APAC Surface Plasmon Resonance Market

APAC Surface Plasmon Resonance Market Size (2023 to 2028)

The surface plasmon resonance market in the Asia Pacific is predicted to register a CAGR of 7.7% from 2023 to 2028. This market is estimated to be worth USD 130.3 million in 2023 and is estimated to be worth USD 188.9 million by 2028. One of the primary factors boosting the Asia-Pacific surface plasmon resonance market is the growing application in the food industry. Examining food quality is required in the food sector to ensure transparency and correctness in the nutritional profile of the product and regulatory compliance.

Protein-to-protein, protein-to-small molecule, and protein-to-peptide interactions are all monitored using surface plasmon resonance, which provides significant equilibrium and kinetic data. To develop a new drug, it is necessary to characterize the reaction affinity and kinetic binding between a receptor and a potential drug.

One of the other significant factors driving the expansion of the APAC surface plasma resonance market is the increasing use of surface plasmon resonance in drug discovery. In comparison to alternative approaches such as microbiological assays, SPR offers several advantages like faster preparation, reduced assay time, and ease of use, which are expected to accelerate the market growth rate. In addition, the rising incidence of chronic diseases and other health issues and increased awareness through campaigns and training programs are further contributing to the growth rate of the surface plasmon resonance market's rapid expansion in the APAC region. This approach is emerging in major industries such as pharmacies, clinical research, the food industry, and others in developed and developing countries, propelling the market's growth rate.

The increase in the number of patients presenting to hospitals with various ailments and their need for efficient treatment directly boosts the market's growth rate. In addition, surface plasmon resonance (SPR) offers excellent functionality in the biotechnology industry; hence the market for SPR is exploding.

The high expense of installing and maintaining devices in laboratories and a scarcity of trained personnel due to a lack of training are important roadblocks for market developers. In addition, one aspect limiting the demand for surface plasmon resonance is the availability of alternative techniques at low cost and high precision. The market's growth is further estimated to be hampered by swings in raw material prices.

This research report on the Asia Pacific 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

The sensor system is predicted to have the largest market share in the APAC market based on the application. In contrast, the drug discovery segment is expected to grow at the fastest rate in the forecast period, thanks to an increase in the use of SPR in biotechnology and pharmaceutical businesses for drug development and research of drug cell interactions.

By Country:

• India
• China
• Japan
• South Korea
• Australia
• New Zealand
• Thailand
• Malaysia
• Vietnam
• Philippines
• Indonesia
• Singapore
• Rest of APAC

During the forecast period, the Asia Pacific regional market is expected to grow at a rapid rate. In this region, an emphasis on improving hospital diagnosis and treatment methods is anticipated to outshine market demand. One of the main drivers for growth in the Asia Pacific is the growing geriatric population. In addition, the market is expected to expand because of the growing use of microfluidics to reduce reagent consumption and increase research and development in this region. Rising technological advancements for comprehensive research and development of pharmaceutical medications, as well as an increase in government financing and efforts, may generate a tremendous upside for the region's surface plasmon resonance market in the projected term.

KEY MARKET PLAYERS:

Companies playing a noteworthy role in the Asia Pacific surface plasmon resonance market profiled in this report are Bio-Rad Laboratories Inc, AMETEK Inc, Biosensing Instrument Inc, General Electric Co, and Horiba Ltd.