10/26/2021 | Press release | Distributed by Public on 10/26/2021 04:27
Following the release of Q3 2021 financials from BioMérieux and Quest Diagnostics;
Chris Onderisin, Medical Devices Analyst at GlobalData, a leading data and analytics company, offers his view:
"Despite vaccinations resulting in downward estimates for COVID-19 diagnostic testing, both BioMérieux and Quest Diagnostics have re-affirmed their faith in the recovery of their core revenue streams. Currently valued at $26.3bn globally, the IVD market is expected to grow to $30.4bn by 2025, according to GlobalData. Within the IVD market, accelerated market penetration for product lines, such as BioMérieux's BioFIRE FilmArray, may prove to be an advantage when COVID-19 transitions from a pandemic to endemic level.
"The pandemic has served as an accelerator for driving installations for molecular diagnostic and immunodiagnostic equipment world-wide. Market players will be looking to leverage these installations for future growth opportunities parallel to decreased COVID-19 testing in 2022 and beyond.
"BioMérieux and Quest Diagnostics have both set their sights on future growth initiatives throughout the pandemic. BioMérieux has invested $65m into opening a production facility in Suzhou, China, which is expected to begin operations in 2023. Quest Diagnostics has debuted its next-generation laboratory facility in the US with a considerable focus on implementation of high-throughput and automated workflows.
"The raised earnings expectations from these companies are also in line with similar adjustments from other major industry players, including Abbott Laboratories."