Surface Plasmon Resonance Market

Global Surface Plasmon Resonance Market Size (2024 to 2032)

The size of the global surface plasma resonance market was worth USD 775 million in 2023. The global market is anticipated to grow at a CAGR of 5.75% from 2024 to 2032 and be worth USD 1,282 million by 2032 from USD 820 million in 2024. 

The technique of surface plasmon resonance describes the kinetics of interaction among biomolecules. It is one of the best emerging techniques for real-time label-free detection of biomolecular interactions. SPR technique has many benefits, like sensitivity and high specificity, and it is mainly based upon the principle of total internal reflection. It can also be used in biotechnology and pharmaceutical companies, Organizations like clinical research, and industries like food. In addition, the surface Plasmon resonance technique has many applications in other fields. Label-free detection techniques replace labeled detection techniques because of the availability of many types of products and cost-effectiveness. SPR significant trends include the rise in the adoption of micro fluids techniques to decrease reagent consumption, the advanced imaging software for the detailed report of SPR, and proper investment in R and D by many companies.

MARKET DRIVERS

The growing healthcare expenditure and the growing scale of hospitals and clinics with the latest techniques are propelling the growth rate of the global surface plasmon resonance market.

Creating awareness through campaigns and training programs and rising incidences of chronic diseases and other health disorders are additionally enhancing the growth rate of the surface plasmon resonance market. In developed and developing countries, this technique is emerging in major sectors like pharmacies, clinical research, the food industry, and others propelling the market's growth rate. In addition, the availability of versatile products in this technique is leveraging the demand of the global SPR market. 

Increasing investments in clinical research centers by government and non-government organizations merely boost growth opportunities for the market. Besides, the rising popularity of these techniques and their advantages in the food industry are also fuelling the growth rate of the surface plasmon resonance market. Increasing disposable income, especially in urban areas, elevates the demand of this market to an extent. Furthermore, the rise in the flow of patients to hospitals with various diseases and their need for effective treatment promotes the market's growth rate. As surface plasmon resonance has excellent functionalities in the biotechnology field, the growth rate of the surface plasmon resonance market is growing enormously. The rising research applications of surface plasmon resonance are expected to support the global SPR market growth.

MARKET RESTRAINTS

The high cost of installing and maintaining the devices in the laboratories is restraining the expansion of the surface plasma resonance market. 

Lack of assays and professionals restraining the SPR market growth. The market growth is expected to be hindered by the absence of trained personnel to properly perform the experimentations with the surface plasmon resonance, which could result in a lack of results due to errors. Furthermore, lab experts are required to properly assess an experimentation situation to minimize costs and improve results which are not possible without their presence. Additionally, specific assays are always unavailable or scarcely available to the researchers, further prohibiting market expansion. 

Furthermore, alternative techniques at low cost and high accuracy are other factors impeding the demand for the Surface Plasmon Resonance Market. In addition, fluctuations in raw materials prices limit the market's growth. Furthermore, different countries have different prices due to each region's import, export, and taxes. Finally, the lack of standardization of the process is expected to pull back progress. 

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Surface Plasmon Resonance Market Analysis By Product

The sensor system segment is expected to have a maximum share of the SPR market during the forecast period. The segment is growing because surface plasmon resonance-based sensors are one of the most advanced and optical label-free biosensors, which help develop accurate sensory data. Therefore, they are widely used in biotechnological industries along with chemical sciences and the study of biomolecules. 

However, the imaging system segment is expected to show better results when compared to others due to its applications in retrieving information from the interactions between biomolecules and helping researchers work on a multiplex pattern. Furthermore, any sample solution can be analyzed for characterization with the help of imaging systems, making them an essential step in life science research. 

Global Surface Plasmon Resonance Market Analysis By Application

The drug discovery segment is predicted to attain the highest CAGR in the coming years due to the rise in the implementation of SPR in biotechnology and pharmaceutical companies to develop the drug industry and analyze the interaction between drug cells. The growth of the pharmaceutical and biotechnology industries is supporting the segment's growth.

However, the biosensor segment is also expected to show significant growth due to the rising advancements in surface plasmon resonance sensors in the last decade. The advancement of the procedure has led to its widespread usage in the field of biotechnology and life sciences or molecular research, promoting the market's growth during the forecast period. 

REGIONAL ANALYSIS

The North American market held the largest share in the global surface plasma resonance market in 2023 and is anticipated to continue dominating the market throughout the forecast period due to the rapid adoption of the latest technologies in every sector. In addition, launching innovative techniques in favor of the end-users magnifies the market's growth. Countries like the U.S. and Canada have access to high-end research technology, and the growing funding for research helps the market grow. Additionally, the region has several key market players in several areas supporting the market's growth.

Following North America, the Asia Pacific regional market is predicted to grow at an aggressive CAGR during the forecast period. Focus on improving diagnosis and treatment procedures in hospitals is likely to outshine the market demand in this region. The rising geriatric population is one of the common factors of growing in the Asia Pacific. Asian countries like China, India, Japan, South Korea, etc., are highly populated, supporting market expansion.

The European market is deemed to have significant growth opportunities in the coming years. The emergence of this technique in the food and beverage industries to improve the quality of food products is broadening the market's demand. The countries like the U.K., Germany, Italy, France, etc., are all part of the region's success.

KEY PLAYERS IN THE GLOBAL SURFACE PLASMA RESONANCE MARKET

AMETEK Inc., General Electric Co., Bio-Rad Laboratories Inc., Biosensing Instrument Inc., and Horiba Ltd are some of the notable players operating in the global surface plasma resonance market and profiled in this report.

RECENT HAPPENINGS IN THE GLOBAL MARKET

• In April 2020, Nicoya, a provider of analytic instruments for the biotechnology and pharmaceutical industries, made a public statement offering SPRm technical support to all researchers at no cost during COVID-19. The mission is to make betterment changes in human life by helping scientists succeed.
• In December 2018, Carterra, Inc., one of the leading companies in the global surface plasmon resonance marketspace, continued its popular seminar series on increasing antibody discovery with a new event in Cambridge. The Carteret LSA has made a smooth shift in the antibody, which allows the rapid and detailed screening and characterization of significant antibodies at the initial stage of the discovery process.
• In February 2017, Bio Sensing Instrument Inc. came up with a new SPRm 200, the early commercial availability of a surface Plasmon resonance microscopy system. This new SPRm allows label-free in vitro measurement of binding reactions and kinetics of individual cells in their environment.

DETAILED SEGMENTATION OF THE GLOBAL SURFACE PLASMA RESONANCE MARKET INCLUDED IN THIS REPORT

This report on the global surface plasmon resonance market has been segmented and sub-segmented based on application, product type, and region.

By Product

• Imaging System    
• Sensor System     
• Reagent   

By Application

• Drug Discovery      
• Material Science   
• Biosensor

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa