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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 Alere, Beckman Coulter, and Bio-Rad Laboratories (all 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 reach $75 billion by 2020, according to MarketsandMarkets. Growth is strongest in developing nations with growing economies and rising middle class populations.
The US diagnostic substances industry includes about 190 companies with combined annual revenue of about $13 billion.
Companies that make diagnostic equipment such as x-ray machines are covered in a separate profile.
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. Large companies have economies of scale in research, manufacturing, and marketing. Smaller companies can compete effectively by specializing in certain types of tests or disease targets, or through advanced product development efforts. The US industry is highly concentrated: the top eight companies account for about 65% of revenue.
The diagnostic industry, like the pharmaceutical industry, is dependent on scientific discovery to gain competitive ...
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