Magnetic Beads Market

Global Magnetic Beads Market Size (2023 to 2028)

The global market size for magnetic beads is predicted to be worth USD 6.67 billion by 2028 from USD 3.22 billion in 2023, growing at a CAGR of 15.64% from 2023 to 2028.

Small spherical magnetic particles with superparamagnetic characteristics are known as magnetic beads. It has made a substantial contribution to developing novel medical research and bioanalysis methods and instruments. Superparamagnetic particles are non-magnetic unless they are exposed to a magnetizing field. Immobilization is caused by a constant field, whereas actuation, transport, and rotation are all affected by a field gradient. Magnetic forces modify samples bound to Magnetic Beads independently of other chemicals, microfluidic, or biological processes.

Impact of COVID-19 on the global magnetic beads market:

The COVID-19 pandemic has had a severe impact on the world economy, resulting in a reduction in global GDP and a shift in consumer purchasing patterns. For COVID-19 instances, large-scale testing of coronavirus infection using RT-qPCR and RT-LAMP necessitates magnetic beads, which are made up of in-house chemicals and done in 96-well plates to support large-scale testing. Magnetic beads are now being used to purify SARS-CoV-2 (COVID-19) samples from surfaces. These beads are also utilized in kits that can detect total nucleic acid (DNA and RNA) in swabs, transport media, and blood samples. Furthermore, many market participants are focused on releasing unique and highly efficient magnetic beads, which will fuel market demand for new applications. Furthermore, the COVID-19 pandemic has aided market expansion since magnetic beads, a well-known basic research laboratory accessory, have seen a considerable increase in demand due to the pandemic.

MARKET DRIVERS:

The growing demand for magnetic beads from biological and genetic research activities majorly drives the market growth.

Due to a significant increase in research activities in the biomedical industry, demand for magnetic beads is expected to increase. Magnetic beads were also in high demand due to their use in virus-detection test kits. Magnetic beads are utilized in NGS workflows for various purposes, including nucleic acid purification and isolation, as well as size selection in the NGS process. NGS technology is being more widely employed in the medical field because it has significant advantages over conventional sequencing approaches. This is expected to boost the market's growth.

Magnetic Beads market growth is being accelerated by technological advances and rising demand for in-vitro tests worldwide. Affinity particles with high throughput and capacity for antibody immunoprecipitation and purification utilizing robotic or manual magnetic separators. Antibodies from various animals, including humans, mice, goats, sheep, rabbits, and cows, bind to these beads. Magnetic Beads are used in various applications, from immunoassays to hyperthermia therapies, DNA extraction, cell manipulation, magnetic resonance imaging, and colloidal nanocrystal integration. Promising investments in genetic and microbiology research activities are expected to significantly boost product demand for magnetic beads significantly, propelling the market growth. In addition, growing awareness and application of technology for medicinal purposes will offer more opportunities for the development of magnetic beads over the forecast period.

MARKET RESTRAINTS:

Protein and cellular purification are time-consuming procedures requiring additional accelerators such as tiny particles, which adds to the cost, limiting the growth of the global magnetic beads market. In addition, magnetic beads are difficult to automate and unsuitable for high-throughput processing, which would challenge the development of the market in the foreseeable period.

REPORT COVERAGE:

This market research report on the global magnetic beads market has been segmented and sub-segmented based on type, application, end-user, and region.

Magnetic Beads Market – By Type:

• Cells & microbes
• Nucleic acid
• Proteins
• Others

Based on type, the segment of the cells and microbes segment is estimated to have the largest share of the global magnetic beads market during the forecast period. This form of magnetic bead includes attaching ligands or antibodies to the surface of magnetic beads directed towards specific cell surface antigens to target cells for depletion or selection. Magnetic cell manipulation is a common practice in various domains, including medicine, tissue engineering, and primary and fundamental biomedical research, and it helps boost segment growth.

Magnetic Beads Market – By Application:

• In-vitro Diagnostics
• Cell separation & Expansion
• Protein sample preparation & protein purification
• Nucleic acid isolation
• Immunoprecipitation
• Exosome analysis
• Antibody purification

The in-vitro diagnostics application segment led the market and is expected to rise substantially throughout the forecast period. Magnetic beads are predicted to grow in demand due to increased demand for cellular studies by various scientists and pharmaceutical businesses to establish the physiological and chemical mechanisms within a molecule, contributing significantly to market expansion. In addition, medical equipment makers and scientific laboratory professionals are pursuing in-vitro diagnostic approaches using magnetic bead technology due to these changes.

Magnetic Beads Market – By End-User:

• Healthcare Facilities
• Individual Pathology Labs
• Research Labs

Based on the end-user, the research labs segment is anticipated to lead the magnetic beads market during the forecast period. Magnetic beads are being used in more research studies worldwide to identify novel diagnostic and therapeutic methods, fueling the segment's expansion. The market is expected to rise during the forecast period due to the increased number of research labs in growing regions.

Magnetic Beads Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, North America dominated the magnetic beads market in 2022. Magnetic beads are in high demand in North America since it is home to some of the world's most important genetic research centers. The market's expansion has been aided by strong demand for in vitro testing from the US and Canadian healthcare sectors. Because of developments in medical technologies, growing medical equipment prices in the health sector, and increased demand for medical services from the aging population, spending in the United States is anticipated to rise. Over the period, growing investments in genetic and microbiological research are expected to drive demand for magnetic beads significantly.

Due to increased demand for diagnostics and treatments due to rising health concerns, Europe became the second-largest regional market for magnetic beads. Furthermore, a surge in chronic diseases, infectious diseases, mental health, and the current COVID-19 has prompted a demand for diagnostic centers and allied healthcare facilities to address and mitigate the situation.

Because of the region's growing healthcare and diagnostics sectors, Asia Pacific is predicted to increase significantly during the forecast period. Furthermore, during the forecast period, rising adoption rates of in-vitro diagnostic technology and expenditures in the construction of healthcare infrastructure are expected to drive product demand in the area.

KEY MARKET PARTICIPANTS:

Thermo Fisher Scientific Inc., Merck KGaA, Bangs Laboratories, Inc., Spherotech, Inc., GenScript, CardioGenics, Inc., Bio-Rad Laboratories, Inc., Miltenyi Biotec, Ferrotec (USA) Corporation, Eurofins Technologies, and micromod Partikeltechnologie GmbH are some of the prominent companies operating in the global magnetic beads market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• In 2019, Thermo Fisher Scientific announced the release of an automation-ready DNA and RNA isolation kit to help researchers better understand the microbiome.
• JW Therapeutics, a leading cell therapy firm in China, has inked a non-exclusive commercial access deal with Thermo Fisher Scientific, the world leader in serving science, for Thermo Fisher's Gibco CTS Dynabeads CD3/CD28 in 2021.