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Asia Pacific COVID-19 Diagnostics Market to Witness a Considerable Growth During 2021-2026, Aided by the Rising COVID-19 Cases especially in India and China

According to a new report by EMR titled, ‘Asia Pacific COVID-19 Diagnostics Market Report and Forecast 2021-2026’, the market is being supported by the growing cases of COVID-19 infections in India and China, which have performed around 234 million and 160 million tests, respectively, for COVID-19 as of March 2021.

The Asia Pacific COVID-19 diagnostics industry is anticipated to rise significantly in the forecast period owing to a dramatic increase in the COVID-19 cases in China and India, with China being the epicentre of the pandemic. The rising attempts by the governments of these nations towards expanding their research and development capabilities are expected to further propel the market growth in the forecast period.

On the basis of sample type, the nasopharyngeal swab segment is anticipated to account for a significant share in the Asia Pacific COVID-19 diagnostics industry. This can be attributed to a substantially higher SARS-CoV-2 susceptibility and detection rate via nasopharyngeal swabs as compared to other swab types. A significant revenue is anticipated to be generated from this segment, which is expected to aid the growth of the overall market.

The increasing collaboration between government organisations and key market players to innovate new products that can give faster and improved results can prove to be a major factor contributing to the market growth. The support from the government will also catalyse the process of designing better and more sophisticated COVD-19 test kits. At a global level, leading global life sciences companies, such as LabCorp (NYSE: LH) have been looking for the U.S FDA approval for their at-home test kits. The testing method developed by LabCorp not only focusses on COVID-19 but can also detect multiple types of infections like flu and RSV. Such developments are expected to contribute to the growth of the COVID-19 diagnostics industry in the Asia Pacific.

Market Breakup by Test Type, Product, Sample Type, Business Mode, End Use, and Region:

  • The market is segmented based on test type into PCR test, antigen test, and antibody test, among others.
  • On the basis of product, the market can be divided into RT-PCR assay kits, and immunoassay test strips, among others. 
  • The different sample types in the industry include nasopharyngeal swab, oropharyngeal (OP) swab, nasal swab, and blood test, among others. 
  • The market, on the basis of business mode, can be segmented into point-of-care (POC) testing and non-point-of-care (POC) testing.
  • The significant end uses of the product include hospitals, diagnostic centres and clinics, and laboratories, among others.
  • Region-wise, the COVID-19 diagnostics market in the Asia Pacific can be divided into China, India, Japan, ASEAN, and Australia, among others.

Key Findings of the Report:

  • The COVID-19 diagnostics industry in the Asia Pacific is being driven by the rising number of COVID-19 cases post ease of lockdown, especially in countries like India.
  • The development of healthcare facilities and the growing technological advancements are also aiding the industry growth. 
  • The extended support provided by the government will motivate the key market players to expand their research capabilities, thus, further propelling the industry forward.
  • The increasing efforts by the key industry players towards designing better and more sophisticated diagnostic tools for COVID-19 will further aid the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the COVID-19 diagnostics industry in the Asia Pacific for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the test types, products, sample types, business modes, end uses, and major regions of COVID-19 diagnostics in the Asia Pacific.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Asia Pacific COVID-19 diagnostics market are Guangzhou Wondfo Biotech Co., Ltd., SolGent Co., Ltd., Biolidics Limited, PT Bio Farma (Persero), Beijing Jinwofu Bioengineering Technology Co.,Ltd., Mylab Discovery Solutions Pvt. Ltd., and Ellume Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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