Surface plasmon resonance (SPR) is an optical phenomenon that allows detecting and analyzing molecular binding. It is a technique used for label-free detection of biomolecular interactions in real-time. Surface plasmon resonance systems are used in various applications such as detection of protein–protein interactions, drug discovery, and biosensors for pathogen detection.
The surface plasmon resonance market is expected to witness significant growth over the forecast period owing to increasing adoption of SPR in biotechnology and pharmaceutical industries. Surface plasmon resonance technology is widely used for analyzing biomolecular interactions in drug discovery, during development of diagnostic assays, and quality assurance of biotherapeutic products. According to the International Federation of Pharmaceutical Manufacturers & Associations, the global drug market was valued at US$ 1.27 trillion in 2020 and is expected to reach US$ 1.5 trillion by 2023. The increasing drug development activities are expected to boost demand for surface plasmon resonance systems during analysis of biomolecular interactions in drug screening and drug discovery processes. Moreover, growing prevalence of chronic and infectious diseases is fuelling biotechnology research activities for developing novel diagnostic tests and biomarkers. This is expected to propel the market growth of surface plasmon resonance systems over the forecast period.
1. Surface plasmon resonance technology provides real-time monitoring of biospecific interactions without labelling of compounds. 2. It has high sensitivity and ability to analyze multiple samples simultaneously. 3. SPR has wide application scope in drug discovery, material science and biosensors.
1. High set up and maintenance costs can limit its adoption. 2. Lack of skilled workforce for operating SPR instruments.
1. Growing R&D investments in biotechnology and pharmaceutical industries will boost demand. 2. Increasing funds by government bodies for developing biosensors will open new avenues.
1. Availability of alternative label-free detection technologies can pose threat. 2. Slow adoption rate in developing countries due to lack of infrastructure and awareness.
The global Surface Plasmon Resonance Market Demand Size is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period, due to increasing expenditure on drug discovery and development activities.
North America dominated the global market and accounted for over 35% share in 2023 owing to rising research funding and presence of key market players in the US and Canada. Asia Pacific is anticipated to grow at fastest CAGR during the forecast period due rising pharmaceutical manufacturing in China, India and Japan.
Key players analysis:
Key players operating in the surface plasmon resonance market are Bio-Rad Laboratories, Inc., Carterra Inc., AMETEK, Inc., Bristol Myers Squibb, Horiba, Ltd., and Biosensing Instrument Inc. These players are focusing on new product launches and geographical expansion to gain higher market share.