagnostics, and general lab services which include blood bank processing, environmental control, metering, and mixing. Vamstar’s Clinical Laboratory market intelligence service covers a global clinical laboratory market and includes details on specific laboratory equipment sales as well as associated accessories, consumables, and services. This service also features regional analysis as well as country-level analysis for key markets.
To learn more about Vamstar and the unparalleled benefits of their online marketplace, visit their official website at https://vamstar.io.