Introduction
Magnetic beads are synthesized from iron oxide nanoparticles such as magnetite (Fe3O4) nanoparticles with a size of around 20 nm to 30 nm. Magnetic beads in stark difference to common ferromagnets exhibit magnetic behavior only in the presence of an external magnetic field. As a result, these beads can be used without any concern about unwanted clumping.
Factors such as rise in utilization of magnetic beads in medical applications, increasing application of magnetic beads in bioassays and magnetic separation techniques are driving the market growth. However, requirement of additional accelerators and time consuming process involved during protein purification is likely hampering the market growth
Despite the current pandemic situation, the demand for magnetic beads has increased due to its primary usage in research labs. Thus, the market for magnetic beads has grown significantly due COVID-19 pandemic.
Table of Contents
Market Overview
The global magnetic beads market is expected to grow to $1,930.30 million by 2025
Growth momentum is expected to accelerate during the forecast period with a 19.52% CAGR.
A rising preference for in-vitro diagnostic testing owing to its versatility and ability to provide quick results is expected to drive market growth over the forecast period.
North America dominated the market due to the presence of a number of best genetic research facilities in the world and thereby generated a major demand for magnetic beads.
Key Trends
Increasing investments in genetic & microbiology research activities are expected to provide a major boost to product demand.
Increasing need for improved medical care at reduced cost is anticipated to offer lucrative opportunity for the expansion of the global market.
Key Market Players
The market is dominated by global vendors like Dynal Biotech, Merck Estabor, Bangs Laboratories, Advanced Magnetics, Promega, Cortex Biochem.
The key players are rigorously competing and offering custom solutions for high-performance low-cost magnetic beads requirements.
Market players are focusing on strengthening their positions by adopting strategic initiatives, such as geographical expansion, mergers & acquisitions, and partnerships.
Growth Drivers and Challenges
Rise in utilization of magnetic beads in medical applications.
Application of magnetic beads in bioassays and magnetic separation techniques is supporting the growth of the market.
Increasing adoption of magnetic beads in life science applications is driving the market.
Toxicity Assessment of the product is expected to be one of the major challenges faced by the industry.
High cost associated with genetic research in developing countries is limiting the market demand.
Requirement of additional accelerators and time consuming process involved during protein purification is hindering the market growth.