The global magnetic beads market will generate revenue of $8,012.0 million in 2030, and the market size will advance at a CAGR of 12.2% between 2021 and 2030. This is attributed to the growing usage of magnetic beads in drug administration, MRI, cancer treatment, and bioresearch. Additionally, magnetic beads provide desirable and precise clinical purification and separation of proteins, cells, nucleic acid, and other substances.
The need for healthcare is fueled by the growing population, rising prevalence of infectious and chronic diseases, and burgeoning demand for individualized care. Manufacturers of medical devices and professionals in scientific laboratories are being compelled by these developments to explore in-vitro diagnostic techniques that utilize the magnetic bead technology.
The market is also expanding due to the rising popularity of point-of-care (POC) tests, which can be performed outside labs, right in a patient's home. In-vitro diagnostics is becoming increasingly popular due to the simplicity of its usage, quick results, and direct-to-consumer testing advantage. Magnetic beads are used in this approach to identify and separate particular target cells from blood samples.
Moreover, the growing usage of MRI in oncology is predicted to drive the consumption of magnetic beads, which are being experimented upon for the detection of solid and sensitive tumors and cancer-causing cells, as well as killing them with heat.
Cancer is the second-largest cause of death worldwide, according to the World Health Organization (WHO), and with the use of these beads, it can be found and treated. Additionally, it helps in cell separation applications, which include the tumor cell removal from bone marrow, specific nucleic acid sequence (DNA or RNA) isolation, identification, and genetic analysis; and DNA binding protein extraction.
The market for magnetic beads worldwide is dominated by North America, with a share pf more than 47% share. Product demand in the region is driven by the ongoing R&D in nanotechnology to investigate possible applications in a variety of sectors. Due to the unique optical, magnetic, and electrical properties of nanomaterials, they are being used increasingly in biomedical applications, such as drug delivery.
The market for magnetic beads is fragmented due to the existence of various small and large businesses all over the world. These industry participants are implementing a variety of growth tactics in order to create fresh opportunities in the ensuing years. These strategies include product launches, mergers and acquisitions, partnerships and agreements, and corporate network expansions.
Players that hold a significant magnetic beads market share are Bangs Laboratories Inc., Spherotech Inc., GenScript, MagQu Co. Ltd., Rockland Immunochemicals Inc., Eurofins Technologies, New England Biolabs, and Miltenyi Biotec.