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How is the Magnetic Beads Market performing and what awaits for this sector in the coming years?
The magnetic beads market reports outstanding growth in recent years, with the market size projected to upsurge from $2.18 billion in 2023 to $2.46 billion in 2024, with a compound annual growth rate CAGR of 12.7%. The past growth can be attributed chiefly to the Covid-19 pandemic, increased healthcare expenditure, and rapid growth in the elderly population. As we shift focus to the future, we anticipate this market to continue its accelerated growth, reaching $4.1 billion by the year 2028, indicating a compound annual growth rate of 13.6%.
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What’s fueling this incredible growth and what does the forecast look like?
The key forces propelling the magnetic beads market include supportive government initiatives for genetic and microbiological research along with substantial growth in the medical technology sector and a rising prevalence of chronic diseases. The governments across various countries are initiating national plans for integrating advanced microbial genomics research. This collaboration is expected to increase the demand for magnetic beads used in microbiological and genetic research. For instance, in February 2021, the Australian Department of Health released a national blueprint for integrating microbial genomics into their public health system, aiming to enhance the national surveillance and response to communicable diseases, bio-threat agents, and antimicrobial resistance of clinical and public health importance.
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Who are the key players dominating the Magnetic Beads Market?
The magnetic beads market is dominated by major companies such as Thermo Fisher Scientific Inc, Merck KGaA, Bio-Rad Laboratories, Inc, Qiagen, Danaher Corporation,Miltenyi Biotec, Promega Corporation, Takara Bio Inc, Genscript Biotech Corporation, Bangs Laboratories Inc, and many others. These companies are focusing on creating new technological solutions, launching magnetic beads modification services to double down on their market share.
What are the emerging trends stirring up the Magnetic Beads Market?
Technological advancements are key trends that have been gaining significant traction in the magnetic beads market. For instance, in October 2022, Thermo Fisher Scientific Inc. plans to launch Dynabeads Technology which is primarily used in the synthesis and purification of messenger RNA for vaccine development and manufacturing.
How is the Magnetic Beads Market segmented?
The magnetic beads market is categorized based on type, end-user, magnetic core, and application.
1 By Type: Cells Microbes, Nucleic Acids, Proteins, Other Types
2 By End User: Healthcare Facilities, Individual Pathology Labs, Research Labs, Other End Users
3 By Magnetic Core: Superparamagnetic, Ferrimagnetic
4 By Application: Cell Separation And Expansion, Protein Sample Preparation, Protein Purification, IVD Assay Development, Nucleic Acid Isolation, Immunoprecipitation, Antibody Purification, and Other Applications
Which region is roaring ahead in the Magnetic Beads Market?
North America was leading the run in the magnetic beads market in 2023 while Eastern Europe is forecasted to emerge as the fastest-growing region in the forthcoming period. The report comprehensively covers the regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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