Magnetic Beads Market Growth & Trends
The global magnetic beads market is expected to reach USD 7.50 billion by 2030, registering a CAGR of 11.6% from 2022 to 2030, as per a new report by Grand View Research Inc. This is attributable to the increasing applications of nanotechnology in different industry verticals, including electronics, automotive, and healthcare, packaging, and construction. Additionally, the market is witnessing broad in molecular biology applications owing to their easy-to-use property, minimal processing requirement, and reliability.
The global medical industry is anticipated to grow on account of various factors, such as the rapidly aging population, technological advancements, and the rising prevalence of chronic illnesses across the globe. For instance, cancer is one of the leading causes of death and a significant impediment to extending life expectancy globally. The growing prevalence of cancer has boosted the demand for diagnostics for cancer, thereby creating upswings for the magnetic beads demand.
The market growth was reduced due to the global outbreak of COVID-19 in developed countries such as Germany, France, and the U.K., among other regions. Additionally, with the spread of COVID-19, the demand for diagnostic centers and healthcare facilities increased to control the situation, which in turn, drove the demand for magnetic beads.
Magnetic beads have increasingly been adopted in many applications due to various applications of nanotechnology across multiple industry verticals. For example, medical apparatus can be made lighter, stronger, and durable using nanotechnology. In addition, increasing investments in genetic & microbiology research activities are expected to boost the demand for magnetic beads during the forecast period. For instance, nanoscale fabrics used in surface treatment of fabrics offer personal body armor from lightweight ballistic energy deflection, as well as resistance to bacterial growth, staining, and wrinkling.
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Magnetic Beads Market Report Highlights
The in-vitro diagnostics application segment held the largest market share of over 58% in 2021. The growth is attributed to the increasing applications of In-vitro diagnostics in the healthcare sector owing to its greater accuracy levels. 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.
The bioresearch application segment of magnetic beads accounted for 32% of the total revenue in 2021, owing to the increasing applications in diverse fields, including biotechnology, biochemistry, and genetics. In addition, the use of magnetic beads in the diagnosis and targeted destruction of tumors by intercellular hyperthermia is further expected to fuel the magnetic beads demand during the forecast period.
North America is projected to witness substantial market growth of 10.7% from 2022 to 2030. The countries in the region, including the U.S. and Canada, are heavily invested in medical and healthcare and are home to the best genetic research facilities in the world.
The North American region is expected to have the largest market share of the total revenue in 2030 owing to the increased utilization of nanotechnology in biomedical for its unique properties offered by nanomaterials. Furthermore, growing emphasis on the use of magnetic beads in drug delivery and other biomedical is expected to positively impact market growth during the forecast period.
The Asia Pacific region is expected to grow at a significant pace due 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 magnetic beads demand.
China and Japan have emerged as two major players in the Asia Pacific healthcare industry due to attractive government policies and regulations coupled with increasing expenditure in the medical industry. For instance, Japan is developing “National Strategic Special Zones” for neurologic, cardiac, and ophthalmic treatments. Such initiatives are expected to drive the growth of the market in the Asia Pacific.
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