Magnetic Beads Market Growth & Trends

The global magnetic beads market size is expected to reach USD 6.82 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 14.6% from 2021 to 2028. The growing product demand in various types of biological and genetic research processes is expected to drive the market 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. Custom modifications in the product to comply with research needs are anticipated to support the market growth.

The in-vitro diagnostics application segment led the market and accounted for more than 55.0% share of the global revenue in 2020. In-vitro diagnostics are witnessing growing adoption in the healthcare sector owing to their greater accuracy levels. The product is an effective alternative to colloidal gold particles in in-vitro diagnostics owing to their comparatively lower costs and ability to generate faster results.

Several players position themselves in the market by offering a wide range of products with varied technical specifications. Companies are continuously engaged in the optimization of their production technologies to cope up with customer demands pertaining to different application industries, such as bioresearch, in-vitro diagnostics, and drug delivery systems.

Magnetic Beads Market Report Highlights

  • North America led the global market in 2020 with a revenue share of over 45.0% and is anticipated to ascend at a notable rate in the projected period. Increasing research activities by multinational players in the region are likely to support the product demand
  • The in-vitro diagnostics application segment dominated the market in 2020 and is expected to maintain its lead over the forecast period. The rise in the adoption of in-vitro diagnostics in the healthcare sector owing to their greater accuracy levels is projected to upscale the product demand
  • The U.S. led the North American market with a revenue share of over 80.0% in 2020. The product demand is attributed to the growing use of magnetic beads in medicinal applications by prominent players
  • The bioresearch application segment is likely to expand at a revenue-based CAGR of 14.2% from 2021 to 2028. This is attributed to a wide demand for magnetic beads in biomedical research
  • Manufacturers are aiming to achieve optimum business growth by implementing strategies including acquisitions, joint ventures, capacity expansion, new product development, promotion of key product brands, and significant investments in R&D