China’s In Vitro Test Makers Seek Growth Overseas as Domestic Demand Dwindles

IVDs are tests done on samples taken from the human body, such as saliva or blood, to detect, diagnose or monitor diseases. Photo: VCG

Chinese manufacturers of in vitro diagnostic (IVD) tests are pivoting to new markets such as Southeast Asia for growth, as a period of pandemic-driven sales comes to an end.

Daan Gene Co. Ltd. (002030.SZ), a major Guangdong-based manufacturer of Covid test kits, has projected an up to 98.2% drop in net income for 2023, according to a filing to the Shenzhen Stock Exchange late last month. Sales in the third quarter slumped 88.5% year-on-year to 306 million yuan ($42.5 million) while losses stood at 50.2 million yuan in the same period, a separate filing shows.