At 6.3% CAGR, South & Central America Lateral Flow Assay Market is Projected to be Worth US$ 837.33 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the South & Central America lateral flow assay market was valued at US$ 511.69 million in 2022 and is expected to reach US$ 837.33 million by 2030, registering a CAGR of 6.3% from 2022 to 2030. Smartphone usage and AI integration in lateral flow immunoassay and evolving applications of lateral flow assays are among the critical factors attributed to drive the South & Central America lateral flow assay market growth.

Smartphone-based biosensors in optical procedures involving mechanisms such as reflection, absorption, and fluorescence have been instrumental in diagnostics, medical, healthcare, food, and environmental monitoring applications. Artificial intelligence (AI) and machine learning are major technologies that drive this progress, providing real-time and highly accurate reads. With machine learning, reader software can quickly adapt to new tests launched by manufacturers.

Further, cloud-based systems may turn any tablet or smartphone into a universal digital reader, allowing healthcare organizations to perform lateral flow tests for the detection of any infection or marker on a large scale. This system allows any smartphone or tablet to become a universal digital reader, allowing healthcare organizations to roll out lateral flow testing for any disease or marker at scale. Furthermore, AI-driven innovative devices that can read a COVID-19 lateral flow diagnostic test using a user's smartphone have received special use approval from the Medicines and Healthcare Products Regulatory Agency (MHRA). Thus, AI integration and smartphone usage are likely to trigger the demand for lateral flow assays in the healthcare sector in the coming years.

On the contrary, inconsistent assay results due to procedural limitations hamper the growth of South & Central America lateral flow assay market.

Based on product type, the South & Central America lateral flow assay market is bifurcated into kits & reagents and lateral flow readers. The kits & reagents segment held 63.6% market share in 2022, amassing US$ 325.44 million. It is projected to garner US$ 556.01 million by 2030 to register 6.9% CAGR during 2022-2030.

In terms of technique, the South & Central America lateral flow assay market is segmented into sandwich assay, competitive assays, and multiplex detection assay. The sandwich assay segment held 45.7% share of South & Central America lateral flow assay market in 2022, amassing US$ 233.66 million. It is anticipated to garner US$ 380.87 million by 2030 to expand at 6.3% CAGR during 2022-2030.

By test type, the South & Central America lateral flow assay market is divided into lateral flow immunoassay and nucleic acid lateral flow assay. The lateral flow immunoassay segment held 60.9% share of South & Central America lateral flow assay market in 2022, amassing US$ 311.75 million. It is projected to garner US$ 534.62 million by 2030 to expand at 7.0% CAGR from 2022 to 2030.

Based on application, the South & Central America lateral flow assay market is categorized into clinical testing, veterinary diagnostics, food safety & environment testing, and drug development & quality testing. The clinical testing segment held 77.1% share of South & Central America lateral flow assay market in 2022, amassing US$ 394.53 million. It is predicted to garner US$ 647.10 million by 2030 to expand at 6.4% CAGR between 2022 and 2030.

By end user, the South & Central America lateral flow assay market is segmented into hospitals and clinics, diagnostics laboratories, homecare, veterinary clinics, pharmaceutical & biotechnology companies, and others. The hospitals and clinics segment held 50.3% share of South & Central America lateral flow assay market in 2022, amassing US$ 257.21 million. It is estimated to garner US$ 430.90 million by 2030 to expand at 6.7% CAGR during 2022-2030.

Based on country, the South & Central America lateral flow assay market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 61.6% share of South & Central America lateral flow assay market in 2022. It was assessed at US$ 315.28 million in 2022 and is likely to hit US$ 548.27 million by 2030, registering a CAGR of 7.2% during 2022-2030.

Key players operating in the South & Central America lateral flow assay market are F. Hoffmann-La Roche Ltd, Siemens Healthineers AG, Becton Dickinson and Co, PerkinElmer Inc, Hologic Inc, QIAGEN NV, bioMerieux SA, QuidelOrtho Corp, Abbott Laboratories, Merck KGaA, Bio-Rad Laboratories Inc, and Thermo Fisher Scientific Inc, among others.

•    In May 2022, Bio-Rad Laboratories launched the CFX Duet Real-Time PCR system to support researchers in developing singleplex and duplex quantitative PCR assays. The system offers the robust thermal performance and proprietary, accurate optical shuttle system of the company's CFX Opus system.
  
  
  

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