Europe Surface Plasmon Resonance Market

Europe Surface Plasmon Resonance Market Size (2023 to 2028)

The size of the Surface Plasmon Resonance Market in Europe is estimated at USD 175.11 million in 2023 and is predicted to be growing at a CAGR of 5.32% from 2023 to 2028 and be worth USD 238.9 million by 2028.

One of the factors responsible for the proliferation of the market is the increasing applications of surface plasmon resonance in drug discovery. SPR is used to monitor protein-to-protein, protein-to-small-molecule, and protein-to-peptide interactions, which provide valuable equilibrium and kinetic data. Characterization of the affinity of the reaction and the kinetic binding between a receptor and a potential drug is mandatory for developing a new drug. The increased use of SPR in the food industry will drive the European surface plasmon resonance (SPR) market. SPR is used to control food quality by quantifying vitamins in food matrices. SPR offers various advantages such as faster preparation, reduced test time, and ease of use compared to alternative methods such as microbiological testing, which helps the market grow.

The evolution of SPR-based point-of-service (POC) devices will provide lucrative growth opportunities for companies in the European SPR market. However, the development of SPR-based POC devices is hampered by several factors: low detection sensitivity, mass fabrication of durable metal nanostructures on the substrate, and the high cost induced by combining microfluidic chips with the sensor POC system.

In addition, improving the reliability of the kinetic parameters analyzed through innovation in analysis software or sensors should provide unique opportunities for the analysis of small sample volumes and the measurement of high affinity. Therefore, innovation in the developmental sector for imaging software utilized in SPR devices to test biomolecular interactions and kinetic parameters is the main factor to help in increasing the results produced. Currently, SPR software is responsible for protocol design, sample management, data collection and analysis, and automated processing, and its design is relatively complex. However, companies should focus on releasing more user-friendly software with additional security features in the near future.

The evolution of the SPR POC device is limited by multiple factors, such as the low detection sensitivity, the high cost incurred to combine the microfluidic chips with the POC system, and the mass production of durable metal substrate nanostructures, and the high cost of SPR products are expected to slow the market growth.

This research report on the European 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:

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

Geographically, during the forecast period, the European surface plasma resonance market is estimated to account for a prominent share of the global market. Innovation in the development of imaging software used in surface plasmon resonance to analyze kinetic parameters of biomolecular interactions is a key aspect of increasing the reproducibility of the results. Companies are investing in R&D initiatives to introduce superior imaging devices with improved magnification to observe the smallest deviation of refractive index, thus aiding the growth of the European surface plasmon resonance market.

The UK surface plasma resonance market dominated the European market with a 30% share in 2020. This is attributed to the increasing application of surface plasmon resonance to discover drugs and monitor small-molecule interactions. In addition, the increasing use of surface plasmon in the food industry to control food quality and the number of vitamins in food is also increasing the market growth in this region.

However, the German surface plasma resonance market is expected to grow at a higher CAGR during the forecast period due to the increasing adoption of microfluidics to reduce reagent consumption and increase research and development.

KEY MARKET PLAYERS:

Companies playing a significant role in the European surface plasmon resonance market covered in this report are Bio-Rad Laboratories Inc, AMETEK Inc, Biosensing Instrument Inc, General Electric Co, Horiba Ltd.