According to Future Market Insights, the global market for magnetic beads is projected to increase at a CAGR of 4.78% in the forecast period from 2023 to 2033. As per the report, a valuation of US$ 5.14 billion is projected for the market for magnetic beads in 2023, and in 2033 it will reach US$ 8.2 billion.
Thus, this market will witness a boom in the short term with positive growth in the long run, where the market will not only rise as private or public operations but also as a rise in government organizations that are financing cell-based research.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value of Magnetic Beads n 2023 | US$ 5.14 billion |
| Expected Market Value of Magnetic Beads in 2033 | US$ 8.2 billion |
| Growth Rate | 4.78% CAGR |
| Forecast period | 2023 to 2033 |
The largest category in the magnetic beads category was in-vitro diagnostics. Due to its variety, dependability, and capacity of producing things in a short time, in-vitro diagnostics is said to have increased the demand in the medical and health business for years. The rise in investments in genetic and microbiological research over a prolonged period is expected to boost the demand for the product significantly. The use of magnetic beads will thus accelerate as more research-based investigations will be conducted throughout, to discover new diagnostic and therapeutic methods globally. Therefore, the number of research laboratories in emerging countries will be growing for the improvisation of the market demand.
Eventually, this magnetic bead market is not open to high-throughput processing. Moreover, it is difficult to automate by restricting growth during the forecast period.
Consequently, the demand for the magnetic beads market is anticipated to expand due to the rise in demand for healthcare products. The growth in the trend of point-of-care (POC), be it outside the laboratory or at the patient’s door, a combination of the growing population and an epidemic of chronic diseases, is thus expected to raise the use of magnetic beads.
In the case of the magnetic beads market, North America is said to have the largest geographical market where some of the largest genetic research institutes consider North America to be their home. Consequently, the rise in demand for in-vitro testing in USA and Canada will also lead to boosting the industry’s share in North America.
Magnetic Beads Market: Key Players
Some of the key market players in the magnetic beads market are-
Promega
Strategies-
Ferro Fluidics
Strategies-
According to the latest study, the market is set to witness steady growth in the period 2021 to 2031 with a CAGR of 15%-17%%. Demand will witness robust growth in the short term, with an optimistic growth outlook in the long run. The market will rise as private as well as public corporations and government organizations increase financing for cell-based research.
In addition, a growing number of market players are focusing on releasing novel and highly efficient magnetic beads, which will fuel market demand for new applications. Furthermore, the COVID-19 pandemic has been advantageous to market expansion since magnetic beads, a commonly recognized fundamental accessory of research labs, have witnessed a significant increase in demand as a result of the pandemic.
In 2019, the largest application category in the market was in-vitro diagnostics. Because of its variety, dependability, and capacity to produce findings in a shorter time, in-vitro diagnostics have seen an increase in demand in the medical and healthcare business over the years.
Over the projection period, rising investments in genetic and microbiological research are likely to enhance product demand significantly. Next-generation sequencing (NGS), polymerase chain reaction (PCR) testing, protein purification, and magnetic-activated cell sorting are some of their most common uses (MACS).
Its use will be accelerated as more research investigations are conducted throughout the world to discover new diagnostic and therapeutic methods, moving the segment forward. The growing number of research laboratories in emerging countries would also help to improve market demand.
The immunoprecipitation market is expected to expand significantly. Immunoprecipitation is a critical method utilized in nearly all scientific studies. Because magnetic bead is less likely to cause proteolytic damage than Sepharose beads, there is a growing tendency to use them for immunoprecipitation.
In terms of End-Use, in-vitro diagnostics are gaining popularity in the healthcare industry due to their increased accuracy. Because of its cheaper prices and capacity to produce faster results, the product is an excellent alternative to colloidal gold particles in in-vitro diagnostics.
In-vitro diagnostics are clinical tests that examine samples collected from the human body, such as blood or tissue samples. These are commonly used to identify a wide range of illnesses and infections that affect humans. In addition, researchers are looking at the use of in-vitro diagnostics in precision medical applications.
There is a renewed focus on scientific research in this direction and many countries are allocating increased spending for such purposes, which is projected to further help stimulate demand.
North America emerged as the largest geographical market. The North American area is home to some of the world's largest genetic research institutes, resulting in a high demand for magnetic beads. Furthermore, strong demand for in-vitro testing from the USA and Canadian healthcare sectors has boosted market expansion.
Increased demand for in-vitro testing in the United States and Canada, as well as technical developments, will boost the industry's share in North America. Magnetic beads have a high awareness and adoption rate in regional hospitals and research laboratories, which will boost market revenue.
The need for diagnostics and treatment solutions in Europe has increased as people become more conscious of their health. Furthermore, rising product usage for the detection and treatment of different medical diseases, such as cancer and brain tumors, is predicted to boost product demand in the healthcare sector.
The European Union (EU) is encouraging researchers to pursue nanomaterials research. NANOfutures, a European Technology and Innovation Platform (ETIP) created by the EU, is a cross-ETP platform with a multi-sectoral focus. It is actively partnering with key companies to help commercialize nanomaterials like magnetic beads.
Some of the leading manufacturers and suppliers include
To maintain a competitive edge and to meet a variety of application needs, the aforementioned organizations are always involved in R&D activities and the deployment of new technologies. Several competitors compete for market share by providing a diverse variety of goods with varying technological requirements.
Companies are always working to improve their manufacturing methods in order to meet client expectations in a variety of industries, including bioresearch, in-vitro diagnostics, and medication delivery systems.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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