Emergence of new technologies coupled with nanoparticle surface resonance are contributing to the market growth. The global surface plasmon resonance (SPR) market is estimated to gain momentum owing to high sensitivity and high specificity advantage that it offers in the pharmaceutical industry.
Surface plasmon resonance is also used in other industries like clinical research, food, biotechnology companies apart from pharmaceutical industries. Surface plasmon resonance is basically the technique used for analyzing bimolecular kinetics interaction. It is a new technique used for detecting label-free bio molecular interactions in real time. This technique is used for material science, biosensors and drug discovery
The surface plasmon resonance spr systems market is expected to expand at CAGR of 6% in terms of value through the forecast period (2019-2029). Adoption of label-free technologies and label-free detection techniques contribute in reducing the effort and time required for assay development.
"Detection of nanoparticles in biological analytes is not easy but inclusion of labels to enhance specificity and accuracy will present correct qualitative information, states the FMI Analyst.
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Surface Plasmon Resonance Market– Important Highlights
- North America exhibits lucrative opportunities while Asia Pacific region will witness maximum growth in the upcoming years.
- On the basis of type, image systems is likely to surpass US$ 500 million through 2029.
- Biopharmaceuticals companies will account for more than half market share in terms of value.
- Drug discovery will continue to retain its popularity in the applications segment.
Surface Plasmon Resonance Market – Driving Factors
- Use is largely noticed in food and beverage sectors to examine quality and to ensure a better nutritional profile.
- Owing to the increasing investment in biotechnology and widening presence of key players has also helped the market in witnessing steady growth.
- Complete consistency in regard with report generation is achieved which boosts the market growth.
Global Surface Plasmon Resonance (SPR) Market: Drivers and Trends
One of the key trends that can be seen in the surface plasmon resonance Market is the growing adoption of microfluidics techniques for lowering the consumption of reagents. Another friend that is influencing the market is the introduction of advanced imaging software for the analysis of surface plasmon resonance. In the US, there are extensive Investments carried out consistently for the research and development of surface plasmon resonance system. This would also have the market to grow in the region.
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Surface Plasmon Resonance Market – Key Restraints
- Increased assay costs remains a key deterrent for the market.
- Inaccurate information due to failure in operation hinders the growth prospects.
Expected Impact on Market by Coronavirus Outbreak
Global influence of COVID-19 require proper studying of bimolecular particles and virus-host interaction and SPR technology allows researchers to extract data in real time. This technology reveals interaction between protein molecules and biological molecules. The pandemic has driven these processes in order to launch effective vaccines. USA has currently increased R&D investments by 20% on pharmaceuticals industry while Europe drug discovery market is expected to grow at 8.22% CAGR through 2029.
SURFACE PLASMON RESONANCE MARKET TAXONOMY
The global surface plasmon resonance market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- Imaging Systems
- Sensor Systems
- Drug Discovery
- Material Science
- Academic & Research Institutes
- Food & Beverage Industry
- Biopharmaceutical Companies
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East and Africa
Key Players are operating on the basis of market shares, strategies and product offerings, Key players in the market include Horiba, Ltd, General Electric Co., Ametek, Inc., and Biosensing Instrument Inc. These players are working on biosensor technologies to enhance sales opportunities in the market.
For instance, Horiba Ltd. is planning to collaborate with Shimadzu for development and sales of LC-Raman Measuring Instruments. Shimadzu's liquid chromatographs will combine with Horiba's spectrometers for accurate medical information.
Biosensing Instrument Inc. has introduced the first SPR Microscopy system which is available commercially for interactions research. This move has redefined the use of SPR technology nad provides kinetic studies with single instrument.
More on the Report
The report presents macro as well as micro economic factors with segmentation on the basis of product type (imaging, sensors, and reagent), application (drug discovery, material science, biosensors) end-user (academics, research, pharmaceuticals, food and beverage etc.) and in-depth region wise analysis (North America, Latin America, Western Europe, Asia).