Recently, annual reports from IVD-related companies have been intensively released, revealing the industry landscape throughout 2024. According to IVD News statistics, the total revenue of 75 IVD-related enterprises reached 141.303 billion yuan, with a combined net profit of 15.527 billion yuan. (Ranking by total revenue)
Only two companies—Mindray and Dian Diagnostics—achieved revenues exceeding 10 billion yuan. Twenty-eight companies had revenues below 500 million yuan. Fourth-two IVD companies saw declining revenues, 43 reported lower net profits, and 30 recorded negative net profits.
In terms of revenue growth, Sansure, NanoMicro, and Innovita ranked top, while Wantai, EasyDiagnosis, and Hexin trailed at the bottom. For net income growth, Bohui, Bioeasy, Bioperfectus, KH Bio, and Alltests showed the highest increases, whereas BGI, DaAn Gene, Hotgen, and CloudHealth had the lowest growth rates. Overall, policies such as Volume-Based procurement (VBP), Diagnosis-Related Groups (DRG) payment systems, and reduced testing fees have significantly impacted IVD enterprises. Industry leaders like Mindray and Autobio experienced slowed growth. Among leading players in the chemiluminescence field, only Snibe maintained double-digit growth.
Respiratory testing services continued to perform well, with Sansure, Innovita, and KH Bio achieving rapid growth. Third-party medical testing laboratories like Kingmed and Dian Diagnostics struggled with large accounts receivable, leading to net profit losses due to bad debt provisions. Companies including DaAn Gene, Hybribio, Kehua Bio, BGI, and Orient Gene reported substantial losses.
The IVD industry remains in a downturn, with slow growth under procurement policies. Growth opportunities lie in two directions: overseas expansion (Mindray, Snibe, and KH Bio saw rapid growth in international markets) and domestic substitution. The tariff war, VBP, and the recent ban on Illumina may free up market share previously held by foreign IVD companies, creating opportunities for domestic players.
Personnel changes reflect widespread cost-cutting and layoffs across the industry. Even prominent players like Roche Diagnostics downsized, making job hunting in IVD challenging. Additionally, more IVD companies faced bankruptcy due to financing difficulties and a closed IPO market. Startups face tough conditions, and survival is critical.
In conclusion, there’s no victory to claim—persistence is everything.
