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Global Magnetic Stirrer Market to Reach US$ 2.3 Billion by 2024, Stimulated by Increasing Number of CROs

According to the latest report by IMARC Group, titled “Magnetic Stirrer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global magnetic stirrer market size reached US$ 1.8 Billion in 2018. A magnetic stirrer refers to a device consisting of a stationary electromagnet that creates a rotating magnetic field. It is used for spinning a stir bar immersed in a solution for mixing or stirring. Magnetic stirrers are used with glass or non-metal beakers to avoid interference with the magnetic field. They are considered an ideal tool in laboratories for quality control and research applications. At present, these stirrers are available in different models, such as magnetic stirrers with timer, and battery-powered, mini, heavy-duty and air operated turbine magnetic stirrers.

Global Magnet Stirrer Market Trends:

Over the next few years, the pharmaceutical and biotechnology industries are expected to grow at a rate of around 5% and 7%, respectively, owing to factors such as aging population, technological advancements and rising prevalence of chronic diseases. Both the industries rely heavily on high-tech scientific instruments, which is providing an impetus to the market growth. Also, the escalating demand for magnetic stirrers can be attributed to the rising establishment of private and academic contract research organizations (CROs), which are being approached by pharmaceutical companies to outsource research activities. Moreover, the high cost of magnetic stirrers has prompted manufacturers to design low-cost stirrers with recycled materials, such as CPU fans and neodymium magnets sourced from discarded computers and refurbished electrical components of old circuit boards. Moreover, the sales of scientific instruments, like magnetic stirrers, were earlier confined to traditional supply chains, such as distributors. However, increasing penetration of the internet has led to the availability of various online retail platforms, which have expanded the profit margins of scientific instrument manufacturers across the globe. Owing to these factors, the market is projected to grow at a CAGR of 4.0% during 2019-2024, reaching a value of US$ 2.3 Billion by 2024.

Market Summary:

  • The market has been segmented on the basis of the product type, which mainly consists of regular, hot-plate and multi-position magnetic stirrers. Amongst these, regular magnetic stirrers are mostly preferred in the industry.
  • The report has analyzed the market according to the display type, which includes digital and analog.
  • On the basis of the end user, the market has been segregated into the chemical and pharmaceutical industries, research laboratories and institutes, and others. Amongst these, the chemical and pharmaceutical industries are the largest end users.
  • On the geographical front, the market has been divided into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Currently, North America is the biggest market, accounting for the majority of the total market share.
  • The competitive landscape of the market has also been examined with some of the key players being Corning Incorporated, Grant Instruments (Cambridge) Ltd., IKA Works GmbH & Co. KG, Scientific Industries, Inc., Thermo Fisher Scientific Inc., Argos Technologies, Inc., Azzota Scientific, Cole-Parmer Instrument Company, LLC., Dynalab Corp., Hanna Instruments, Heidolph Instruments GmbH & CO. KG, Neu-tec Group Inc., SCILOGEX, LLC, and Troemner, LLC.

 

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