The global surface plasmon resonance market is estimated to be valued at US$ 976.1 million in 2023 and is expected to exhibit a CAGR of 6.5% during the forecast period (2023-2030).
Analysts’ Views on Global Surface Plasmon Resonance Market:
The global surface plasmon resonance market's growth can be hindered by high cost of the surface plasmon resonance products. Increasing application of surface plasmon resonance in the field of drug discovery is expected to drive the global surface plasmon resonance market over the forecast period. In drug discovery, surface plasmon resonance is used to monitor protein-protein, protein-peptide, and protein-small molecules interactions providing valuable kinetic and equilibrium data. Characterization of affinity of reactions and binding kinetics between a potential drug and its receptor is mandatory for the development of a new drug. SPR technique can measure the binding kinetics in real time and in a label-free fashion.
Figure 1. Global Surface Plasmon Resonance Market Share (%), by Product Type, 2023
Global Surface Plasmon Resonance Market – Driver
Increasing application of Surface Plasmon Resonance in the field of drug discovery
Increasing application of surface plasmon resonance by key market players is expected to drive the surface plasmon resonance market over the forecast period. Using surface plasmon resonance has a high impact on drug discovery and development. Small molecule drug discovery and development is known to be an expensive and time-consuming endeavour, which is not always successful. Surface plasmon resonance is frequently used for target identification and ligand fishing in proteomics, target assay validation for High Throughput Screening (HTS), rapid affinity ranking and detailed kinetics of interaction for small molecules binding to target proteins.
It is also used in lead optimization, early ADME, stratification of patient response to therapeutics in clinical trials, immunogenicity assessment including anti-drug antibody (ADA) responses of biotherapeutics, vaccine development including immune response analysis, and even in manufacturing such as process and batch QC of therapeutic antibodies and proteins.
Figure 2. Global Surface Plasmon Resonance Market Value (US$ Million), by Region, 2023
Global Surface Plasmon Resonance Market- Regional Analysis
Among regions, North America is estimated to hold a dominant position in the global surface plasmon resonance market over the forecast period. North America holds 41.3% of the market share due to the product accessibility and development of various products. U.S. FDA and University of Washigton do a partnership together to create novel products which has wide application of SPR techniqure based biosensors for the detection of food pathogens and toxines like E.colins
Global Surface Plasmon Resonance Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.
COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.
However, the COVID-19 pandemic had a positive impact on the global surface plasmon resonance market. For instance, according to the article published in 2022, in National Library Of Medicine, the SPR-based biosensor will be in high demand in the future for the detection of COVID-19 pandemic. As the RT-PCR test has been identified as the most effective method for detecting this virus, but has been also demonstrated to be inaccurate and time-consuming in a few instances. SPR-based sensors have been utilized to detect the SARS-CoV-2 virus in a short period of time.
Surface Plasmon Resonance Market Report Coverage
|Base Year:||2022||Market Size in 2023:||US$ 976.1 Mn|
|Historical Data for:||2017 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||6.5%||2030 Value Projection:||US$ 1,513.6 Mn|
Bio-Rad Laboratories, Inc., Carterra Inc., AMETEK, Inc., Bristol Myers Squibb, Horiba, Ltd., Bruker, Biosensing Instrument Inc.
|Restraints & Challenges:||
Global Surface Plasmon Resonance Market Segmentation:
The global surface plasmon resonance market report is segmented into Product Type, Application, and Region
Based on Product Type , the market is segmented into imaging system, sensor system, reagents. Out of which, the sensor system segment is expected to hold a dominant position in the surface plasmon resonance market during the forecast period, and this is attributed to the increasing use of sensor for cancer biomarker detection.
Based on Infection Type, the market is segmented into drug discovery, material science and biosensor. out of which, the drug discovery segment is expected to hold a dominant position in the surface plasmon resonance market during the forecast period, and this is attributed to the increasing application of surface plasmon resonance (SPR) in the field of drug discovery.
Among all segmentation, the product type segment has the highest potential due to the increasing prevalence of sensor system over the forecast period. For instance, in January 2023, according to the article published in MDPI, according to the International Agency for Research on Cancer, there are approximately 18.1 million cancer occurrences and 9.6 million cancer deaths per year. Cancer is among the most serious global health problems that cause morbidity and mortality in developed countries.
Global Surface Plasmon Resonance Market Cross Sectional Analysis:
In product type segment, sensor system hold a dominant segment in North America region due to the increasing useage of sensor for cancer biomarker detection. For instance, according to the article published in biosensors, in 2022, the U.S. was expected to have 1,918,030 total incidences of cancer and 609,360 cancer-related fatalities. With around 350 mortalities each day, lung cancer is the leading cause of death in the U.S.
Global Surface Plasmon Resonance Market: Key Developments
Global Surface Plasmon Resonance Market: Key Trends
Microfluidics appears to be the most powerful approach to reflect the intrinsic kinetics of binding molecules
Microfluidics appears to be the most powerful approach to reflect the intrinsic kinetics of binding molecules through SPR. Microfluidics may facilitate maximum sensitivity in SPR surface along with low sample consumption, excellent baseline stability, and potential for relatively high mass transfer. Microfluidic cartridge is used for sample delivery with incorporated pneumatic values that allows closing of specific channels, thereby providing control over the flow paths. This enables sample or buffer liquid volumes to be directed to different surface spots of the sensor.
Global Surface Plasmon Resonance Market: Restraint
High cost of the surface plasmon resonance products
The global surface plasmon resonance market can be hindered by inadequate data high cost of the surface plasmon resonance products. For instance, cost of imaging systems offered by Biacore company is the provider of technologies and services that advance and accelerate the development, manufacture, and delivery of therapeutics. (acquired by GE Healthcare) range between US$ 200,000 and US$ 300,000. Moreover, reagents supporting such systems are also costly and increase the overall cost per interaction.
Global Surface Plasmon Resonance Market - Key Players
Major players operating in the global surface plasmon resonance market include Bio-Rad Laboratories, Inc., Carterra Inc., AMETEK, Inc., Bristol Myers Squibb, Horiba, Ltd., Bruker, Biosensing Instrument Inc.
Global Surface Plasmon Resonance Market– Definition
Surface Plasmon Resonance (SPR) is a technique used to monitor label-free bimolecular interactions in real time. In this technique, one of the molecules is immobilized on metallic film. Metallic film is usually made of gold as it gives a SPR signal at convenient combinations of reflectance angle and wavelength. Surface plasmons are used to enhance the surface sensitivity of several spectroscopic measurements such as fluorescence, Raman scattering, and second-harmonic generation.
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