A three-pronged approach was followed for deducing the magnetic beads market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for magnetic beads market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of magnetic beads market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The magnetic beads market was categorized into two segments, namely application (Bioresearch, In-vitro Diagnostics), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).
The magnetic beads market was segmented into application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The magnetic beads market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into ten countries, namely, the U.S.; Canada; Mexico; the UK.; Germany; France; China; Japan; India; Brazil.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The magnetic beads market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Thermo Fisher Scientific Inc.- The company is a prominent name in serving life science solutions at a global level. It has four business segments that include life science solutions, specialty diagnostics, analytical instruments, and laboratory products & services. The company offers innovative solutions in the field of healthcare with advanced technology and pharmaceutical services through industry-leading brands. The brands include Invitrogen, Thermo Scientific, Applied Biosystems, Unity Lab Services, Fisher Scientific, and Patheon. The product is sold with the brand name Invitrogen and through the sub-division of dynabeads magnetic separation technology. Magnetic beads produced by the company capture target of interest molecules from biological samples placed in laboratory plates or a tube. Magnetic beads product category includes beads for human cell isolation, mouse cell isolation, cell expansion, protein A&G beads, streptavidin-coupled beads, surface-activated beads, and others. These are used in applications of exosome analysis, cell separation & expansion, nucleic acid isolation, and many others.
Merck KGaA - It is a prominent science & technology company operating in the fields of life sciences, healthcare, and material. The company’s life sciences business segment includes products and services related to clinical & diagnostics, emerging biotech, environmental diagnostics, food & beverage, pharmaceutical research, biopharma & pharma manufacturing, and pharma quality control. The company offers magnetic bead products through the category of life science research for protein sample preparation. It is a major producer of products that tackle major illnesses and provides an integrated solution for the same. The company is known by the name of ‘Merck’ globally but in the U.S. and Canada, it operates as ‘Millipore Sigma’ in the life sciences business, ‘EMD Serono’ in the biopharma business, and ‘EMD performance materials’ in the material business segment. Its Millipore Sigma division includes products and services related to life sciences research, biopharmaceutical manufacturing, industrial microbiology, small molecule pharmaceuticals, and others.
Bangs Laboratories Inc. - It is a manufacturer of magnetic, silica, and polymer microsphere products used in research, diagnosis, and flow cytometry applications. The company also manufactures a wide variety of products that support QC and validation programs for analytical instruments including an array of a portfolio of fluorescent size, count, and cell viability standards. The company offers magnetic beads through the magnetic microspheres & particles category where supermagnetic particles are used in research & diagnostics for applications to capture biomolecules and cells. It includes different brands such as ‘magnefy’, ‘promag magnetic lines’, ‘fluorescent magnetic’, ‘COMPEL’ ’biomag & biomag plus unconjugated particles’, ’biomag & biomag plus binding proteins’, and ‘magnetic particles sample pack’. The company has a wide and effective network of distributors in North America, Europe, and Asia Pacific, which offer products and services in various countries across these regions.
Spherotech, Inc. - The company is a manufacturer and supplier of nanoparticles and uniform monodispersed micro for biomedical discovery, research & diagnostic, and other related applications. It manufactures high-quality paramagnetic, ferromagnetic, fluorescent, and color-dyed particles for medical diagnostics and applications. The company offers monodispersed uniform-sized particles for functional assays, functionalized magnetic beads for passive and covalent couplings of paramagnetic, and ferromagnetic properties, and pre-coated beads with proteins, antibodies, and ligands. It also manufactures beads that are cross-linked for functional groups and organic reactions.
GenScript - The company with its subsidiaries is a prominent life science research, application, and product provider in various fields of basic life science research for biomedical development, cell therapeutic solutions, and industrial synthetic products. It works in four established business segments that are known as platforms. The platforms are contract research organization (CRO) for global life sciences research communities; industrial synthetic products platform for producing bestzyme; contract development and manufacturing organization (CDMO) for the use in biological drugs; and cell therapy platform. The product falls under the protein analysis and purification category as protein purification resins; magnetic beads of protein A, G, and A/G; magnetic racks; and magnetic beads & SA semi-automated system under the brand name of ‘AmMag’. The company has business operations in over 100 countries across the globe with legal entities present in countries such as the U.S., Hong Kong, Japan, Mainland China, Ireland, the Netherlands, and Singapore.
CardioGenics Inc - CardioGenics Inc. was established in 1997 and is headquartered in Ontario, Canada. The biotechnological company is dedicated to research and development and manufacturing of products for the in-vitro-diagnostics market. In addition, it has core technology for improving the testing sensitivity of point-of-care (POC) products. The company is known for its advanced technology to build a compact POC analyzer that caters to the most sensitive detection such as chemiluminescence. Its product portfolio includes QL care analyzers, immunoassay tests, and paramagnetic beads. The company’s unique technology has turned traditional magnetic beads into silver colors and given light-sensitive properties to the beads for gaining high efficiency in testing and clinical operations.
Bio-Rad Laboratories, Inc. - The company is involved in the development and manufacturing of specialty chemicals used in pharmaceuticals, life sciences research, and biochemical markets. Through intensive research & development, the company entered into clinical diagnostic with the introduction of a kit based on materials and separation techniques for life sciences research. It has two business segments, namely life science and clinical diagnostics operating worldwide. The company offers magnetic beads through the category of protein sample preparation and multiplex immunoassay system by the brand name of ‘surebeads’ and ‘bio-plex pro’. Bio-plex pro segment produces magnetic beads with attached carboxyl group-COOH It has a wide geographical presence with a direct distribution channel in over 35 countries through various subsidiaries, distributors, and agents.
Miltenyi Biotec - It is a biomedical products manufacturer and service provider for scientists and physicians across basic research, clinical research, translational research, and clinical applications. The company offers services to integrated biomedical research and enable cell & gene therapy. It has a wide product portfolio under the brand name of MACS that includes sample preparation, cell separation, magnetic cell separation, antibodies, flow cytometry, imaging and microscopy, cell structure and stimulation, cell therapy, and cell manufacturing platform. All these products find applications in T cells, b cells, dendrite cells, monocytes, NK cells, cancer, neuroscience, immune-oncology, clinical applications, and others. The magnetic beads are utilized under magnetic cell separation techniques and reagents for pure target cells. It finds application in single-cell suspensions and blood products. Magnetic beads under the brand name of MACS is known as microbeads used for cell isolation (human and mouse cells). The use of magnetic beads includes mouse cell depletion kits, isolation beads for humans and mice, cell isolation kits, and various others.
Ferrotec (USA) Corporation - It is a subsidiary of Ferrotec Holdings Corporation, which has a diversified technology and deals in advanced materials and manufacturing solutions in semiconductor, electronic devices, automotive, bio-medical, and optoelectronics markets. The company serves a wide array of products, such as ferrofluidic seal solutions, thermal solutions, fabricated quartz, ferrofluid, magnetic particles, and others, for the aforementioned markets. The product falls under bio-medical ferrofluids as magnetic polymers shaped into micro-beads, which are subsequently coated with bioactive materials. These magnetic bead particles are used in immunoassay or molecular diagnostics for amplification and separation. The company has regional operation centers in North America, Europe, and Asia-Pacific with manufacturing locations in the U.S., Germany, China, and Japan.
Eurofins Technologies - It develops, manufactures, and provides rapid, food, environmental, and life science test systems-related products to various applications and research industries. The company’s product portfolio includes rapid test kits, standards & QC materials, lab testing equipment, and magnetic beads for industries such as food & agriculture, environmental & water quality, and life science. Its magnetic bead products segment includes magnetic purification kits and magnetic beads under the brand name ‘AbraMag’. Various magnetic beads with different concentrations/volumes include amine magnetic beads, carboxyl magnetic beads, biotin magnetic beads, Streptavidin magnetic beads, anti-human magnetic beads, and various others.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2021, historic information from 2017 to 2020, and forecast from 2022 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2021 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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