South & Central America Rapid Test Kit Market Forecast to 2030 - Regional Analysis - by Type (Rapid Antigen Testing, Rapid Antibody Testing, and Others), Product (Over-the-Counter Rapid Testing Kit and Professional Rapid Testing Kit), Technology (Lateral

South & Central America Rapid Test Kit Market Forecast to 2030 - Regional Analysis - by Type (Rapid Antigen Testing, Rapid Antibody Testing, and Others), Product (Over-the-Counter Rapid Testing Kit and Professional Rapid Testing Kit), Technology (Lateral Flow Assay, Solid Phase, Agglutination, Immunospot Assay, and Cellular Component-Based), Application (Blood Glucose Testing, Infectious Disease Testing, Pregnancy and Fertility, Cardiometabolic Testing, and Others), and End User (Hospital and Clinics, Home Care, Diagnostics Centers, and Others)

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; it is estimated to record a CAGR of 4.3% from 2022 to 2030.

Increasing Preference for PCR Techniques Bolster South & Central America Rapid Test Kit Market

In recent years, molecular methods such as PCR have evolved as more effective diagnostic tools, as they aid in the precise diagnosis of a wide range of infectious diseases. Most of the popular molecular tests use reverse transcription polymerase chain reaction (RT-PCR). The technique provides reproducible results that are comparable between different laboratories and hence are accepted worldwide. The manufacturers are involved in new PCR developments.

For instance, GeneSoC is a recently developed system in which the PCR reaction solutions are reciprocally driven over numerous preheated zones and encapsulated on a chip within an extremely thin flow channel. GeneSoC is available for multiplex real-time PCR and is capable of concurrently detecting 3 fluorescence channels. It is regarded as an excellent alternative diagnostic technology for the detection of influenza A and B viruses, as it completes the real-time RT-PCR reaction in ~16 minutes. Further, the application of PCR technologies is also increasing in clinical microbiology, virology, parasitology, biotechnology, and allied fields due to the simple, rapid, and highly specific screening enabled by this tool. Thus, the growing preference for PCR as a diagnostic and clinical tool is expected to provide lucrative opportunities to the rapid test kits market during the forecast period.

South & Central America Rapid Test Kit Market Overview

According to the World Health Organization (WHO), Brazil is among the 20 countries with a high prominence rate of tuberculosis. Brazil accounted for 33% of total cases reported in 2020. In 2021, Brazil recorded 68,271 new TB cases, which corresponds to an incidence rate of 32 cases per 100,000 people. TB incidence is slowly increasing owing to an upward trend in Brazil. In Brazil, the Xpert MTB/RIF assay-a rapid molecular test for tuberculosis (RMT-TB)-is used to diagnose new cases of pulmonary and laryngeal tuberculosis in adults and adolescents.

During the COVID-19 pandemic in Brazil, the country's Health Ministry issued around a third of the 22.9 million RT-PCR test kits. The federal government provided 6.43 million real-time PCR assays for detecting SARS-CoV-2 in the states. Several players in Brazil are involved in the manufacturing of rapid test kits. Thus, the aforementioned factors are likely to contribute to the rapid test kits market growth.

South & Central America Rapid Test Kit Market Revenue and Forecast to 2030 (US$ Million)

South & Central America Rapid Test Kit Market Segmentation

The South & Central America rapid test kit market is segmented based on type, product, technology, application, end user, and country. Based on type, the South & Central America rapid test kit market is segmented into rapid antigen testing, rapid antibody testing, and others. The rapid antigen testing segment held the largest market share in 2022.

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 a larger market share in 2022.

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 the largest market share in 2022.

Based on 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 the largest market share in 2022.

In terms of 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 the largest market share in 2022.

Based on country, the South & Central America rapid test kit market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America rapid test kit market share in 2022.

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 are some of the leading players operating in the South & Central America rapid test kit market.

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