MoatScopeMoatScope

Life Sciences Tools & Diagnostics

Lab instruments, bioprocessing, CROs, diagnostics and clinical labs.

Companies
98
With a moat
40%
Average quality
31
4 wide moat · 35 narrow moat · 59 no moat · Open in screener →
Updated 27 Sep 2026

Life Sciences Tools & Diagnostics covers lab instruments, bioprocessing, research services, diagnostic tests and clinical labs. MoatScope covers 98 companies here. Four have a wide moat, 35 a narrow moat and 59 none.

How the industry makes money

Toolmakers earn on instruments and then, far more steadily, on the reagents, consumables and service contracts each instrument needs. Research organizations earn on drug-development projects, and labs earn per test.

Where the moats are

Switching costs appear in 35 of the 39 moat-rated companies: once a method is validated with a supplier's instruments and reagents, especially in regulated drug production, changing suppliers means repeating the work.

  • Thermo Fisher Scientific: the largest provider of scientific instruments, reagents, consumables and services.
  • Danaher: life-science and diagnostics tools embedded in customers' validated processes.
  • IDEXX Laboratories: veterinary diagnostics, where clinics standardize on its instruments and tests.
  • Mettler-Toledo: leading positions in precision instruments, backed by a large service business.

The narrow-moat group includes Agilent, IQVIA, Illumina, West Pharmaceutical, Quest Diagnostics, Waters and Natera. IDEXX scores 83 on MoatScope's quality scale, the highest in the group.

What wears moats down

Biotech funding and pharmaceutical research budgets rise and fall, reimbursement for diagnostic tests can be cut, and new technologies can displace established platforms.

What to watch

  • Biopharma research spending and funding.
  • Bioprocessing demand.
  • Reimbursement for diagnostic tests.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Life Sciences Tools & Diagnostics into 3 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Lab instruments & life-science tools

Instruments, reagents and bioprocessing supplies for labs and drugmakers.

Global market · $270.0B total revenue in 2025 · source: Thermo Fisher Scientific · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Thermo Fisher's estimate of its served market, which also covers diagnostics and contract services, so tool makers' shares read low.

#BusinessMarket shareRevenue
1TMO · THERMO FISHER SCIENTIFIC INC.15.5%$41.9B
2DHR · DANAHER CORP /DE/5.4%$14.6B
3A · AGILENT TECHNOLOGIES, INC.2.6%$6.9B
4AVTR · Avantor, Inc.2.4%$6.6B
5ILMN · ILLUMINA, INC.1.6%$4.3B
6MTD · METTLER TOLEDO INTERNATIONAL INC/1.5%$4.0B
7BRKR · BRUKER CORP1.3%$3.4B
8WAT · WATERS CORP /DE/1.2%$3.2B
9WST · WEST PHARMACEUTICAL SERVICES INC1.1%$3.1B
10RVTY · REVVITY, INC.1.1%$2.9B
All other companies60.8%$164.2B

Diagnostics & clinical labs

Clinical laboratories and diagnostic tests.

Global market · $183.7B total revenue in 2024 · source: ResearchAndMarkets IVD report release · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. 2024 global diagnostic products plus US clinical lab services.

#BusinessMarket shareRevenue
1Roche Diagnostics
Part of Roche (SIX) · Roche
9.1%$16.7B
2DGX · QUEST DIAGNOSTICS INC6.0%$11.0B
3LH · LABCORP HOLDINGS INC.5.9%$10.9B
4DHR · DANAHER CORP /DE/
Diagnostics
5.4%$9.9B
5ABT · ABBOTT LABORATORIES
Diagnostics · filed under Medical Devices & Supplies
4.9%$8.9B
6BDX · BECTON DICKINSON & CO
Life Sciences · filed under Medical Devices & Supplies
2.8%$5.2B
7TMO · THERMO FISHER SCIENTIFIC INC.
Specialty Diagnostics
2.5%$4.7B
8IDXX · IDEXX LABORATORIES INC /DE2.3%$4.3B
9QDEL · QuidelOrtho Corp1.5%$2.7B
10NTRA · Natera, Inc.1.3%$2.3B
All other companies53.7%$98.6B

Drug research & manufacturing services

Contract research and manufacturing for drug developers.

Global market · $231.6B total revenue in 2025 · source: IntuitionLabs · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Contract research plus contract manufacturing, from market-research estimates.

#BusinessMarket shareRevenue
1IQV · IQVIA HOLDINGS INC.4.2%$9.7B
2ICLR · ICON PLC3.6%$8.3B
3WuXi AppTec
Listed outside the US (Shanghai) · IntuitionLabs
2.7%$6.3B
4Syneos Health
Private · IntuitionLabs
2.2%$5.1B
5Parexel
Private · IntuitionLabs
2.1%$4.9B
6CRL · CHARLES RIVER LABORATORIES INTERNATIONAL, INC.1.7%$4.0B
7LH · LABCORP HOLDINGS INC.
Biopharma Laboratory Services
1.3%$3.1B
8FTRE · Fortrea Holdings Inc.1.2%$2.7B
9MEDP · Medpace Holdings, Inc.1.1%$2.5B
10NRC · NRC HEALTH<0.1%$137M
All other companies79.8%$184.8B

Companies

CompanyMoatQualityMarket
TMO
THERMO FISHER SCIENTIFIC INC.
Wide68Lab instruments & life-science tools
+ 1 other market
15.5%$251.2B
DHR
DANAHER CORP /DE/
Wide66Lab instruments & life-science tools
+ 1 other market
5.4%$157.8B
NTRA
Natera, Inc.
Narrow33Diagnostics & clinical labs1.3%$57.6B
A
AGILENT TECHNOLOGIES, INC.
Narrow69Lab instruments & life-science tools2.6%$47.9B
IDXX
IDEXX LABORATORIES INC /DE
Wide83Diagnostics & clinical labs2.3%$43.8B
IQV
IQVIA HOLDINGS INC.
Narrow53Drug research & manufacturing services
+ 1 other market
4.2%$43.8B
WAT
WATERS CORP /DE/
Narrow65Lab instruments & life-science tools1.2%$42.7B
ILMN
ILLUMINA, INC.
Narrow59Lab instruments & life-science tools1.6%$39.5B
MTD
METTLER TOLEDO INTERNATIONAL INC/
Wide73Lab instruments & life-science tools1.5%$32.6B
WST
WEST PHARMACEUTICAL SERVICES INC
Narrow71Lab instruments & life-science tools1.1%$27.0B
DGX
QUEST DIAGNOSTICS INC
Narrow54Diagnostics & clinical labs6.0%$25.9B
LH
LABCORP HOLDINGS INC.
Narrow48Diagnostics & clinical labs
+ 1 other market
5.9%$25.9B
GH
Guardant Health, Inc.
Narrow25Diagnostics & clinical labs0.5%$21.2B
MEDP
Medpace Holdings, Inc.
Narrow71Drug research & manufacturing services1.1%$17.3B
RVTY
REVVITY, INC.
Narrow52Lab instruments & life-science tools1.1%$16.8B
CRL
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
Narrow49Drug research & manufacturing services1.7%$14.3B
ICLR
ICON PLC
Narrow46Drug research & manufacturing services3.6%$12.8B
TEM
Tempus AI, Inc.
Narrow18Lab instruments & life-science tools0.5%$11.6B
TECH
BIO-TECHNE Corp
Narrow62Lab instruments & life-science tools0.5%$11.4B
AVTR
Avantor, Inc.
Narrow42Lab instruments & life-science tools2.4%$11.1B
RGEN
REPLIGEN CORP
Narrow50Lab instruments & life-science tools0.3%$10.0B
BIO
BIO-RAD LABORATORIES, INC.
Narrow49Lab instruments & life-science tools1.0%$9.8B
QGEN
QIAGEN N.V.
Narrow68Lab instruments & life-science tools0.8%$9.5B
TXG
10x Genomics, Inc.
Narrow42Lab instruments & life-science tools0.2%$9.1B
BRKR
BRUKER CORP
Narrow46Lab instruments & life-science tools1.3%$8.6B
LNTH
Lantheus Holdings, Inc.
Narrow68Diagnostics & clinical labs0.8%$6.5B
GRAL
GRAIL, Inc.
None20Diagnostics & clinical labs<0.1%$5.5B
RDNT
RadNet, Inc.
Narrow35Diagnostics & clinical labs1.1%$5.5B
STVN
Stevanato Group S.p.A.
Narrow47Lab instruments & life-science tools0.5%$5.1B
SHC
Sotera Health Co
None45Lab instruments & life-science tools0.4%$5.0B
BLLN
BillionToOne, Inc.
Narrow44Diagnostics & clinical labs0.2%$4.8B
ADPT
Adaptive Biotechnologies Corp
Narrow29Lab instruments & life-science tools0.1%$3.8B
NEOG
NEOGEN CORP
Narrow33Diagnostics & clinical labs0.5%$2.5B
FTRE
Fortrea Holdings Inc.
None14Drug research & manufacturing services1.2%$2.1B
NEO
NEOGENOMICS INC
None27Diagnostics & clinical labs0.4%$2.1B
ABCL
AbCellera Biologics Inc.
None17Lab instruments & life-science tools<0.1%$1.9B
BLFS
BIOLIFE SOLUTIONS INC
Narrow47Lab instruments & life-science tools<0.1%$1.9B
MRVI
MARAVAI LIFESCIENCES HOLDINGS, INC.
Narrow25Lab instruments & life-science tools<0.1%$1.8B
PSNL
Personalis, Inc.
None10Diagnostics & clinical labs<0.1%$1.7B
AZTA
Azenta, Inc.
Narrow39Lab instruments & life-science tools0.2%$1.5B
CSTL
CASTLE BIOSCIENCES INC
Narrow40Diagnostics & clinical labs0.2%$983M
QDEL
QuidelOrtho Corp
None13Diagnostics & clinical labs1.5%$875M
CYRX
Cryoport, Inc.
None30Lab instruments & life-science tools<0.1%$860M
MLAB
MESA LABORATORIES INC /CO/
Narrow43Lab instruments & life-science tools<0.1%$690M
CTKB
Cytek Biosciences, Inc.
None34Lab instruments & life-science tools<0.1%$684M
OABI
OmniAb, Inc.
None15Drug research & manufacturing services<0.1%$682M
DNA
Ginkgo Bioworks Holdings, Inc.
None14Lab instruments & life-science tools<0.1%$678M
PACB
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Narrow22Lab instruments & life-science tools<0.1%$572M
FLGT
Fulgent Genetics, Inc.
None33Diagnostics & clinical labs0.2%$553M
EVO
Evotec SE
None21Lab instruments & life-science tools0.3%$505M
NRC
NRC HEALTH
Narrow48Drug research & manufacturing services<0.1%$453M
TKNO
Alpha Teknova, Inc.
None17Diagnostics & clinical labs<0.1%$365M
NAUT
Nautilus Biotechnology, Inc.
None18Lab instruments & life-science tools—$335M
PRE
Prenetics Global Ltd
None23Lab instruments & life-science tools<0.1%$260M
LAB
STANDARD BIOTOOLS INC.
None18Lab instruments & life-science tools<0.1%$251M
BDSX
BIODESIX INC
None12Diagnostics & clinical labs<0.1%$247M
LFCR
LIFECORE BIOMEDICAL, INC. \DE\
None10Lab instruments & life-science tools<0.1%$242M
QSI
Quantum-Si Inc
None27Lab instruments & life-science tools<0.1%$239M
XGN
EXAGEN INC.
None15Diagnostics & clinical labs<0.1%$180M
TRIB
TRINITY BIOTECH PLC
None16Diagnostics & clinical labs<0.1%$153M
CDXS
CODEXIS, INC.
Narrow29Lab instruments & life-science tools<0.1%$145M
IDXG
INTERPACE BIOSCIENCES, INC.
None43Lab instruments & life-science tools<0.1%$139M
MXCT
MAXCYTE, INC.
None21Drug research & manufacturing services<0.1%$134M
QTRX
Quanterix Corp
None20Lab instruments & life-science tools<0.1%$131M
SEER
Seer, Inc.
None28Lab instruments & life-science tools<0.1%$112M
IMDX
Insight Molecular Diagnostics Inc.
None16Diagnostics & clinical labs<0.1%$95M
SERA
SERA PROGNOSTICS, INC.
None16Diagnostics & clinical labs<0.1%$80M
LUCD
Lucid Diagnostics Inc.
None14Lab instruments & life-science tools<0.1%$77M
CSBR
CHAMPIONS ONCOLOGY, INC.
None25Lab instruments & life-science tools<0.1%$65M
HYFT
MindWalk Holdings Corp.
None22Lab instruments & life-science tools<0.1%$62M
CFOR
CapForce Inc.
None40Diagnostics & clinical labs<0.1%$50M
ONMD
OneMedNet Corp
None3Drug research & manufacturing services<0.1%$40M
PRPO
Precipio, Inc.
None22Lab instruments & life-science tools<0.1%$39M
HBIO
HARVARD BIOSCIENCE INC
None21Lab instruments & life-science tools<0.1%$36M
RPID
RAPID MICRO BIOSYSTEMS, INC.
None16Lab instruments & life-science tools<0.1%$35M
BIAF
bioAffinity Technologies, Inc.
None14Drug research & manufacturing services<0.1%$28M
INIS
RADNOSTIX INC
None23Lab instruments & life-science tools<0.1%$27M
BNGO
Bionano Genomics, Inc.
None20Lab instruments & life-science tools<0.1%$14M
FEMY
FEMASYS INC
None23Lab instruments & life-science tools<0.1%$14M
AWHL
Aspira Women's Health Inc.
None14Diagnostics & clinical labs<0.1%$10M
PBSV
Pharma-Bio Serv, Inc.
None20Lab instruments & life-science tools<0.1%$10M
AMS
AMERICAN SHARED HOSPITAL SERVICES
None18Diagnostics & clinical labs<0.1%$8M
SCND
SCIENTIFIC INDUSTRIES INC
None16Lab instruments & life-science tools<0.1%$8M
BMRA
BIOMERICA INC
None6Diagnostics & clinical labs<0.1%$8M
ADVB
Advanced Biomed Inc.
None14Diagnostics & clinical labs—$7M
VSBC
VITASPRING BIOMEDICAL CO. LTD.
None25Drug research & manufacturing services—$6M
ACON
Aclarion, Inc.
None11Diagnostics & clinical labs<0.1%$5M
CODX
Co-Diagnostics, Inc.
None27Lab instruments & life-science tools<0.1%$4M
AIDX
20/20 Biolabs, Inc.
None2Lab instruments & life-science tools<0.1%$3M
BJDX
Bluejay Diagnostics, Inc.
None14Lab instruments & life-science tools—$3M
VRAX
Virax Biolabs Group Ltd
None14Diagnostics & clinical labs<0.1%$3M
ISPC
iSpecimen Inc.
None9Drug research & manufacturing services<0.1%$2M
VNRX
VOLITIONRX LTD
None6Diagnostics & clinical labs<0.1%$2M
ONCO
Onconetix, Inc.
None22Lab instruments & life-science tools<0.1%$2M
MDXH
MDxHealth SA
None16Diagnostics & clinical labs<0.1%$1M
BNBX
BNB PLUS CORP.
None14Lab instruments & life-science tools<0.1%$1M
FCHS
First Choice Healthcare Solutions, Inc.
None1Diagnostics & clinical labs—$1M
PRPH
ProPhase Labs, Inc.
None14Lab instruments & life-science tools<0.1%$1M

98 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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