In addition, a growing number of market players are focusing on releasing novel and highly efficient magnetic beads, which will fuel market demand from 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.
According to a latest study, the market is set to witness steady growth in the period 2021-2031 with CAGR of 15%-17%%. Demand will witness robust growth in short-term, with 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.
What is Driving Demand for Magnetic Beads?
In 2019, the largest application category in the market was for 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.
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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.
Increased research spending likely to Augment Demand
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 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 Magnetic Beads Market Outlook
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 US 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.
Europe Demand Outlook for Magnetic Beads
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.
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Who are the Key Manufacturers and Suppliers of Magnetic Beads?
Some of the leading manufacturers and suppliers include
- Dynal Inc.
- Merck Estabor
- Bangs Laboratories
- Advanced Magnetics Inc.
- Cortex Biochem
- Promega
- Ferrofluidics
- Immunicon Corp
- Magnetically Delivered Therapeutics Inc.
- PureBiotech, LLC.
- Others.
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 assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic 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.
Key Segments
By Type:
- Cells & microbes
- Nucleic acid
- Proteins
- Others
By Application:
- Cell separation & expansion
- Protein sample preparation & protein purification
- IVD assay development
- Nucleic acid isolation
- Immunoprecipitation
- Exosome analysis
- Antibody purification
- Others
By End-User:
- Bioresearch
- In-vitro Diagnostics
- Others
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