Magnetic Beads Market to Rise from USD 3.2 Billion in 2023 to USD 8 Billion by 2032, Exhibiting Growth at a Rate of 11.90% – Report by Market Research Future (MRFR)
Magnetic Beads Market Research Report Information By Application (Bioresearch, In-vitro Diagnostics, and Others), and By Region (North America, Europe, Asia-Pacific, and Rest of The World) – Market Forecast Till 2032
New York (US), June 09, 2023 (GLOBE NEWSWIRE) — Magnetic Beads Market Overview
The MRFR analysis reports predict that the “Magnetic Beads Market Research Report Information By Application & Region- Forecast till 2032″ the magnetic beads market will expand from USD 3.2 billion in 2023 to USD 8.0 billion by 2032, with a compound annual growth rate (CAGR) of 11.90% over the forecast period (2023-2032). The primary industry factors boosting market growth are molecular biology applications, which have undergone significant increase due to their dependability, simplicity of use, and minimal processing needs.
Its expanded use in the purification of several biomolecules, such as mitochondrial DNA, genomic plasmids, DNA, and RNA, is predicted to fuel the market. The global COVID-19 outbreak has boosted the demand for in-vitro diagnostics facilities, clinical research labs, antibody test labs, and labs for developing vaccines. There has been a growth in the testing and treatment of blood samples from patients with chronic diseases since those who have any chronic disease, such as cancer or renal problems, are more likely to contract the virus. Additionally, it is projected that this will increase the use of magnetic beads, favourably affecting market growth.
The market for magnetic beads is expected to grow significantly as demand for healthcare products increases. For instance, the ease of use, rapidity of results, and direct-to-consumer testing of in-vitro diagnostics make them more acceptable. Additionally, it is projected that the widespread spread of chronic diseases and the expanding population would boost the usage of magnetic beads due to the growing trend of point-of-care (POC) outside of the laboratory or at the doorstep.
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Favourable government regulations and policies in the US are also anticipated to hasten the market growth for magnetic beads in the ensuing years. For instance, both section 351 of the Public Health Service Act and section 201(h) of the Federal Food, Drug, and Cosmetic Act describe in vitro devices as biological products. Additionally, it is predicted that healthcare spending in the U.S. will increase as a result of advancements in medical technology, growing prices for medical equipment, and increased demand for medical services from an ageing population.
Due to their distinct physicochemical characteristics compared to bulk materials, magnetic beads are an excellent material to use in a number of nanomedicine applications. As a result of technology advancements in the medical industry, nanomagnetic and radio-frequency induction treatments have arisen. It is anticipated that the need for medical applications would rise as a result of these treatments. It is therefore projected that growing use of nanomaterials in tumour treatment will accelerate market expansion. The market for magnetic beads has a tremendous amount of room for expansion as a result of ongoing research and development initiatives over the past several years.
Key Companies in the Magnetic Beads market include
- Thermo Fisher Scientific Inc.
- Merck KGaA
- Bangs Laboratories Inc.
- Spherotech, Inc
- CardioGenics Inc.
- Bio-Rad Laboratories, Inc.
- Miltenyi Biotec
- Ferrotec (USA) Corporation
- Eurofins Technologies
- Micromod Partikeltechnologie GmbH
- New England Biolabs
- Rockland Immunochemicals, Inc
- MagQu Co. Ltd
- Among others.
|Market Size 2032||USD 8.0 Billion|
|Compound Annual Growth Rate (CAGR)||11.90% (2023-2032)|
|Market Forecast Period||2023-2032|
|Historical Data||2018- 2022|
|Forecast Units||Value (USD billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Dynamics||Rapid growth in molecular biology applications owing to their easy-to-use property, minimal processing requirement, and reliability and the increasing demand for healthcare products|
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Magnetic Beads market is segmented on the basis of Application and region.
Bioresearch, in-vitro diagnostics, and other applications are included in the segmentation of the magnetic beads market based on use. In-vitro diagnostics held the largest market share in 2022. This is due to the growing usage of magnetic beads in bio-separation procedures for a given cell or molecular type. It is also projected that the market would expand due to the growing need for cellular research among scientists and pharmaceutical companies to understand the physiological and chemical mechanisms included within molecules.
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2022, this market was dominated by the North America Magnetic Beads Market (45.80%). The continued investigation of potential applications for nanotechnology in many end-use industries has aided regional growth.
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Additionally, it is estimated that throughout the forecasted period, the growing emphasis on the use of magnetic beads in drug administration and other biological applications will favourably affect market growth.
Demand is expected to rise in the next years as a result of the bioresearch industry’s expansion in the US and Canada. Several strategic partnerships and alliances are helping to advance bioresearch in Canada. The healthcare industry is anticipated to grow even more over the course of the projection period as a result of advantageous government laws, which will increase demand for magnetic beads. Additionally, in the North American area, the U.S. Magnetic Beads market had the biggest market share, while the Canada Magnetic Beads market had the fastest rate of growth.
From 2023 to 2032, the market for magnetic beads in Asia-Pacific is anticipated to develop at the quickest rate. This is a result of how swiftly the healthcare and diagnostics industries are growing in China and Japan. due to alluring government policies, increasing medical industry investment, and other factors. The demand for magnetic beads in the region is expected to rise as a result of the region’s increasing need for advanced diagnostic technologies due to the prevalence of chronic diseases. Additionally, the Indian Magnetic Beads market had the Asia-Pacific region’s fastest expanding market and China’s Magnetic Beads market had the greatest market share.
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The largest market share belongs to the market for magnetic beads in Europe. This is a result of the expanding demand for therapeutic and diagnostic solutions to address the global health concerns that are becoming more and more serious. Due to the region’s rising prevalence of infectious diseases, mental health issues, and COVID-19, there is an increased need for healthcare facilities and the diagnostics labs that go along with it. Additionally, the U.K. Magnetic Beads market had the quickest rate of growth in the European region, while the German Magnetic Beads market had the largest market share.
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