South East Asia COVID-19 Molecular Diagnostics Market Worth $1.54 Billion By 2030

South East Asia COVID-19 Molecular Diagnostics Market Growth & Trends

The South East Asia COVID-19 molecular diagnostics market size is expected to reach USD 1.54 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of -5.20% from 2023 to 2030. Diagnostics for COVID-19 were developed as a result of the sudden exponential increase in COVID-19 cases.

An increase in funding and investments by various private & public organizations to boost the development of COVID-19 diagnostic tests is anticipated to support market growth. In December 2020, the Global Fund announced that it would further provide extra funding of USD 10.6 million to Myanmar under COVID-19 Response Mechanism (C19RM). Furthermore, in September 2020, a group of healthcare organizations and test manufacturers established a set of agreements to make 120 million rapid tests available for low- and middle-income countries at a reasonable price.

In response to the COVID-19 pandemic, many diagnostic test developers are focusing on the development of fast and easy-to-use diagnostic tests to facilitate rapid testing. For instance, in May 2022, Labcorp received FDA approval for its Labcorp Seasonal Respiratory Virus RT-PCR DTC Test for usage by people without a prescription who have respiratory viral infection symptoms that are consistent with SARS-CoV-2. Moreover, in May 2022, Becton, Dickinson and Company launched a novel high-throughput molecular diagnostic test to detect and differentiate influenza A/B or SARS-CoV-2. This novel test uses a single nasopharyngeal swab or single nasal swab to identify if a patient has the flu, SARS-CoV-2 or RSV.

In response to the pandemic, companies are undertaking several initiatives such as partnerships, collaborations, and geographic expansion for strengthening their market position. For instance, in March 2022, iGene Laboratory announced the launch of its new saliva-based PCR test for SARS-CoV-2 virus detection. The company has entered into partnerships with clinics to consolidate its distribution channel.

Rapidly spreading awareness about preventive measures for SARS-CoV-2 virus infections and the increased rate of vaccinations has played a prominent role in declining COVID-19 cases in Southeast Asia. According to the WHO, as of January 2023, 3,299 million total doses were administered in South East Asia. Moreover, 1,520 million individuals were vaccinated with COVID-19 single dose. Rising COVID-19 vaccination decreases the overall COVID-19 cases in the South East Asian countries, thus slowing down the growth of the market.

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South East Asia COVID-19 Molecular Diagnostics Market Report Highlights

• The reagents & kits segment held the largest share in 2022, as they are key components of SARS-CoV-2 testing. The emerging variants of the SARS-CoV-2 virus are expected to boost the uptake of reagents & kits

• The instrument segment is expected to decline in the coming years owing to decreasing testing globally, as the number of vaccinated people has significantly grown

• By technology, the PCR segment dominated the segment in 2022. Among various technologies, quantitative Reverse Transcription-Polymerase Chain Reaction (qRT-PCR) is considered the gold standard and is used across several laboratory settings in South East Asia

• Laboratory testing held a major share in 2022. Laboratory diagnosis of coronavirus is extremely necessary for outbreak and disease management. At the onset of the pandemic, several laboratories in South East Asia were working on conducting tests at a high scale

• For instance, in June 2020, according to the data published by WHO, a COVID-19 testing facility was built in the Maldives, which could timely detect and roll out a response to COVID-19 cases. Approximately 700 samples could be tested per day, and the capacity would further be scaled up

• Singapore dominated the SEA COVID-19 molecular diagnostics market in 2022 due to the most organized epidemic control systems and robust support from the government for enhancing the SARS-CoV-2 testing capacity of the region

South East Asia COVID-19 Molecular Diagnostics Market Segmentation

Grand View Research has segmented the South East Asia molecular diagnostics market based on product, technology, end-user, and region:

South East Asia COVID-19 Molecular Diagnostics Product Outlook (Revenue, USD Million, 2020 - 2030)

• Instruments

• Reagents & Kits

South East Asia COVID-19 Molecular Diagnostics Technology Outlook (Revenue, USD Million, 2020 - 2030)

• PCR

• Others

South East Asia COVID-19 Molecular Diagnostics End-user Outlook (Revenue, USD Million, 2020 - 2030)

• Laboratories

• Hospitals

• Diagnostic Centers And Clinics

• Research Institutes

South East Asia COVID-19 Molecular Diagnostics Country Outlook (Revenue, USD Million, 2020 - 2030)

• Brunei

• Cambodia

• Indonesia

• Laos

• Malaysia

• Myanmar

• Philippines

• Singapore

• Thailand

• Vietnam

List of Key Players ofSouth East Asia COVID-19 Molecular Diagnostics Market

• ThermoFisher Scientific, Inc.

• F. Hoffmann-La Roche AG

• Perkin Elmer, Inc.

• Neuberg Diagnostics

• 1drop, Inc.

• Veredus Laboratories Pte Ltd.

• ADT Biotech

• Altona Diagnostics GmbH

• bioMérieux SA

• Danaher Corporation

• Mylab Discovery Solutions Pvt. Ltd.

• Aldatu Biosciences

• Quidel Corporation

• Quest Diagnostics

• Hologic, Inc.

• Laboratory Corporation of America Holdings

• Luminex Corporation

• Abbott