South & Central America Lateral Flow Assay Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Product Type, Application, Technology, End User

The South & Central America lateral flow assay market is expected to grow from US$ 512.60 million in 2023 to US$ 700.35 million by 2028. It is estimated to record a CAGR of 6.4% from 2023 to 2028.

Rising Popularity of Point-of-Care Testing Fuels South & Central America Lateral Flow Assay Market

Lateral flow assay-based point-of-care (POC) diagnostic tools are rapid, easy-to-use, and low-cost paper-based procedures, which are specifically perceived to be beneficial in resource-limited settings and industrialized countries. These tests are increasingly replacing prolonged, conventional laboratory methods. No training and complex infrastructures are required to run POC diagnostic tests. Thus, these tests cost less than conventional laboratory diagnostic techniques. POC testing tools are expected to be a crucial revenue pocket in the lateral flow assay market because of their prominent role in combating the burgeoning disease burden. Many companies are engaged in developing innovative lateral flow assay-based POC devices for infectious disease diagnosis, drugs-of-abuse screening, pregnancy (using hCG levels) and ovulation confirmation, and blood protein marker measurement. The rising popularity of POC testing and ongoing developments in lateral flow assay-based POC testing fuel the growth of the South & Central America lateral flow assay market .

South & Central America Lateral Flow Assay Market Overview

The South & Central America lateral flow assay market is segmented into Brazil, Argentina, and the Rest of South & Central America. The region is witnessing an increase in the adoption of lateral flow assay-based rapid antigen test kits with the rise in incidence of infectious diseases. Brazil has a well-established medical device industry IN South & Central America; it is the largest importer of medical products for the US. The International Trade Administration of the US Department of Commerce reported that Brazil increased imports of medical devices by 12.9% in 2020, which pushed the total value of imports to US$ 6.2 billion. The Brazilian National Health Surveillance Agency (ANVISA) regulates the safe usage of medical devices and in vitro diagnostic (IVD) products in this country. In January 2022, ANVISA approved a new regulation to allow the distribution and sale of at-home self-test kits to detect SARS-CoV-2. ANVISA also notified Brazilian Registration Holders (BRH) to register any COVID-19 rapid antigen self-test device before importing, marketing, or distributing across the nation. Thus, the approval of regulation to distribute and sell COVID-19 rapid test kits fueled the lateral flow assay market growth in Brazil.

Various types of lateral flow devices (LFD) are used in Brazil to evaluate the environmental/surface samples qualitatively. For example, Bioavid Lateral Flow Brazil Nut assay helps detect small amounts of nut contaminations. Similarly, the AgraStrip Brazil nut test kit helps detect nut residues in raw materials, food products, beverages, and environmental samples on-site. Thus, the increasing incidence of diseases such as syphilis and chikungunya, growing applications of lateral flow devices in the food industry, and rising health expenditure are the notable factors propelling the growth of the lateral flow assay market in Brazil.

South & Central America Lateral Flow Assay Market Revenue and Forecast to 2028 (US$ Million)

South & Central America Lateral Flow Assay Market Segmentation

The South & Central America lateral flow assay market is segmented on the basis of product type, application, technology, end user, and country.

Based on product type, the South & Central America lateral flow assay market is segmented into kits & reagents and lateral flow readers. The kits & reagents segment held a larger share of the market in 2023. The market for lateral flow readers is sub-segmented into portable/handheld readers and benchtop readers.

Based on application, the South & Central America lateral flow assay market is segmented into clinical testing, veterinary diagnostics, food safety & environment testing, and drug development & quality testing. The clinical testing segment held the largest share of the market in 2023. The market for veterinary diagnostics segment is sub-segmented into companion animals, and livestock. The market for the drug development & quality testing segment is further segmented into infectious diseases testing, cardiac marker testing, pregnancy and fertility testing, cholesterol testing/ lipid profile, drug of abuse testing, and others.

Based on technology, the South & Central America lateral flow assay market is segmented into sandwich assays, competitive assays, and multiplex detection assays. The sandwich assays segment held the largest share of the market in 2023.

Based on end user, the South & Central America lateral flow assay market is segmented into hospitals & clinics, pharmaceutical & biotechnology companies, diagnostics laboratories, homecare, veterinary clinics, and others. The hospitals & clinics segment held the largest share of the market in 2023.

Based on country, the South & Central America lateral flow assay market is segmented into Brazil, Argentina, and the Rest of South & Central America. The Brazil dominated the market in this region in 2023.

Abbott Laboratories, bioMerieux SA, Bio-Rad Laboratories Inc, Danaher Corp, Hoffmann-La Roche Ltd, Hologic Inc, Merck KGaA, Qiagen NV, and Thermo Fisher Scientific Inc are the leading companies operating in the South & Central America lateral flow assay market.

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