The 2024 Diagnostics Industry Report offers insights into the current landscape and highlights the sector’s growth, innovation, and emerging companies. This report details the key trends, investment patterns, and the expanding global workforce that underscores the industry’s potential. This report also provides data on the contributions of leading companies and investors shaping the industry.
This diagnostics report serves as a reference for stakeholders within the industry, investors, policymakers, and economic analysts, providing a snapshot of the industry’s health to map its trajectory for innovation and growth in the coming years.
StartUs Insights Diagnostics Report 2024
- Executive Summary
- Introduction to the Diagnostics Report 2024
- What data is used in this Diagnostics Report?
- Snapshot of the Global Diagnostics Industry
- Funding Landscape in the Diagnostics Industry
- Who is Investing in Diagnostics?
- Emerging Trends in the Diagnostics Industry
- 5 Innovative Diagnostics Startups
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Executive Summary: Diagnostics Industry Report 2024
This report is created using data obtained from the Big Data and AI-powered StartUs Insights Discovery Platform, covering more than 4.7 million global companies, as well as 20K+ technologies and emerging trends. We also analyzed a sample of 5840+ diagnostics startups developing innovative solutions to present five examples from emerging diagnostics industry trends.
- Industry Growth Overview: The diagnostics industry experiences growth, with over 81740 companies contributing to its development. The sector showed an annual growth of about 0.31%.
- Manpower & Employment Growth: The industry employs approximately 7 million individuals worldwide. In the last year, it saw an increase of 397K new employees that reflected the sector’s expanding impact on global employment.
- Patents & Grants: Innovation in the diagnostics industry is highlighted with more than 135K patents and over 15K grants awarded.
- Global Footprint: The diagnostics industry showcases a global presence, with top country hubs including the USA, India, the UK, France, and Germany. Key city hubs like New York City, London, Sydney, Melbourne, and Bangalore further illustrate the sector’s influence.
- Investment Landscape: The average investment value in this sector is about USD 21 million per round. It attracted over 4600 investors who participated in more than 21420 funding rounds and supported over 7290 companies.
- Top Investors: Some of the top investors include Sonic Healthcare, Ares Management, and Deerfield. The combined investment value by these and other top investors exceeds USD 2.2 billion.
- Startup Ecosystem: Five innovative startups that highlight the sector’s global reach and entrepreneurial spirit include Pupil Bio (primer dimer formation reduction), Thrixen (rapid poc multiplex diagnostic), Lybe Scientific (nucleic acid extraction products), Betterwhy (battery diagnostics), and Veridi Technologies (AI-based plant pathogens diagnosis).
- Recommendations for Stakeholders: Investors should prioritize funding startups that focus on diagnostics technologies such as AI-driven analysis, personalized medicine, and advanced biosensors. While entrepreneurs should focus on developing diagnostics solutions that address unmet clinical needs, such as early detection of diseases and non-invasive testing methods, governments should implement policies that streamline the regulatory approval process for new diagnostics technologies to reduce time to market.
Explore the Data-driven Diagnostics Market Report for 2024
The Diagnostics Industry Report 2024 uses data from the Discovery Platform and encapsulates the key metrics that underline the sector’s dynamic growth and innovation. Our database houses 5845 startups and showcases the entrepreneurial ecosystem in the diagnostics market. With this, the database includes over 81740 companies that indicate a diverse industry landscape. Moreover, the industry experienced a growth of 0.31% over the last year which reflects steady progress. With over 135430 patents and 15470 grants, the industry demonstrates its innovation and research activity.
The diagnostics market employs approximately 7 million people globally and underscores its impact on employment. In the last year alone, the sector saw an increase of 397K employees highlighting the ongoing expansion. The leading country hubs include the USA, India, the UK, France, and Germany, which drive industry trends and growth. Key city hubs such as New York City, London, Sydney, Melbourne, and Bangalore are at the forefront of industry activity and innovation.
What data is used to create this diagnostics industry report?
Based on the data provided by our Discovery Platform, we observe that the diagnostics industry ranks among the top 5% in the following categories relative to all 20K topics in our database. These categories provide a comprehensive overview of the industry’s key metrics and inform the short-term future direction of the industry.
- News Coverage & Publications: The industry received news coverage and publications, with more than 37610 publications in the last year.
- Funding Rounds: The sector closed over 21420 funding rounds to highlight the financial investments made within the industry.
- Manpower: Employing over 7 million workers globally, the industry added more than 397 thousand new employees last year.
- Patents: More than 135K technologies are registered for patents.
- Grants: The industry secured over 15K grants.
- Yearly Global Search Growth: The diagnostics industry experienced a yearly global search growth of 11.59% to indicate increasing interest and relevance.
- and more. Reach out to us to explore all data points used to create this diagnostics report.
A Snapshot of the Global Diagnostics Industry
The industry demonstrates a global workforce employing approximately 7 million individuals. This manpower underlines the industry’s role in providing employment opportunities worldwide. The industry showed growth in its workforce, with an increase of 397 thousand new employees in the last year alone.
Our database records over 81740 companies operating within the industry. This number of companies reflects the landscape, with numerous players contributing to the industry’s innovation and growth.
Explore the Funding Landscape of the Diagnostics Industry
The industry experienced a decent investment activity, with an average investment value of USD 21 million per round. It drew the attention of more than 4600 investors, indicating interest from the financial community.
These investors participated in over 21420 funding rounds and showcased the active investment environment. Additionally, the industry benefited from investments in more than 7290 companies and highlighted the support in the industry’s potential for growth.
Who is Investing in Diagnostics?
The diagnostics industry attracted financial support from top investors, with a combined investment value of more than USD 2.2 billion. Here are the leading investors and their contributions:
- Sonic Healthcare funded 11 companies, allocating USD 729 million.
- Ares Management backed 2 companies with a commitment of USD 430 million.
- Deerfield invested in 6 companies and contributed USD 397 million.
- Temasek Holdings provided USD 358 million to 2 companies.
- Perceptive Advisors financed USD 321 million and supported 6 companies.
- and more. Contact us to explore all investment data in the diagnostics industry.
Access Top Diagnostics Innovations & Trends with the Discovery Platform
Magnetic Resonance Tomography (MRT) is used in 2100 companies and employs 247K individuals to demonstrate its impact on the workforce. Despite adding 13K new employees in the last year, the industry saw a slight decline with an annual trend growth rate of -3.5%.
The Diagnostic Analytics trend includes 111 companies specializing in this field and employs 15K people. The sector experienced an increase with 744 new employees added in the last year. The annual trend growth rate stands at 11.45% to reflect the increasing adoption of data-driven approaches in diagnostics.
The Medical Imaging System trend comprises 350+ companies and employs 21K individuals. In the past year, the sector grew by adding 1K new employees. The annual trend growth rate is 3.24% which indicates steady expansion. The sector’s stability and gradual growth emphasize the ongoing importance of medical imaging systems in the diagnostics industry and ensure the provision of critical insights for accurate diagnosis and treatment planning.
5 Top Examples from 5840+ Innovative Diagnostics Startups
The five innovative startups showcased below are picked based on data including the trend they operate within and their relevance, founding year, funding status, and more. Book a platform demo to find promising startups, emerging trends, or industry data specific to your company’s needs and objectives.
Pupil Bio reduces Primer Dimer Formation
US-based startup Pupil Bio provides high-throughput molecular diagnostic solutions. The startup’s compatibility with quantitative polymerase chain reaction (qPCR) instrument platforms offers single-tube qPCR assays for DNA detection. Its Multiplex testing technology detects between 10 to 1000 targets and enhances diagnostic capabilities. Moreover, the startup’s Degenerate Incomplete Multiplex Primer List Extension (DIMPLE) algorithm optimizes multiplexed PCR primer design to reduce primer dimer formation and off-target amplification. These solutions overcome the limitations of highly multiplexed qPCR and provide cost-effective results.
Thrixen offers Rapid PoC Multiplex Diagnostic
Singapore-based startup Thrixen develops a diagnostic technology platform with proprietary engineered protein binders, combined with an assay format. Its Rapid PoC Multiplex Diagnostic platform allows for multiplex diagnostic tests at the point of care for timely results. Thrixen’s technologies replace traditional antibodies and create simple and cost-effective diagnostic solutions. The platform supports testing a wide range of biomarkers such as respiratory tract, tropical diseases, cardiac, bacterial vs. virus, inflammation, endocrine, allergens, and bacterial symptomatic panels.
Lybe Scientific makes Nucleic Acid Extraction Products
Norway-based startup Lybe Scientific develops advanced nucleic acid extraction kits. Its NAxtra kit uses magnetic bead technology for ribonucleic acid (RNA) and deoxyribonucleic acid (DNA) extraction. The kit prepares clinical samples for PCR and next-generation sequencing for high-quality nucleic acids. The NAxtra 2.0 Aquaculture kit extracts DNA and RNA from fish tissues and environmental samples. The NAxtra Cells kit draws high-quality nucleic acids from mammalian cells, cell lines, and bacteria. Moreover, the NAxtra Blood kit offers fast and easy nucleic acid extraction from whole blood samples. All kits support both manual procedures and open automation systems to enhance versatility and efficiency.
Betterwhy provides Battery Diagnostics
South Korean startup Betterwhy advances battery safety and life-cycle management through its diagnosis technology platform. The platform ensures battery safety and performance by leveraging real-time data on battery properties. It implements state estimation and anomaly diagnosis based on data-driven analysis and utilizes models such as deep learning, k-nearest neighbors (KNN) clustering, K-means, and Bayesian inference. The technology includes precise state of charge (SOC) calculation to estimate battery deterioration and quantify remaining capacity and available power. The platform tracks battery aging and abnormalities and provides detailed diagnostics at the cell, module, or pack level.
Veridi Technologies offers AI-based Plant Pathogens Diagnosis
Netherlands-based startup Veridi Technologies provides AI-powered soil microbiome analytics using computer vision and automated microscopy. The startup’s platform diagnoses plant pathogens and analyzes soil biodiversity by combining optics, precision mechatronics, deep learning, and cloud computing. This technology automates laboratory work and optimizes diagnostics workflows while providing significant cost savings. It uses environmental and plant parasitic nematodes as biodiversity indicators to offer qualitative and quantitative insights into soil health and biodiversity.
Gain Comprehensive Insights into Diagnostics Trends, Startups, or Technologies
The diagnostics market report demonstrates adaptability in the face of challenges around standardization, scalability, and human error. Innovative technologies like AI-powered analytics, automated microscopy, and data-driven platforms address these issues by enhancing accuracy, efficiency, and consistency. The insights provided here guide stakeholders in making informed decisions and foster continued growth and innovation in the field of diagnostics. Get in touch to explore all 5840+ startups and scaleups, as well as all industry trends impacting diagnostics companies.
