Magnetic Beads Market Size, Share & Trends Analysis Report By Application (In-vitro Diagnostics, Bioresearch), By Region (North America, Europe, Asia Pacific, CSA, MEA), And Segment Forecasts, 2021 - 2028

Report Overview

The global magnetic beads market size was valued at USD 2.29 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 14.6% from 2021 to 2028. The growing product demand in various types of biological and genetic research processes is anticipated to drive the market over the forecast period. In 2020, the demand for magnetic beads witnessed an increase in demand owing to a sudden rise in research activities in the biomedical industry. High spending by prominent research laboratories to find mediums to detect COVID-19 supported the product demand in 2020. Moreover, applications in test kits for virus detection surged the demand for magnetic beads.

As per the U.S. Centers for Medicare & Medicaid Services, U.S. spending grew by around 4.6 % in 2019, to reach a value of USD 3.8 trillion. Spending in the U.S. is likely to witness an increase because of advancements in medical technologies, rising medical equipment prices in the health sector, and increased demand for medical services from the aging population.

Increasing investments in genetic and microbiology research activities are expected to provide a major boost to the demand for magnetic beads over the forecast period. The main applications of magnetic beads include next-generation sequencing (NGS), polymerase chain reaction (PCR) testing, protein purification, and magnetic-activated cell sorting (MACS).

Magnetic beads are used in many applications in NGS workflows, such as in nucleic acid purification and isolation and for size selection in the NGS process. NGS technology is increasingly being used in the medical industry as it offers several benefits over other sequencing techniques. This is projected to fuel the growth of the market. Some of the advantages offered by NGS technology include high sensitivity in detecting low-frequency variations, fast turnaround time, and large samples.

New developments in the market have led to the utilization of magnetic beads for the purification of SARS-CoV 2 (COVID-19) samples from surfaces. These beads are also used for kits that can be used for sensitive detection of total nucleic acid (DNA and RNA) from swabs, transport media, and blood.

Application Insights

The in-vitro diagnostics application segment led the market with a revenue share of over 55.0% in 2020 and is likely to grow at a significant rate over the forecast period. An increase in demand for cellular study by various scientists and pharmaceutical companies to determine the physiological and chemical mechanisms within a molecule is further expected to increase the demand for magnetic beads, contributing substantially to the market growth.

Increasing population, infectious and chronic diseases, and personalized care products are spurring the demand for healthcare products. Such trends are pushing medical device manufacturers and scientific laboratory experts to pursue in-vitro diagnostic methods by using magnetic bead technology.

Increasing access to diverse fields of experimental biology such as cell biology, biotechnology, biochemistry, genomics, immunology, and genetics is likely to witness an upsurge in related products during the forecast period. In addition, the use of magnetic beads in the diagnosis and targeted destruction of tumors by intercellular hyperthermia is expected to fuel the product demand during the forecast period.

Magnetic beads offer a suitable solution that could revolutionize a wide range of biological research by enhancing the efficacy of cell separation and isolation protocols, improving traditional bio-imaging techniques, and providing alternatives for tumor detection and treatment technology.

Regional Insights

North America dominated the market and accounted for over 45.0% share of the global revenue in 2020. North America is home to some of the best genetic research facilities in the world and thereby generates a major demand for magnetic beads. Major demand for in vitro tests from the U.S. and Canadian healthcare sectors has further aided the market growth.

In the U.S., in-vitro devices have been defined in section 201(h) of the Federal Food, Drug, and Cosmetic Act, and as biological products subject to section 351 of the Public Health Service Act. Additionally, in vitro products have been categorized under Sec. 862.1 of Code of Federal Regulation as clinical chemistry and clinical toxicology devices intended for human use that is in commercial distribution.

Europe emerged as the second-largest regional market for magnetic beads in 2020 owing to the increase in demand for diagnostics and therapeutic solutions due to rising health concerns. In addition, an increase in the rate of chronic diseases, communicable diseases, mental health, and the prevailing COVID-19 had spurred the demand for diagnostics centers and related healthcare facilities to tackle and minimize the situation.

The Asia Pacific region is expected to grow at a significant pace over the forecast period owing to the rapid growth of the healthcare and diagnostics industries in the region. The growing need for the adoption of advanced diagnostic technologies due to the increasing prevalence of chronic diseases is expected to drive the product demand.

Key Companies & Market Share Insights

Multinational companies are the major producers of magnetic beads having a major market share with a wide variety of product portfolios. The aforementioned companies are continuously engaged in R&D activities and the implementation of new technologies to gain a competitive advantage and serve various application requirements.

Companies adopt different strategies to achieve a competitive advantage over competitors such as new product development, continuous product experiments and testing, capacity expansion, partnerships, and mergers & acquisitions. For instance, in July 2019, New England Biolabs (NEB) initiated a capacity expansion plan. As a result, the same opened eight production facilities in Australia for the distribution of life science products in both the markets of Australia and New Zealand. Some prominent players in the global magnetic beads market include:

• 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

• micromod Partikeltechnologie GmbH

• New England Biolabs

• Rockland Immunochemicals, Inc.

• MagQu Co. Ltd.

Magnetic Beads Market Report Scope

Segments Covered in the Report

This report forecasts volume and revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global magnetic beads market report on the basis of application and region:

• Application Outlook (Volume, Kilograms; Revenue, USD Million, 2017 - 2028)

  • Bioresearch

  • In-vitro Diagnostics

  • Others

• Regional Outlook (Volume, Kilograms; Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa