We are at the cutting edge of life sciences technology, improving the accuracy of analytical and diagnostics tests, and creating critical components to keep patients alive during life-saving operations or in critical care units. In fluid control, our solutions ensure the safety, reliability and performance of everyday essentials – from eggs to car tyres.
Market trends and our response
2023 was a challenging year for Life Science businesses overall, with a reduction in spend on COVID-19 testing and high levels of safety stocks built up during the pandemic needing to be unwound. This led to a temporary reduction in demand, although the long-term growth drivers of the industry remain unchanged. There is growing demand for healthcare services globally due to a rapid rise in people with access to healthcare, combined with longer life expectancies and lifestyle changes leading to increasingly complex healthcare needs. In addition, the regulatory environment for healthcare is becoming progressively demanding. These trends underpin the expected long-term market growth for our sector.
We are seeing a trend from our OEM customers to simplify their supply chains and look for multiple needs to be solved by a single partner. Our recent acquisitions of Adaptas Solutions and CorSolutions put us in a strong position to support this complexity reduction. We now offer our OEM customers an even broader portfolio of capabilities, allowing us to solve fluidic and detection challenges.
Customers also increasingly want a local, trusted expert in their supply chain to support manufacturing and design challenges. We are well positioned for this because of our global manufacturing and engineering footprint, and are able to support customers as they look to outsource activities to trusted suppliers.
Percent of 2023 sales
IMI growth target
Creating value in Life Sciences
We empower our customers to digitise and automate their processes to diagnose disease early and support highly tailored, patient-focused critical care.
Our sector
Our key applications include anaesthesia and ventilation, and mass spectrometry
We supply the majority of the top global ventilator OEMs, and most of the top 10 analytical and diagnostic OEMs
We serve our customers through our global engineering resources and manufacturing facilities in Europe, the USA and China
2023 highlights
Launched the Active Controls range of products, including our Air Infinity pipettor, drastically reducing design complexity for OEM customers
Enabled even better commercial coffee machines with the launch of our media separated TruControl dispense valve
Grew our portfolio of customer projects, many of which are driven by synergies with Adaptas
Priorities for 2024 and beyond
As we work with our customers towards a stabilisation of demand on the core business, our priorities include delivering growth through innovation and winning share of wallet with existing and new OEM customers. We have developed a strong pipeline of customer opportunities, including through leveraging relationships from our acquisition of Adaptas.
We continue to invest in our manufacturing and engineering footprint to be close to our customers, and to focus on building a diverse talent pool with deep application expertise to solve customers’ problems. Our teams include specialists who are among a handful o f experts worldwide.