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.
Surface plasma resonance oscillations are highly sensitive and offer significant benefits in 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. In real-time applications, this technique plays a prominent role in material science, biosensors, and drug discovery. Surface Plasmon resonance follows the total internal reflection principle, 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 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. 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.
Escalating expenditure on healthcare and the growing scale of hospitals and clinics with the latest techniques are majorly accelerating 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. 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 the extent. Furthermore, the rise in the flow of patients to hospitals with various diseases and their need to have 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.
However, the high cost of installing and maintaining the devices in the laboratories and the lack of skilled persons due to less training are major challenging things for the market developers. Furthermore, the availability of alternative techniques at low cost and high accuracy is also one factor impeding the demand of the Surface Plasmon Resonance Market. In addition, fluctuations in the prices of raw materials also limit the market's growth.
Impact of COVID-19 on the global surface plasmon resonance market:
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 the spread of the virus further propels the market.
Market Size Available
2021 to 2027
2022 to 2027
By Product, Application, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa
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:
Based on the product, the Sensor system segment is expected to have a maximum share in the market. As a result, the imaging system is predicted to have more CAGR in the future.
Based on revenue, the imaging system is expected to show better results when compared to others.
Based on Volume, the Sensor system is predicted to show high results.
Surface Plasmon Resonance Market – By Application:
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.
Surface Plasmon Resonance Market – By Region:
The North American market is predicted to hold the largest share in the global surface plasma resonance market during the forecast period due to the quick adoption of the latest technologies in every sector. In addition, the launch of innovative techniques in favor of the end-users is magnifying 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 for growing in the Asia Pacific.
The European market is deemed to have significant growth opportunities in the coming years. The emergence of this technique in food and beverage industries to improve the quality of food products is broadening the market's demand.
KEY MARKET PARTICIPANTS:
A few prominent companies in the global surface plasmon resonance market profiled in this report are AMETEK Inc., General Electric Co, Bio-Rad Laboratories Inc., Biosensing Instrument Inc., and Horiba Ltd.
RECENT MARKET DEVELOPMENTS:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Imaging System
5.1.3 Sensor System
5.1.5 Y-o-Y Growth Analysis, By Product
5.1.6 Market Attractiveness Analysis, By Product
5.1.7 Market Share Analysis, By Product
5.2.2 Drug Discovery
5.2.3 Material Science
5.2.5 Y-o-Y Growth Analysis, By Application
5.2.6 Market Attractiveness Analysis, By Application
5.2.7 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Product
18.104.22.168 By Application
6.1.4 Market Attractiveness Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Product
188.8.131.52 By Application
6.1.5 Market Share Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Product
18.104.22.168 By Application
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Bio-Rad Laboratories Inc
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 AMETEK Inc
8.3 Biosensing Instrument Inc
8.4 General Electric Co
8.5 Horiba Ltd
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
As per our research report, the global SPR market size is forecasted to be worth USD 968.8 million by 2027.
The global surface plasma resonance market is estimated to grow at a CAGR of 5.75% from 2022 to 2027.
Geographically, North America dominated the surface plasma resonance market in 2021.
AMETEK Inc., General Electric Co, Bio-Rad Laboratories Inc., Biosensing Instrument Inc., and Horiba Ltd are some of the noteworthy companies in the global SPR market.
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