At 4.3% CAGR, South & Central America Rapid Test Kit Market is Projected to be Worth US$ 1,295.57 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the South & Central America rapid test kit market was valued at US$ 926.12 million in 2022 and is expected to reach US$ 1,295.57 million by 2030, registering a CAGR of 4.3% from 2022 to 2030. Innovations in rapid antigen tests and increasing preference for PCR techniques are among the critical factors attributed to the South & Central America rapid test kit market expansion.

Operations of multiplex rapid antigen tests are based on multicolored nanoparticles and cross-reactive antibodies, and these test kits can be developed at low costs. When various respiratory pathogens are circulating simultaneously in a host body, rapid multiplex diagnostic testing helps healthcare providers supervise their patients with greater effectiveness. These tests can help avoid misdiagnosis that is possible due to overlapping clinical symptoms. By eliminating diagnostic uncertainty, they help healthcare providers make apt decisions about the commencement and discontinuation of antimicrobial therapies. Compared to single specimen antigen tests kits, multiplex rapid antigen tests kits can detect many respiratory viruses from a single specimen, without compromising on the quality of results. Thus, innovations such as multiplex rapid antigen tests are emerging as future trends in the rapid test kits market.

On the contrary, uncertainties related to accuracy of results hamper the growth of South & Central America rapid test kit market.

Based on type, the South & Central America rapid test kit market is categorized into rapid antigen testing, rapid antibody testing, and others. The rapid antigen testing segment held 63.8% market share in 2022, amassing US$ 591.10 million. It is projected to garner US$ 870.83 million by 2030 to register 5.0% CAGR during 2022-2030.

In terms of product, the South & Central America rapid test kit market is bifurcated into over-the-counter rapid testing kit and professional rapid testing kit. The over-the-counter rapid testing kit segment held 61.9% share of South & Central America rapid test kit market in 2022, amassing US$ 572.98 million. It is projected to garner US$ 826.00 million by 2030 to expand at 4.7% CAGR during 2022-2030.

By technology, the South & Central America rapid test kit market is segmented into lateral flow assay, solid phase, agglutination, immunospot assay, and cellular component-based. The lateral flow assay segment held 44.8% share of South & Central America rapid test kit market in 2022, amassing US$ 415.13 million. It is projected to garner US$ 597.51 million by 2030 to expand at 4.7% CAGR during 2022-2030.

In terms of application, the South & Central America rapid test kit market is categorized into blood glucose testing, infectious disease testing, pregnancy and fertility, cardiometabolic testing, and others. The blood glucose testing segment held 54.9% share of South & Central America rapid test kit market in 2022, amassing US$ 508.56 million. It is projected to garner US$ 733.98 million by 2030 to expand at 4.7% CAGR during 2022-2030.

By end user, the South & Central America rapid test kit market is segmented into hospital and clinics, home care, diagnostics centers, and others. The hospital and clinics segment held 47.2% share of South & Central America rapid test kit market in 2022, amassing US$ 436.78 million. It is projected to garner US$ 609.39 million by 2030 to expand at 4.3% CAGR during 2022-2030.

Based on country, the South & Central America rapid test kit market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 58.7% share of South & Central America rapid test kit market in 2022. It was assessed at US$ 543.38 million in 2022 and is likely to hit US$ 782.77 million by 2030, exhibiting a CAGR of 4.7% during 2022-2030.

Key players operating in the South & Central America rapid test kit market are F. Hoffmann-La Roche Ltd, Becton Dickinson and Co, ARKRAY Inc, Fujirebio Europe NV, bioMerieux SA, Cepheid, Meril Life Sciences Pvt Ltd, QIAGEN NV, Guangzhou Wondfo Biotech Co Ltd, Abbott Laboratories, Trinity Biotech Plc, Premier Medical Corp Pvt Ltd, Bio-Rad Laboratories Inc, Hologic Inc, DiaSorin SpA, and Beckman Coulter Inc, among others.

In November 2023, ARKRAY Inc launched a rapid diagnosis product to check hypothyroidism in dogs. The company has launched Vcheck cTSH, a testing reagent to be used with the Vcheck V200, developed by BioNote, Inc. The newly launched product can measure TSH (thyroid-stimulating hormone) and T4 (thyroid hormone) to diagnose hypothyroidism in dogs.

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