Abbott's rapid diagnostics segment grew 95% in last 12 months

Abbott Laboratories posted its largest-ever quarter for rapid diagnostics, according to a news release from data analytics and consulting firm GlobalData. 

The company's rapid diagnostics segment sold more than $2.6 billion in the fourth quarter, driving growth of more than 95 percent for rapid diagnostics overall in 2021. Abbott is forecasting COVID-19 revenues of $2.5 billion for 2022, GlobalData said.

"Sales of rapid diagnostics such as BinaxNow, ID Now and PanBio have catapulted Abbott's diagnostics segment, which has quadrupled in sales since 2019. Rapid diagnostics brought in nearly 20 percent of all revenues for Abbott in 2021, with U.S. sales in this area alone surpassing the company's entire pharmaceutical segment," said GlobalData medical devices analyst Chris Onderisin."Ultimately, Abbott won't be able to rely on this level of growth in the long-term. … With conventional wisdom on viral evolution suggesting that COVID will fade to an endemic disease eventually, Abbott will have to look elsewhere for future growth opportunities."

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