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Latin America Surface Plasmon Resonance Market Research Report – Segmented By Product, Application and Country (Brazil, Argentina, Chile, Mexico and Rest of Latin America) – Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2023 to 2028)

Published: March, 2023
ID: 4687
Pages: 145
Formats: report pdf report excel report power bi report ppt

Latin America Surface Plasmon Resonance Market Size (2023 to 2028)

The size of the Surface Plasmon Resonance Market in Latin America is predicted to be worth USD 122.67 million by 2028 from USD 87.3 million in 2023, registering a CAGR of 7.04% from 2023 to 2028.

The growing prevalence of chronic illnesses and other health problems is fuelling the growth of the surface plasmon resonance market in the Latin American region during the forecast period.  Also, the rise in discoveries and innovations is pushing the market's growth rate. One of the primary technologies utilized for label-free detection is surface plasmon resonance. The launch of technologically sophisticated products, a growing number of drug development initiatives through academic-industrial alliances, and the high sensitivity of label-free technologies are critical drivers of the label-free detection industry.

These technologies and approaches are making their way into significant industries, including pharmaceuticals, biotechnology, and the food industry; this strategy uses both demand and the availability of flexible products. Increased government and non-government funding in research institutes have also contributed to the growth. Moreover, pharmaceutical and biopharmaceutical firms and university research institutes have expanded their label-free technologies for biomolecular analysis during drug development due to these technical developments, which are likely to fuel market expansion.

Furthermore, the increase in competition between the market players like Bio-Rad Laboratories Inc., Bio-Sensing Instruments Inc., General Electric Co, and others are propelling the surface plasmon resonance market growth in the awareness of this market.

The protocol is detailed, and a qualified expert must carry it out to get the desired outcomes with minimal manual error. The chemicals that support these systems are likewise costly, which raises the overall cost per contact as the plasmon resonance equipment is very costly. In addition, setting up the equipment and maintaining them is very costly. For example, a surface plasmon resonance unit costs over US$ 200,000 - 300,000 in Brazil. Therefore, lesser players enter the market. Also, the lack of skilled laborers is a primary concern in developing and underdeveloped regions.

There are alternative techniques such as localized surface plasmon resonance that are cheaper and more efficient. However, this also restricts the demand. In addition, raw material prices are constantly fluctuating, limiting the scope of the market and thus slowing its growth.

This research report on the Latin American surface plasmon resonance market has been segmented and sub-segmented into the following categories.

By Product:

  • Imaging System    
  • Sensor System      
  • Reagent   

By Application:

  • Drug Discovery     
  • Material Science  
  • Biosensor

By Country:

  • Mexico
  • Brazil
  • Argentina
  • Chile
  • Rest of Latin America

Latin America has seen massive growth in recent years. As a result, the market is anticipated to record a prominent share in the global market during the forecast period. At the same time, the growing prevalence of chronic diseases and the increasing geriatric population are the main drivers for market growth.

Currently, Brazil is leading the Surface Plasmon Resonance Market in Latin America, and it is expected to continue its growth throughout the forecast period. However, the high cost of therapy and other low-cost and efficient alternatives are the main challenges in the sector.

On the other hand, Chile and Argentina are projected to showcase a moderate share of the Surface Plasmon Resonance Market in the coming years and expand the Latin American regional market growth.

KEY MARKET PLAYERS:

Companies leading the Latin America surface plasmon resonance market analyzed in this report are Bio-Rad Laboratories Inc., AMETEK Inc., Bio sensing Instrument Inc., General Electric Co, and Horiba Ltd.

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