IVD M&A has been reshaping the competitive landscape at pace. Labcorp agreed to acquire oncology and clinical-testing assets from BioReference Health in March 2025. Bio-Rad accepted a binding offer to acquire Stilla Technologies for digital PCR in February 2025. bioMérieux acquired SpinChip for microfluidics in 2024. Eurofins acquired SYNLAB's clinical diagnostics operations in Spain in April 2025. Fremman Capital acquired a majority stake in DIESSE Diagnostica in January 2025. Incumbents are systematically acquiring niche innovators in faster-growing segments — digital PCR, digital pathology, microfluidics, AI analytics — to preserve relevance across diversifying test settings.
92 countries — 38 European, 18 Asia-Pacific, 22 Latin American, 11 Middle Eastern, and 3 North American countries.
This report provides significant competitor information, analysis, and insight critical to the development and implementation of effective marketing and R&D programs.
Topics Covered
• IVD M&A Overview 2023-2026 — Deal Volume, Value, and Trends
• Major Transactions — Detailed Analysis of Deals Over $100 Million
• Strategic Rationale — Technology Access, Segment Expansion, and Market Consolidation
• Most Active Acquirers and Their Strategic Agendas
• Divestiture Activity — Portfolio Rationalization and Non-Core Asset Sales
• Valuation Analysis — EV/Revenue and EV/EBITDA Multiples by Segment and Deal Type
• Venture Capital in IVD — Digital Diagnostics, Liquid Biopsy, and AI Platform Investment
• M&A Pipeline — Most Likely Transactions 2026-2027
• Competitive Implications — How Recent M&A Has Reshaped IVD Market Positions
'
Table of Contents
1. Executive Summary
- Key findings and strategic implications
- Most significant transactions 2023-2025
- M&A pipeline outlook 2026-2027
- Strategic recommendations
2. IVD M&A Overview
- Transaction volume, value, and trends 2020-2025
- Segment-by-segment M&A activity analysis
- Strategic themes driving IVD consolidation
3. Major Transactions Analysis
- Detailed analysis of transactions over $100 million 2023-2026
- Strategic rationale and competitive implications
- Valuation analysis by transaction type
4. Most Active Acquirers
- Acquisition strategies of leading IVD suppliers
- Strategic gaps being filled through M&A
- Build vs. buy decision patterns
5. Divestiture Activity
- Portfolio rationalization trends
- Non-core asset sales and spin-offs
- Private equity entry and exit activity
6. Valuation Analysis
- EV/Revenue and EV/EBITDA multiples by segment
- Premium analysis — technology, installed base, and growth drivers
- Private vs. public transaction valuation comparison
7. Venture Capital in IVD
- Investment themes — liquid biopsy, AI pathology, CRISPR diagnostics
- Leading VC firms and portfolio companies
- Startup ecosystem as acquisition pipeline
8. M&A Pipeline 2026-2027
- Most likely transactions by acquirer and target
- Strategic gap analysis by segment
- Valuation scenarios for likely targets
9. Strategic Recommendations
- M&A strategy by supplier tier
- Partnership alternatives to acquisition
- Investment and co-development opportunities
10. Appendix
- Research methodology
- Abbreviations and definitions
- List of tables and figures
List of Tables
Table 1. IVD M&A Transactions — Complete List 2023-2026
Table 2. IVD M&A Transactions Over $100 Million — Detailed Analysis 2023-2026
Table 3. IVD M&A Valuation Multiples by Segment 2020-2025
Table 4. Most Active IVD Acquirers — Transaction Volume and Value 2020-2025
Table 5. IVD Divestiture Activity — Portfolio Rationalization 2023-2025
Table 6. Venture Capital Investment in IVD — Key Transactions 2023-2025
Table 7. IVD Startup Ecosystem — Likely Acquisition Targets 2026-2027
Table 8. M&A Pipeline — Most Likely Transactions 2026-2027
Table 9. Strategic Gap Analysis by Leading Supplier and Segment
Table 10. Key Risks and Mitigation Strategies
Abbott Diagnostics
Bio-Rad Laboratories
bioMérieux
Danaher (Beckman Coulter, Cepheid, Radiometer)
DiaSorin
Hologic
QuidelOrtho
Roche Diagnostics
Siemens Healthineers
Sysmex
