Magnetic Beads Market - Overview
The global magnetic beads market is expected to expand at a healthy rate from 2021 to 2031 (forecast period). Over the forecast period, the global magnetic beads market is anticipated to be driven by rising product demand in different types of biological and genetic research activities. Magnetic beads demand surged in 2020 as a result of a dramatic increase in research activity in the biomedical industry. In 2020, product demand was encouraged by high spending by notable research laboratories to find methods to detect COVID-19. Moreover, use in virus detection test kits increased the demand for magnetic beads.
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Magnetic Beads Market - Competitive Landscape
Key players active in the global magnetic beads market are Spherotech, Inc., Thermo Fisher Scientific Inc., Merck KGaA, GenScript, Bangs Laboratories, Inc., CardioGenics, Inc., Eurofins Technologies, Bio-Rad Laboratories, Inc., Miltenyi Biotec, Ferrotec (USA) Corporation, Rockland Immunochemicals, Inc., micromod Partikeltechnologie GmbH, New England Biolabs, and MagQu Co. Ltd.
These market participants are undertaking different strategies in order to create new growth opportunities in the following years. Expansion of the company network, new product launches, mergers and acquisitions, and partnerships or agreements are some critical strategies adopted by players in the worldwide market. Moreover, the players have used mergers and acquisitions to leverage their strengths, such as expanding company portfolios, generating unique goods, increasing distribution networks, seizing unexplored markets, and engaging in extensive R&D operations.
Magnetic Beads Market - Trends and Opportunities
The global magnetic beads market is projected to expand due to an increase in the use of magnetic beads in life science applications such as immunoassays, molecular biology, and medicinal applications. Moreover, the dramatic increase in acute respiratory infections (ARIs) is raising the risk of acquiring serious diseases such as pneumonia. Pneumonia, in turn, causes significant morbidity and mortality in children. As a result, the development of effective methods for diagnosis and appropriate treatment has raised the strain on the healthcare system. For the identification of respiratory tract infections and ARIs, nucleic acid amplification is a frequently used diagnostic technique. Magnetic beads have recently been employed for nucleic acid amplification, which has lowered the death rate owing to ARI. As a result, the worldwide magnetic beads market is estimated to rise steadily over the forecast period.
Moreover, a surge in demand for better medical care at a lower cost is expected to provide lucrative growth opportunities for the worldwide magnetic beads market throughout the projection period. With an aging population and lower IVD costs, prominent firms in the medical sector are embracing magnetic beads as an alternate choice for diagnosis. This factor is also projected to function as a potential opportunity for the growth of the global magnetic beads market.
Molecular biology and nanotechnology-based analytical technologies are now used as quick screening tools for coronavirus illness with great precision and accuracy. This is one of the primary factors likely to fuel the global demand for magnetic beads. Aside from that, the growing preference for in-vitro diagnostic testing due to its versatility and capacity to deliver speedy findings is expected to boost the market growth. Furthermore, an increase in human lifespan and the aging of the baby boomer population are fueling the demand for pharmaceuticals and other chronic disease research. As a result, the demand for magnetic beads to aid in disease prevention and treatment methods and the development of new protein products is increasing. Aside from that, researchers are investigating the effectiveness of magnetic beads comprising graphite carbon in eliminating color and organic contaminants from livestock wastewater. Such improvements are having a favorable impact on the use of magnetic beads in agriculture. Furthermore, increased investments in genetic and microbiological research are expected to propel the global magnetic beads market.
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Magnetic Beads Market - Regional Landscape
The magnetic beads market in North America is estimated to grow during the forecast period. The increasing investment in cell-based and nucleic acid-based research activities is expected to boost the regional market. Moreover, increased technological improvements and rising demands for in-vitro tests in Canada and the United States are likely to increase the market growth. Magnetic beads are becoming increasingly popular in regional hospitals and research facilities, which is projected to bolster the regional market.
The magnetic beads market in Europe is projected to expand owing to increased demand for diagnostic and therapeutic solutions in response to increased health concerns. Moreover, a surge in the prevalence of chronic diseases, mental health, infectious diseases, and the prevalent COVID-19 has increased the demand for diagnostics centers and allied healthcare services to address and mitigate the problem.
The Asia Pacific area is anticipated to grow throughout the forecast period, owing to the region's rapidly evolving healthcare and diagnostics industries. Product demand is anticipated to be driven by the increasing need for better diagnostic technologies due to the rising incidence of chronic diseases.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.