Surface Plasmon Resonance Market

Surface Plasmon Resonance Market Size (2022 to 2027)

As per our report, the size of the global SPR market is estimated to value USD 968.8 million by 2027 from USD 732.5 million in 2022, growing at a CAGR of 5.75% during the forecast period.

A few of the key findings from the report:

• Based on the product, the sensor system segment dominated the market in 2021.
• Based on the application, the drug discovery segment held the major share in the SPR market in 2021.
• The North America SPR market size was valued at USD 237 million in 2021.
• The SPR market in Europe is anticipated to value USD 280 million by 2027.
• The SPR market in the Asia-Pacific region is expected to grow at a CAGR of 7.67% from 2022 to 2027.

Surface plasma resonance oscillations are highly sensitive and significantly benefit the pharmaceutical industry. Also, these are popularly used in biotechnology companies. This technique is new to clinical researchers used to detect label-free biomolecular interactions. This technique plays a prominent role in material science, biosensors, and drug discovery in real-time applications. Surface Plasmon resonance follows the total internal reflection principle, which is emerging in the food industry. In the medical sector, this technique is also used to detect cancer, viruses, and others and assist in having appropriate diagnostic procedures. 

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 labelled detection techniques because of the availability of many types of products and cost-effectiveness. SPRs significant trends include the rise in the adoption of micro fluids techniques to decrease reagent consumption, introducing the advanced imaging software for the detailed report of SPR, and proper investment in R and D by many companies.

MARKET DRIVERS:

YOY rise in 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.

The market for surface plasmon resonance is on the rise due to its applications in radiology studies and as a robust biosensor and imaging system. It helps to collect label-free information about biomolecules and advanced electrophoresis techniques. The technique ensures accuracy and precision in its results and is also used in lab-on-chip techniques by researchers. The growing demand for point-of-care services is expected to help the market grow. Therefore, continuous research in plasmon resonance is expected to support the expansion of the market. 

MARKET RESTRAINTS:

However, the high cost of installing and maintaining the devices in the laboratories is restraining the expansion of the market. 

Lack of assays and professionals restraining the SPR market growth.

The market is 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 and export and taxes. Finally, the lack of standardization of the process is expected to pull back progress. 

Impact of COVID-19 on the global surface plasmon resonance market:

All commercial sectors, including the medical industry, have been impacted by the new coronavirus (COVID-19). Nearly 160 nations around the world have been affected by the pandemic. Lockdowns have been enacted by governments everywhere because of the pandemic issue. During the lockdown, all hospital doors were temporarily shut for non-emergency situations, and all elective treatments were canceled or delayed. Due to the restrictions placed on the production and supply chains of various items and the prohibitions placed on international trade, the pandemic created a crisis scenario for many marketplaces. People lost their employment, and soon afterward, there was an economic, physical, and mental catastrophe.

The outbreak of COVID-19 is positively influenced by the global surface plasmon resonance market and spurred further market growth.

The growing need for this technique is attributed to the necessity of molecular interaction networks to understand the cellular mechanisms involved in a biological process, such as the viral infection of a cell. At the same time, this is the primary requirement in examining the coronavirus. Besides, the growing testing of COVID-19 among various regions to avoid spreading the virus further propels the market.

REPORT COVERAGE:

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

Surface Plasmon Resonance Market – By Product:

• Imaging System    
• Sensor System     
• Reagent   

Based on the 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 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. 

Surface Plasmon Resonance Market – By Application:

• Drug Discovery      
• Material Science   
• Biosensor

Based on 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-cell. The growth of the pharmaceuticals 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. 

Surface Plasmon Resonance Market – By Region:

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

The North American market held the largest share in the global surface plasma resonance market in 2021 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 MARKET PARTICIPANTS:

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 MARKET DEVELOPMENTS:

• In October 2022, to create a prototype SubB2M-based test, INOVIQ (IIQ) and Nicoya Lifesciences, a Canadian biotechnology business, have inked a contract research agreement. The experiment will be created using Nicoya's Alto digital surface plasmon resonance (SPR) platform, which enables real-time interaction analysis supported by digital microfluidics (DMF) technology. The SubB2M-based SPR test, according to the manufacturer, has the potential to be developed into a multi-cancer detection test that identifies the Neu5Gc cancer signal first and then uses a panel of biomarkers to determine where it came from.
• In June 2022, the Octet SF3 SPR, High-Throughput Surface Plasmon Resonance (SPR) for Faster Hit Identification launch in the Asia Pacific region was announced by The Life Science Group Sartorius. The term "Octet" has previously been used to refer to a proprietary fluidic-free instrument platform called "Bio-Layer Interferometry" (BLI), which is used to analyze biomolecular interactions in real-time without the need for labels. With this introduction, Sartorius becomes the first business to provide clients with the two most popular label-free technologies, BLI and SPR, under a single, well-known brand. According to Dr. Darius Wilson, Product Manager, BioAnalytics Workflows at Sartorius, "the new and highly complementary features of both Octet BLI and Octet SPR technologies ensure that Sartorius continues to push the boundaries of innovation within the label-free protein analysis market." In addition, "Researchers now have a choice between two established, leading technologies that are marketed under a single name.
• In May 2022, the Life Science Group Sartorius introduced the new Octet SF3, the company's first Surface Plasmon Resonance (SPR) system. The term "Octet" has previously been used to refer to a proprietary fluidic-free instrument platform called "Bio-Layer Interferometry" (BLI), which is used to analyze biomolecular interactions in real-time without the need for labels. With this introduction, Sartorius becomes the first business to provide clients with the two most popular label-free technologies, BLI and SPR, under a single, well-known brand.
• 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.