Global IVD Landscape Shifts in H1 2024: Mindray Poised to Overtake Another MNC
Siemens Healthineers
Medical Solutions Provider
Abbott
Diagnostic and pharmaceutical product manufacturers
First Half of 2024 (Million) | Roche (Rui Lang) | Danaher (USD) | Abbott (USD) | Siemens Healthineers (Euro) |
Diagnosis Business Ranking | 1 | 2 | 3 | 4 |
Diagnostic Services Revenue | 7211 | 4787 | 4409 | 2162 |
Diagnostic Services Growth Rate | 5% | 4% | -11.9% | -3% |
Total Company Revenue | 29848 | 11539 | 20341 | 10611 |
Total Revenue Growth Rate | 5% | -2% | 3% | 2% |
Diagnosis Business Proportion of Total Revenue | 24% | 41% | 22% | 20% |
▲IVD Global Top 4 Companies H1 2024 Data Overview
01
Global:
TOP 4 Ranking Changes: Danaher Surpasses Abbott
In the first half of 2024, solely from the perspective of IVD business, the global TOP 4 ranking has changed:Roche ranks first, Danaher second, Abbott third, and Siemens Healthineers fourth.。
Overall ranking,
Roche:Has remained at the top of the IVD rankings for nearly 10 consecutive years.First Half of 2024In the year, the core laboratory business of the pillar segment grew the fastest, with a year-on-year increase of 10%, reaching 4.069 billion Swiss francs.Diagnostic business revenue in China reached 1.273 billion Swiss francs, nearly 10.6 billion RMB, increasing by 5% year-on-year, accounting for 18% of total revenue.。
Danaher:Siemens Healthineers Surpasses Abbott with Steady Growth in Core Business, Outpacing Abbott's Diagnostics Segment by Nearly $4 Billion in First Half.
Abbott:Still stuck in the quagmire of declining COVID-19 product sales, unable to recover, diagnostic business in the first half of the yearRevenue of $4.4 billion,Year-on-year-11.9%. Molecular diagnostics and rapid diagnostics businesses are still experiencing double-digit declines.
Siemens Healthineers:Diagnostics Business Becomes the Only Declining Segment, with Slight Revenue Drop in China.
At the same time, the bonus from COVID-19 has passed, and compared to pre-pandemic times, the "status" of IVD businesses within various companies is also returning to normalcy.
In comparison:
Roche DiagnosticsDiagnostic Business in Mid-2019OccupyingAccounting for 21% of the company's total revenue; in mid-2024, this figure reached 24%, slightly higher than before the pandemic.
Danaher DiagnosticsIn 2019, it accounted for 31%; by mid-2024, it will account for 41%, steadily advancing to become the company's largest business.
Abbott DiagnosticsIn 2019, it accounted for 25%, and in mid-2024, it will account for 22%, a decrease compared to the pre-pandemic proportion.
Siemens HealthineersIn 2019, it was 29%; by mid-2024, it accounted for 20%, a decline of nearly 10 percentage points compared to pre-pandemic levels.
Two categories can be clearly seen:Roche,DanaherThe proportion of diagnostic services within the company is gradually increasing, indicating that the core business remains solid and steady even as the market surges.Laboratory, Pathological Diagnosis, etc.Core competitiveness; while Abbott and Siemens Healthineers rely more on the COVID-19 dividend, when the tide recedes, their core products lack momentum, naturally leading to a decline in the proportion of diagnostic business within the company.
Regardless of superiority or inferiority, this is just the previous stage.DifferentProjection Effect of the Company's Key Efforts.
Roche Diagnostics: Central Laboratory Business up 10% YoY,Revenue in China increased by 5% year-over-year
Roche's total revenue is298Hundred MillionSwiss Francs (approximately 34.568 billion US dollars), calculated at the fixed exchange rate CER,Year-on-year+5%. Among them:Diagnostic Business Revenue7.2 billionSwiss Francs (approximately 8.365 billion USD), up 5% year-over-year, accounting for 24%.
Diagnostic Business Revenue
▲ Roche Diagnostics Business Revenue in the First Half of 2022
Central Laboratory:Revenue of 4.069 billion Swiss francs, up 10% year-on-year, accounting for 56%, mainly due toImmunoassays +11%, Clinical Chemistry +8%, Customized biotech business +5%. Molecular Diagnostics:Revenue of 1.275 billion Swiss francs, year-on-year+3%, accounting for 17.7%. COVID-19 products declined by 67%, while blood testing and virology base businesses both increased by 13%. POCT：Revenue decreased 19% from CHF 1.36 billion in the first half of 2023 to CHF 1.097 billion, accounting for 15%. This was largely impacted by a 60% decline in sales of COVID-19 lateral flow tests. Pathology Laboratory:Revenue of 7.7 billion Swiss francs, up 17% year-on-year, accounting for 11%; this was mainly driven by the growth in advanced staining business (+11%) and the sales growth in companion diagnostics business (+46%).
Region Aspect
In the first half of this year, Roche Diagnostics' largest marketEMEAYear-on-year +4%;APAC +3%, of whichChina is the largest market in the Asia-Pacific region, with revenue of 1.273 billion Swiss francs (approximately 1.477 billion U.S. dollars), increasing by 5% year-on-year, accounting for 18% of total revenue.。
Danaher Diagnostics: High-Growth Market Down 5% YoY
Clinical Laboratory Services:Achieved year-on-year growth driven by North America and high-growth markets. Molecular Diagnostics Business:Demand in Western Europe and high-growth markets decreased year-over-year, offsetting the growth in core sales of respiratory and non-respiratory disease testing in North America. Acute Care Diagnostics Business,Pathology Diagnosis ServicesAll achieved growth.
Region Aspect
In the first half of 2024, Danaher's diagnostic business in China and other regionsHigh-Growth Markets (Eastern Europe, Middle East, Africa, Latin America, Asia, excluding Japan, Australia, and New Zealand)Revenue of $14.28 billion，Year-on-year -5%.
Abbott Diagnostics: Revenue Down 12% Year-over-Year
Traditional Diagnosis: Revenue of $2.534 billion, a year-on-year increase of 2.4%, driven by the Alinity® series of diagnostic systems. Molecular Diagnostics:Revenue of $256 millionDown 11.1% YoY, U.S. Market Declines 16.3%。 Point-of-Care Testing(Abbott Traditional POC Business): Revenue of $2.95 billion, a year-on-year increase of 6.9%. Rapid Diagnosis(Alere's POC Business)：Revenue of $13.24 billion, a year-on-year decrease of 32.7%, mainly due to the decline in demand for COVID-19 antigen testing.
In Q2 2024, Abbott's global sales of COVID-19 tests were $102 million, a year-on-year decrease of 61%. Excluding products related to COVID-19,Global Diagnostic Business SalesYear-on-year +5.9%.
Siemens Healthineers: Diagnostics Business Is the Only Declining Segment
Region:
02
China:
Mindray Poised to Surpass Another Imported Brand, China-Made Replacement Enters the Second Phase
The development of China's IVD industry is still continuing the core theme of "import substitution."
Chemiluminescence is the largest细分market in IVD, and Mindray is the leading Chinese-produced brand in this field.From agency to self-research, from low-end to mid-to-high-end, from homogenized internal competition to becoming an industry leader...Over the past 20 years, leading Chinese companies like Mindray have increased their independent research and development efforts, writing an epic of domestically produced alternatives.
2023 is a critical turning point.
Mindray's IVD business revenue reached 12.4 billion yuan. According to Medical Industry Observation data, Mindray's domestic chemiluminescence revenue is estimated at 3 billion yuan, surpassing the "Big Four" for the first time in China and ranking fourth. The logic of China-produced substitution is gradually being realized.
The momentum is accelerating.
At a recent investor relations conference,Mindray Reveals That According to Company Statistics, the Domestic Market Share of Its Chemiluminescence Business Is Expected to Surpass Another Imported Brand This Year.
This statement is true. In the first half of 2024, according to the disclosed data on biochemical analyzer brands and amounts compiled by MDCLOUD (Medical Device Data Cloud), in May 2024, Mindray surpassed Beckman to rank first, with market shares of 47.13% and 16.05%, respectively, showing a significantly widening gap.
Mindray Further Emerges in the Latest Landscape of China's Top-Tier IVD Market.
Not only in the chemiluminescence sector, but also in the previously "dominant area" of TOP foreign enterprises, such as the IVD high-end field assembly line track,The first half of 2024In terms of the number of publicly signed contracts in the Chinese market, Mindray ranks 1st, Getein ranks 2nd, Roche ranks 3rd, Beckman Coulter ranks 4th, and YHLO ranks 5th; Abbott Diagnostics ranks 12th, and Siemens Healthineers ranks 13th.
***Data Source: Lao Liu Talks IVD
In the future, the same story will continue to unfold in other细分fields of IVD.
And when the story of Chinese domestic substitution reaches a certain stage, the next focus will be on how to leverage China's technological and industrial chain advantages to gradually expand into other IVD fields, while simultaneously advancing globally to compete with the aforementioned giants on the world stage.
