So when I think about kicking off the year, what I always like to start is, what are the takeaways? What is the focus of the day? And obviously, we respect the Safe Harbor statement and the use of Non-GAAP financials, which you can find on our website. So when I think about 2024, we deliver differentiated performance, and it was strong performance, right? And we look forward to reporting our results in a couple of weeks' time. And then when I think about the future, we are an incredibly well-positioned industry leader, right? And we have leading businesses that enable our customer success. We're incredibly relevant, and we have a business that's gaining market share. We serve attractive end markets, right? And I'll talk more about them.
When I think about the long term, the drivers of long-term growth are incredibly sound and create a bright future for our industry and for our company. For Thermo Fisher, we've been executing a growth strategy which is proven, right? And it's driving share gain. We have a capital deployment approach that creates tremendous value. And all of this is powered by our PPI Business System. And I'll update you on some of the things that are going on in the deeply ingrained operational excellence and execution at the company and the passion for being better today than we were yesterday and creating a brighter future tomorrow. We have an experienced leadership team that delivers differentiated value creation to our stakeholders. And then when I think about our financial performance, we have an outstanding track record.
Most importantly, when I think to the future, we have an excellent short-term outlook as well as long-term outlook for financial performance, right? That's what I want to talk about this morning. When I look at the company, I always think it's helpful to orient you, right? I'll do that very quickly to remind you of who Thermo Fisher Scientific is, as we are unique in our competitive position. We serve science. In fact, we're the world leader in serving science, right? When you look at that, we have unmatched scale, over $42 billion in revenue, 120,000 amazing colleagues. We invest $1.3 billion in our product companies, about $1.5 billion in CapEx in our services businesses. That leads to unmatched depth of capabilities that are incredibly strong and respected by our customers.
We do that in a sustainable way in terms of value creation by having a positive societal impact and a very comprehensive corporate social responsibility set of activities that make a real difference in the world and positions the company for a bright future, right? Passionately about being better today. When I think about our purpose of the company, we enable our customers to make the world healthier, cleaner, and safer. If you take away sort of one thing from the overview, it's the choice of words. We serve science. We enable our customers, right? We're the company behind the scenes that's making it happen, but our customers are doing the exciting work, right? That's an incredible privilege that we have as an organization. When I think about the opportunities we have to enable our customer success, we serve attractive end markets.
Just under 60% of our revenue is serving pharmaceutical and biotech. We're able to enable our customers from a scientific idea all the way through and improve medicine, and then helping those customers then scale up commercially those medicines. Our other three end markets are roughly all the same size: diagnostics and healthcare, enabling cost-effective, better patient outcomes. When I think about academic and government, we're delivering new scientific advances to create breakthroughs. From an industrial and applied, we are facilitating the advancement of advanced materials through our technologies. When I look at our market, it's large. $235 billion served market, which means we have roughly 20% market share in terms of the market we have, and that's the leading position in the industry. The long-term growth prospects continue to be 4%-6%. I'll talk more about that.
So when I think about the long term, if I think about investor interactions over the last couple of years, when you have markets that are well off of the long-term trend line, right, you have a discussion: has the world changed permanently, or is it temporal, right? And I think it's a very valid question, right? And having spent my career in this industry and understanding the drivers of the industry, I couldn't be more optimistic for what the future holds, right, in terms of what the long term is. And if you think about it, demographics are driving increased healthcare demand, right? China's getting older, Western world, aging population, that drives healthcare demand. That's the first driver.
When you think about that and you complement that with the scientific advances that are happening in life sciences, the confluence of those two things creates real excitement in what's going on in the biotech and pharmaceutical industry in terms of the opportunity to advance their pipelines to meet the demand for healthcare needs. You see that for us as a larger shift to biologics, which is much more life science tools and diagnostics intensive than small molecule. You are seeing blockbuster drugs. Who would have thought, if we were sitting here in 2019, that you would have two totally different transformative sets of medicines that were launched? One, response to COVID, both vaccine and therapy. Then secondly, to follow up with GLP-1s, just massive insight and adoption.
And that creates the excitement around what the future holds in the industry about what's next, whether it's Alzheimer's, the focus on cancer. There's just incredible opportunities ahead to make a huge difference on the human condition. When I think about the complexity that our customers are going through, they need expertise, right? It's no longer just large molecule, small molecule, but it's all the advanced modalities, more partner increase, more demand in our industry. And then finally, in our material science applications, we're living in the digital age, and we're enabling the semiconductor industry and advanced materials, renewable energy, all using our technology to really get the next breakthrough. So the trends are very powerful. The numbers, some random snippets, but all kind of in that case of the facts behind our enthusiasm for the long-term growth.
When I think about our company and what we're known for, the Practical Process Improvement Business System is fundamental, right? And what it's really doing is our culture and our mindset for our colleagues to engage every colleague to find a better way every day, right? And think about the power of that. To have 120,000 colleagues, that the first thing they do when they show up to work is say, "How do I actually do my job better?" And a culture that enables it, expects it, recognizes it, it's incredible the progress we make because of it. And that really delivers major results, right, in terms of the competitive advantage we create, the ability to successfully acquire companies, and ultimately deliver differentiated financial performance.
All of that excitement for good markets, a disciplined operationally, a competitive strategy has delivered a very strong track record of long-term historical growth in the top line, in the bottom line, and in cash flow generation. So when I think about each year, right, that's the setup, if you will, to the company, we set out goals. And we've used the J.P. Morgan conference for the last 15+ years to set up the non-financial goals for the year. And then we use our earnings call, which is on January 30th this year, to set up the financial goals that marry to the non-financial goals. So this is what I said back a year ago, right? Our goals for the year, and then I'll give you a quick review on the year, right? We were going to execute a proven growth strategy to drive share gain.
We were going to operate the company with excellence, leveraging PPI Business System. We were going to effectively execute our capital deployment strategy, close the acquisition of Olink, and continue to develop our pipeline of M&A and return capital, and then progress our corporate social responsibility initiative, so that's what we said we would set out for last year. I'll give you the highlights of how we did, and then I'll talk about what do we want to accomplish in 2025, so it turned out on the execution of the strategy, the tactical things we wanted to accomplish, it's actually a spectacular year in 2024, right, and when I think about first, the progress on the growth strategy, the ability to gain market share, it was very clear through the first nine months of the year that we were clearly growing faster than our peers, right?
I don't get excited about a year where our guidance has flat growth, but relative to a market that declined 2%-3% last year, it's the right performance in that context, and it sets us up for continued momentum going forward. So we are enabling the golden age of biology. Our launches last year were spectacular. The adoption, incredibly strong. You saw that in our results of our Analytical Instruments business. We're enabling precision medicine. You saw a number of announcements about companion diagnostics, work with the National Cancer Institute around our clinical sequencing business, which continues to do well. A number of 510(k) clearances around our assays for important diagnostics, whether it's in precursors to multiple myeloma, transplant risk assessment, very strong. And then we continue to push the envelope on what's possible in material sciences, primarily driven through our electron microscopy business.
So very positive contribution from innovation last year. When I think about the second element in our growth strategy, which is our trusted partner status, sounds cool. But what trusted partner means is that if you think about what a pharmaceutical and biotech customer is doing, they're doing really hard things, right? They're trying to develop incredibly complex medicines that safely treat some of the most devastating diseases. And over many, many years, we've built a unique position in enabling our customer success. And when I look at that, I'll highlight just the second of the pillars, which is in October, we officially announced our Accelerated Drug Development . It's basically taking the capabilities from our clinical research organization and our clinical development and manufacturing organization and taking the insights from both when we're working with a client to actually shave time out of the development process of a medicine.
And a week or two during the course of development can be worth an enormous amount of money for our clients because effectively that's the extension of the exclusivity period that they will have with those medicines. And the faster you can identify a medicine that's going to fail, huge savings for a customer. And we spent three years developing these capabilities, piloting it with customers. And until we were confident that it really makes a huge impact, we would never announce this as a methodology. And now we have the self-confidence to do that, and we're excited about what the future holds. So we continue to advance our trusted partner status with our customers. And the third element of our growth strategy really is around our unparalleled commercial engine.
And what I would focus on here, we're always expanding our infrastructure to serve our customers better around the world, but we're also applying artificial intelligence to have our commercial teams be more effective. And I'll talk more about that. So very strong on the top line aspects of setting up the future. When I think about once you have the top line, how do you translate that into strong earnings and cash flow? It's all about how you operate the company and the operational excellence that we set out for 2024. PPI, in the first focus, is really around improving how we operate the company. And you see some of the areas that we focused on last year, whether it's in reducing our inventory, improving our supply chain performance, increasing our capacity by running our operations more effectively, or improving quality, right, in terms of deviations in manufacturing medicines.
A very strong year. And what 2024 also did was allow us to apply AI into our methodology. And more than half of our colleagues are active users of our generative AI platform internally, right? So it really was a foundational year for the company in terms of building our muscle, if you will, for driving more continuous improvement. And when you think about that in terms of the opportunity set, it's pervasive, right? Commercially, personalizing marketing for our teams, enhancing how we develop software for our products and internally within the company, operations, great opportunities to drive productivity. And then customer support, the way I always think about it, it's like putting a cape on our colleagues that are interacting with customers. It just gives them superpowers, right?
If you think about just how quickly you can answer a customer's question by leveraging the internal information, it's amazing what it's actually doing today for improving the customer experience. Super powerful in terms of creating a bright future. 2024 was really a milestone for the company in the adoption of AI. Capital deployment, which was the next element of our goals for the year. We closed Olink in the third quarter. Integration is progressing really well. It was exciting to spend time with the team in Sweden in the latter part of the year. It's a business that has very strong growth prospects, and we're on track to achieve the synergies that we laid out, some really nice commercial wins that we've gotten as well, and great momentum. We also were active returners of capital last year.
We deployed $4 billion on share buybacks, including $1 billion in the fourth quarter, and we increased our dividend as we've done historically, returning about $600 million to our shareholders from the dividends as well, so very active year from that perspective, and then CSR in action, right? When you think about what the company does and you think about colleagues inspired to enable the world to be healthier, cleaner, and safer, corporate social responsibility is deeply ingrained in the company. And whether it's STEM education, which is one of the things that we're very passionate about because we need the next generation of future scientists, right? And we play a role in our communities to help that in volunteering and sponsoring science competitions. These things are incredibly important. We're focused on health equity as well from our learnings from the pandemic.
And then we need to be environmentally responsible, right? We set out goals that we're well on the path to achieve, whether it's the reduction in our emissions, and since our baseline, we've reduced them about 30%, and we're well on the way to achieve a 50% reduction this decade. And the use of renewable energy today, 44% of our energy or electricity comes from renewable sources, and we'll achieve 80% by the end of this decade, if not higher. A successful year, right? When I think about the goals that we have, I'm proud that throughout the year, we were able to deliver on our commitments through the first nine months, raising our guidance along the way.
Our expectations that we laid out in October is that we would return to growth in the fourth quarter and deliver a strong year that sets us up for great momentum as we enter 2025. So our goals for the year, nothing here should be surprising, right? Which is from a revenue perspective, we're going to execute our proven growth strategy and continue to drive share gain and differentiated performance. We're going to advance our trusted partner status. And I always love coming to the J.P. Morgan conference because it's a great opportunity to interact with our customers, to set out the goals for the year. And that's a big part of what we do when we're here in San Francisco. And it's really a wonderful opportunity.
We have an incredible pipeline of new products that we'll be launching this year, and that will bode well not only for 2025, but will bode well for the future. Our discipline on operational excellence is we're passionate about turning the top line into very strong bottom line results. We will continue to effectively deploy capital. Our pipeline is busy. And so we're active at looking at M&A. And at the same point, we'll continue to execute our return of capital strategy. And we'll make progress on our corporate social responsibility priorities during the course of 2025. When I think about the takeaway for the year, for the last couple of years, I've talked about differentiated performance in the coming year, right? And nothing changes there. We hold ourselves to the highest standard, but we're also going to deliver excellent performance this year.
I'm very excited for what holds in 2025, and we set a high bar for what that financial performance will be. We'll look forward to talking more about that when we set up our guidance in the coming weeks. We'll do all of that, of course, while creating a better future for the company, a brighter future for Thermo Fisher Scientific. With that, I think you get a sense of my enthusiasm for where we are as a company. We have a strong 2024 behind us, incredibly well positioned for the future, serving really attractive end markets. We have a proven growth strategy and capital deployment approach with a passion to be better. We have an experienced team that will create value for our stakeholders. We're excited about what the financial outlook is for the company. With that, Rachel, I look forward to the dialogue.
Perfect.
Thank you, Marc. So I think the key takeaway from that presentation was differentiated performance. I think at the same time, though, there seems to be this disconnect in terms of Thermo's fundamental performance and really how investors are valuing Thermo Fisher shares at this point. So given that financial track record, some of your industry leadership, and also the long-term outlook, why do you think investors should be excited about investing in Thermo at this point?
Yeah. So Rachel, if I think back over the last couple of years, right? Pre-pandemic, if you think about investing in life science tools, diagnostics, pharma services, there was really no debate about what the market growth was going to be. Then in the pandemic, you had a period with outsized growth, and we had extraordinary growth, right, in that period. And then you had a couple-year period now where the industry was in decline, working off the unwind of the pandemic, whether the direct or indirect. And investors rightly step back and say, how fast is that going to happen? And so forth. So while we have been outperforming the peers in terms of how the shares are performed, the shares are still down, right? And so I don't get too excited about it.
Effectively, investors have been waiting for the transition to a brighter future in the industry. I feel like we're getting there, right? With the fourth quarter, the industry appears to have returned to growth. Each quarter got a little bit better sequentially in terms of end market conditions. We're starting to get to the point that 2025 feels like it's a bridge to the long term, which is good, right? It's that progression. I don't get a lot of questions about our unique position, right? If I think about our ability to gain share, our ability to convert that into strong margins, not a lot of concern. What I want all of our investors to understand is that we're passionate about delivering excellent short-term performance and kind of seize control of what the bottom line is under whatever the top line environment might be.
Yeah. That's helpful. I think another key topic that investors have been discussing in the last few months is just the new administration and some of the election dynamics that we've seen. I think everyone's trying to understand what is the impact of the new administration, not only to life sciences and healthcare, but overall. And so I was wondering, can you walk us through how do you foresee some of these potential impact areas like pharma and biotech under the new administration? Also, U.S. academic and government funding is another area that they're most exposed to. And then lastly, just tariffs in terms of the inputs and then impact to customer demand. So given that backdrop, I know that's a mouthful, but how do you think about some of the investment and what that could mean from a Trump administration?
How does that read to Thermo in the broader industry?
So there's some things that one can have very high confidence, and then there are some areas that one just doesn't know, right? So I'm not one that speculates a lot, but what I think we all have high confidence is that there's going to be a focus for a better business environment, right? So that's actually, if I think about what is business's confidence going to be, that helps us. What's the M&A environment in terms of regulatory? That's clearly going to be better. It couldn't be worse, right? So from that perspective, that'll be a big positive. And you're going to have a focus on a pro-growth environment from a taxation perspective as well. So when I think about that, the broad environment's going to be positive.
When I think about healthcare and academia, when I look at the priorities and sort of where is change high on the agenda versus where is it less on the agenda, actually our industry is less on the agenda. That doesn't mean there won't be implications or changes that have to be navigated, but if I think about talking to our customers, even over the last two days where I've had a lot of interactions, there's quite a bit of enthusiasm. There's not a lot of what-ifs, right, on sort of what's the end market, what does it mean for pharma and biotech, and there are things that will have to be navigated with HHS or Health and Human Services, but I remain confident that we will help our customers navigate whatever the environment is.
Then on tariffs, I think we all learned a lot from the last round of tariffs. We also learned a lot about supply chain through the pandemic. My take there is that whichever tariffs happen, we will be well positioned given our global footprint to navigate that as effectively or more effectively than anybody and help our customers do that as well.
Perfect. Then just in terms of China, I think that's another area that's been top of mind for any of us in the room. So can you walk us through what are you seeing in your business in the near term in China and kind of the business trends there? But then also, can you talk about your latest thoughts on these China stimulus dynamics that we've been hearing of? And then last question on China, how are you foreseeing some of the geopolitical tensions should we see some of these U.S.-enacted tariffs on the region?
Right. So if I start with kind of putting China in context, it's our second largest market. It's about 8% of our revenue. We are the largest player in China, but we actually have half the exposure of the industry. So the average company in the space has about 15% exposure to China. So if you're a China bull, then we have less exposure. If you're a China bear, then we have less exposure from that lens. And so I think that's one fact that's helpful. I spent two years chairing the U.S.-China Business Council, right? And part of the reason I devoted the time to it was to help find paths to navigate the tensions, right? So I was intimately involved in many dialogues with both governments and trying to create a better business environment. And so when I think about it, we build strong relationships in China.
What we do in China is largely done locally in terms of where we manufacture and supply chain. So I feel like we're able to serve that market well and have a good reputation, obviously, here in terms of how we operate. So when I think about retaliations, tariffs, tensions, they've been around forever. And certainly, they're not as heightened as they were 18 months ago, but they're certainly high. And we will help our customers navigate whatever it is. And the economy is weak in China, for sure. It's good to see the stimulus funds started to flow, right? So we think it's mostly a 2025 and 2026 thing. But the fourth quarter, we had reasonable orders and revenue that started to flow from stimulus. So it went from sort of theoretical to actually the practical. And that bodes well also.
Great. That's great to see. Maybe let's pivot now to some of your businesses across the portfolio. Starting first off with the CRO business, can you provide us an update on the trends that you're seeing within there? You've seen a lot of volatility across the CRO sector this morning, even included with some updates from your peers today. So can you talk about has PPD been impacted by some of these issues cited by a few of your peers, such as things like higher cancellation rates and tougher pricing dynamics as well?
Yes. So Rachel, when I think about our clinical research business, first of all, worth putting it in some context. It's about an $8 billion business. It's had an incredible first three years under our ownership. And through the first nine months, we had low single-digit growth, which was clearly strong relative to where the industry was and had strong momentum on authorizations through that period as well. So the business is performing well. We've been able to win some important new clients as well. And the combination, the Accelerated Drug Development , which I talked a little bit about in the presentation, bodes well for what the future is of that business in terms of us having a very unique approach to adding more value and a very important part of the development of a medicine.
When I think about the trends that others have talked about, we see those trends, right? Maybe to a lesser extent in some areas than others, but we certainly have seen some cancellations, and I talked about that in the third quarter. Is it outsized? No, but that trend definitely has existed. And I think that goes a lot with some of the pipeline reprioritizations that were happening across the industry. Pricing is competitive, but actually it's reasonable, right, so when I think about the pricing dynamic, I actually think that that one's fine, and we see some price pressure, but nothing of significance, and we're continually finding a better way to do the work, to lower our costs, to be able to meet our customers' economic requirements.
My expectation is that just as we finish the runoff of the final pandemic-related studies and some other things this year, you'll see some headwinds in that business. But in terms of what our expectations for it to be in the midterm and beyond, a high single-digit growth business, I have high confidence in that.
Great. Maybe sticking on the services, but shifting over to contract manufacturing. Can you walk us through some of the details on how that portfolio is progressing within the CDMO? And then in addition, we've seen some shifts in the competitive landscape the last few months here. You've had Novo acquire Catalent. We've also seen a delay in the passing of the Biosecure Act. So how are you seeing some of those things potentially impact that competitive landscape?
Yeah. So when you think about first the landscape in pharma services, we're one of the largest contract developers and manufacturers of medicine. It's been a dynamic period, right? Catalent, which would be a fine company that would compete with us, has been acquired by Novo really to help them meet their sterile fill-finish demand for their GLP-1 medicines. That takes capacity out of the market, right? So from our lens, as the market leader in sterile fill-finish, which is our competitive position, it takes an option off the table, which I think is ultimately very positive for us. And we've seen strong demand for that set of capabilities. When I think about Biosecure, whether it passed or not passed, I don't think the dialogue is going to end.
That is leading to a shift in focus to more of the work moving to Western-based facilities and then some Indian facilities as well. I think that also is, I call it a slight tailwind for us in terms of that dynamic, but certainly can be disruptive to the customer base, which is never a good thing in terms of if they have to change behavior. When I look to the business and you look at our position, we operate in three areas within pharma services. We are the industry leader in drug product and the sterile fill finish. We're putting a biologic or vaccine in its final dosage form. We are the clear market leader in clinical trials, supply, and logistics, which is basically the blinding packaging and distribution of high-value experimental medicines. We have a very high market share in that activity.
And then we have more of a niche set of capabilities and drug substance across advanced modalities, biologics, and active pharmaceutical ingredients. So we're well positioned as a company. And there, I would say that the growth outlook, certainly in 2026 and beyond, is incredibly strong just looking at the book of business. And we will finish the pandemic runoff this year and starting to ramp up meaningfully the GLP-1 contracts that will kick in in a major way as this year progresses.
Perfect. Maybe shifting over to analytical instrumentation. This is another area where Thermo has been able to drive differentiated performance across the sector this year. So can you remind us, how did that business perform in 3Q? And where were pockets that you were seeing stronger demand versus other areas where that segment was seeing more muted conditions?
Sure.
And then lastly, on analytical instrumentation, we've heard a few of your peers this week call out some budget flush dynamics, some additional spending late in the quarter. So can you walk us through what were your assumptions on that? Did you see any budget flush dynamics this quarter as well?
Yeah. So if I look at the first nine months of the year, third quarter, as you asked, Analytical Instruments business had a great year in terms of really differentiated growth, strong market share, and if you think about China being a meaningful end market for that business and to be able to do that despite headwinds in China, it tells you how well positioned the company is. The biggest drivers of that differentiated performance was the adoption of our innovation. Our mass spectrometers, the Astral, the Stellar, the electron microscopes, just incredibly strong demand for our high-end instrumentation, and in our mid-range, the new ion chromatography system, the new ICP mass spectrometer, these products were very well adopted, so we had a strong innovation year, showed up in differentiated performance, and that business is doing quite well.
China stimulus will obviously help that business, which is really where it's focused going forward. The instrument business is in a very good position. When I think about budget flush, you don't really spend an extra $5 million on a microscope because you have a little bit of money. Those are decisions that are made over time and planful. I think the environment continues to improve in terms of what the end market is. We'll comment more on the details of budget flush. When I think about budget flush, it's much more of a reagent consumable type thing than it is on multimillion-dollar instrumentation.
Yeah, for sure. Shifting over then to capital deployment and Thermo's strategy there. Obviously, M&A has been the primary focus for you. So can you provide us some color on what you're seeing from the deal pipeline activity, but also what you're seeing in terms of valuation expectations from some of these targets? And then can you just comment on why haven't we seen more M&A from Thermo the last few years? Has that been really something to do with the regulatory environment, or is it something else?
Yeah. So when I think about M&A, right, and we have been active acquirers over a long period of time. And our track record of success with transactions is pretty extraordinary in terms of creating the shareholder value that we expect to when we do a transaction. And a lot of that is selection, meaning that the risk-reward profile we think is skewed in our favor. And we pass on many things where we think that it's not. And it also means you have to be disciplined on what you're willing to pay so that you generate a strong return. And when I think about we did a large transaction in 2021 with PPD.
We've done a series of exciting bolt-ons subsequent to that, right, in terms of PeproTech and CorEvitas, as well as The Binding Site and Olink and some others, each of which relatively small scale, $1 billion-$3 billion purchase price. Each of them were such that we had high confidence on returns. When I think about the environment, first of all, in that period, you had rising rates. So that was a dynamic that, in a way, sellers took a bit of a pause to say, "How is that going to affect valuations?" You also had difficult end market conditions. I think as a seller, which we're obviously not, but as a seller, the mindset, who wants to sell when the end markets are tough?
You kind of want to, if you want to be a seller, you wait till the markets are getting better so you have more credibility on your projections, so I actually think the market conditions really tamped down the amount of M&A. And so when I think about today, our pipeline is super busy. We're incredibly active. I don't know what's going to actually transact. I don't know if we'll ultimately come to a meeting of the minds about what we're willing to pay and what someone is willing to sell at, but we're incredibly active, and we'll look to deploy capital if it meets our criteria of meaningfully creating shareholder value, strengthening our offering, and so that's how we'll do that, and at the same point, we'll continue our discipline of returning about a third of our capital to shareholders through buybacks and a dividend.
Perfect. Sticking on capital deployment, just quickly, I wanted to ask about Olink. You highlighted that in the presentation and the progress that you've made there. You also had a nice win last week with the UK Biobank and the proteomics project. So can you spend a minute talking about that? What does that opportunity bring to Olink, and how are you thinking about that shift to proteomics long-term?
Yeah. So when we thought about expanding our proteomics offering, we were very excited about Olink. It's a company that we had followed for many years. We were able to come to the ability to acquire the business at a valuation that was attractive to the seller and attractive to us. And it was great to win the largest human proteomics study that's going on, which is sponsored by the UK Biobank and the pharmaceutical industry. And it was a really meaningful win. We announced it a few days ago. And that really continues to validate that Olink is the platform for that area of research. And that's super exciting because customers like to go with the leader and the thought leaders, and that positions us really well. So we're excited to be able to do that and solidify our industry leadership.
So maybe last question in the last few minutes here. At your investor day in September, Thermo reiterated its long-term plan, which really assumes market growth of 4%-6%, Thermo's organic revenue guide of 7%-9%. But there's been a lot of discussion on this, and we know we were turning back to that mid-single-digit market assumption. So appreciate you're going to give us guidance in a few weeks here. But at a high level, how should we think about Thermo returning to that revenue opportunity in 2025? And then long-term, is it still reasonable for Thermo to be able to continue to gain 200-300 basis points of market share gain, just given you guys are this large at this point?
Yeah. So, Rachel, this is a great question to end on, right? So when you go through the elements of that, we have proven our ability to grow faster than the market through all types of market conditions. And you can look at us versus the peers in high growth periods, the pandemic, post-pandemic, all these different things, and it's very consistent. So our confidence as the industry leader to be able to grow meaningfully faster than the market is extraordinarily high. And the reason for that is that we build more and more use cases with our customers about adding value. Therefore, they want to do more with us, right? So we're on a flywheel effect that we get stronger and stronger. We have a high commitment of converting whatever the top line is into an excellent 2025 and beyond. And the market growth is the variable, right?
It's recovering, right? It likely returned to growth in the fourth quarter. It's been recovering modestly sequentially. My view is that it's moving in the right direction and that the long term is not that far away. Thank you.
With that, we are out of time. Marc, thank you for joining us, and thank you, everyone in the room.