Magnetic Beads Market Growth & Trends

The global magnetic beads market size is expected to reach USD 6.87 billion by 2027, according to a new report by Grand View Research Inc. The market is anticipated to expand at a CAGR of 17.5%, in terms of revenue, over the forecast period. Growing product demand for the product in various types of biological and genetic research processes is expected to drive the market growth over the forecast period.

Magnetic beads are witnessing wide-ranging adoption in molecular biology applications owing to their reliability, easy-to-use property, and minimal processing requirement. It is mostly used to purify various types of biomolecules such as genomic DNA, plasmids, mitochondrial DNA, RNA, and proteins.

Magnetic beads in the form of superparamagnetic iron oxide nanoparticles (SPIONs) exhibit a major potential for enhancing the efficacy of targeted drug delivery systems. The scientists are exploring various avenues to utilize magnetic beads used in cancer treatment owing to their limited toxicity and side effects.

Key players in the global market for magnetic beads are actively collaborating with major testing equipment manufacturers to widen the scope for product use in various diagnostic methods. Furthermore, manufacturers provide products based on standard specifications and design specifications provided by the end-users operating in the biomedical research sector.

Magnetic Beads Market Report Highlights

  • In the U.S., the in-vitro diagnostics segment is expected to grow at a CAGR 15.5% over the forecast period on account of the growing demand for in vitro testing owing to their reliability and ability to provide faster results
  • In 2019, the revenue for the bioresearch segment in the Asia Pacific region stood at USD 99.2 million owing to an increase in funding for biomedical and molecular biology research at various universities and research institutes across the region
  • In Japan, the market for magnetic beads is anticipated to reach USD 327.8 million by the year 2027 on account of increasing product demand from its well-developed genetic and molecular biology research ecosystem
  • In Europe., the bioresearch application segment is expected to grow at a CAGR of 19.0% over the forecast owing to the presence of well-established research institutes involved in the genetic and molecular biology research
  • Technological advancements in the production process and encapsulation technologies have enabled the manufacturers to reduce the toxicity associated with the magnetic beads and increase their functional attributes