by The surface plasmon resonance market consists of instruments, biochips, reagents and consumables that are used for bio-interaction analysis and for measuring binding events between biomolecules. The technique is widely used in R&D screening applications for drug discovery, protein binding research and others.
The global Surface Plasmon Resonance Market is estimated to be valued at US$ 976.1 Mn or Million in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the surface plasmon resonance market is the rising preference towards label-free detection techniques. Label free detection eliminates the need for labelling molecules with fluorophores or other tags for detection. This makes the study of biomolecule interactions and detection more convenient. Several new devices based on SPR detection are enabling label free characterization of various biomolecular interactions in diverse fields like proteomics and drug discovery. This is expected to drive the growth of surface plasmon resonance market during the forecast period.
One of the key trends in the surface plasmon resonance market is the increasing adoption of label-free detection techniques. Surface plasmon resonance is a label-free optical technique that is used to study biomolecular interactions. It helps analyze biological interactions in real-time without requiring any kind of fluorescent label. The absence of labeling helps eliminate noise and artifacts, thereby providing more accurate detection of molecular interactions. As label-free detection offers several advantages over traditional labeling techniques, the demand for SPR systems using this technique is growing significantly.
SWOT Analysis
Strengths: SPR provides real-time and label-free detection of biomolecular interactions which helps streamline research and development activities in the pharmaceutical and biotechnology industries.
Weaknesses: High costs associated with SPR systems limit their adoption. Data analysis can also be complex requiring specialized training.
Opportunities: Growing research in personalized medicine and expansion of application areas beyond drug discovery present new growth opportunities.
Threats: Stiff competition from alternative label-free techniques like QCM may hamper the demand for SPR systems.
Key Takeaways
The Global Surface Plasmon Resonance Market Share is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing focus on drug discovery and development. The market size for 2023 is US$ 976.1 Mn.
Regional analysis: North America dominated the global surface plasmon resonance market in 2023 and is expected to maintain its lead during the forecast period. This can be attributed to growing R&D investments and presence of key players in the region. Asia Pacific is expected to witness fastest growth owing to rising life science research, increasing healthcare expenditure and growing outsourcing of clinical research to countries like China and India.
Key players: Bio-Rad Laboratories, Inc., Carterra Inc., AMETEK, Inc., Bristol Myers Squibb, Horiba, Ltd., Bruker, Biosensing Instrument Inc. Bio-Rad Laboratories, Carterra Inc. and GE Healthcare are among the prominent players having strong geographic presence and wide SPR product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
