Bio-Rad Laboratories vs Thermo Fisher Scientific
Thermo Fisher Scientific holds the stronger position because its massive scale and lack of visible customer loss give it far more staying power than Bio-Rad, which is actively losing ground to Thermo Fisher itself and to Danaher.
Bio-Rad Laboratories
Maker of lab instruments and reagents for gene research and clinical diagnostics testing
Thermo Fisher Scientific
Global maker of lab instruments, reagents, and clinical trial support services
Dimension by dimension
| Dimension | Bio-Rad Laboratories | Thermo Fisher Scientific |
|---|---|---|
| Staying power of the core product | Bio-Rad's lab instrument and reagent business is under real pressure, with its process chromatography revenue down 13% on a currency-neutral basis. | Thermo Fisher's much larger instrument, reagent, and clinical trial support business shows no visible sign of customer loss in the evidence. |
| Exposure to AI absorbing the product | AI is unlikely to replace Bio-Rad's physical lab instruments and reagents. | AI is unlikely to replace Thermo Fisher's physical instruments and services either. |
| How easily a giant could copy them | A larger player copying Bio-Rad's droplet digital PCR and diagnostics lines is possible, and Thermo Fisher and Danaher are already doing exactly that. | Thermo Fisher's scale and breadth make it hard for a rival to simply copy its position. |
| Pressure from rivals | Bio-Rad faces direct share loss to Thermo Fisher Scientific and Danaher Corporation in diagnostics and chromatography, with process chromatography revenue down 13% on a currency-neutral basis, assessed July 2026. | Thermo Fisher faces lighter direct pressure than Bio-Rad, with no meaningful customer loss visible in its instrument, reagent, and clinical trial support business, assessed July 2026. |
| Financial footing | Bio-Rad posted $2.58 billion in FY2025 revenue, and its Q1 2026 net sales fell 4.2% on a currency-neutral basis despite a 1.1% reported gain. | Thermo Fisher posted $44.56 billion in FY2025 revenue with $6.70 billion in GAAP net income, and Q1 2026 revenue of $11.01 billion. |
| Overall standing | Bio-Rad's standing is protection under test, reflecting its currency-neutral revenue decline and active share loss to Thermo Fisher and Danaher in diagnostics and chromatography. | Thermo Fisher's standing looks built to last, reflecting its $44.56 billion FY2025 revenue base and the absence of visible share loss. |
Questions people ask
- Is Bio-Rad Laboratories a safer position than Thermo Fisher Scientific?
- No. Bio-Rad is rated protection under test while Thermo Fisher is rated hard to displace. Bio-Rad is also losing share to Thermo Fisher and Danaher in diagnostics and chromatography, which puts it at a clear disadvantage.
- Who is taking market share from Bio-Rad?
- Thermo Fisher Scientific and Danaher Corporation are winning share from Bio-Rad in its diagnostics and chromatography businesses through their larger scale. Bio-Rad's process chromatography revenue fell 13% on a currency-neutral basis as a result.
- How do Bio-Rad and Thermo Fisher compare in size?
- Thermo Fisher is far larger, with FY2025 revenue of $44.56 billion compared to Bio-Rad's $2.58 billion. Thermo Fisher also posted $6.70 billion in GAAP net income for the same period.
- Which company is more exposed to AI replacing its products?
- Neither. Both Bio-Rad and Thermo Fisher make physical lab instruments and reagents that AI is unlikely to absorb.
- Could a larger company copy Bio-Rad's business?
- Yes, this is listed as possible, and it is already happening, since Thermo Fisher and Danaher are gaining share in Bio-Rad's diagnostics and chromatography lines. Thermo Fisher's own position is rated as blocked from this kind of copying due to its scale.
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