Surface plasmon resonance (SPR) is used to detect the interaction of two different molecules in which one is mobile and one is fixed on a thin gold film and to study molecular interactions. The technology finds application in drug discovery, material science, and biosensors.
The global surface plasmon resonance market is estimated to account for US$ 1,244.7 Mn in terms of value by the end of 2027.
Global Surface Plasmon Resonance Market: Drivers
Increasing use of SPR in analysis of biomolecular interactions between protein-protein, protein-DNA, enzyme-substrate or inhibitor, receptor-drug, lipid membrane-protein, and cell or virus proteins is expected to propel growth of the global surface plasmon resonance market over the forecast period. SPR technique is considered as the gold standard for real time, label-free measurements of biomolecules, owing to various advantages such as time-saving and high reliability. It also offers real time monitoring, reusable sensor chips, flexible experimental design, and reproducible measurements.
Global Surface Plasmon Resonance Market: Opportunities
Increasing R&D in miniaturization and cost reduction of products related to SPR technique is expected to offer lucrative growth opportunities for players in the market. Localized SPR (LSPR) sensors possess a smaller footprint and are more cost‐effective. Moreover, these sensors demonstrate higher sensitivity to small variations of the refractive index compared to conventional SPR metallic thin film sensors. For instance, in January 2020, researchers from University of Coimbra, Portugal, reported assessment of optical properties of Au‐WO3 nanocomposite coatings for LSPR sensing.
Global Surface Plasmon Resonance Market: Restraints
Temperature fluctuations in an SPR-based system affect the final outcome as these fluctuations change the ratio of association rate to dissociation rate and affects rate of efficiency of binding events. This in turn is expected to lower the adoption of SPR, which is expected to hamper growth of the market.
The Material Science segment in the global surface plasmon resonance market was valued at US$ 73.8 Mn in 2019 and is expected to reach US$ 102.3 Mn by 2027 at a CAGR of 5.1% during the forecast period. The growth of the segment is attributed to increasing use of Surface Plasmon Resonance in pharmaceutical industry.
The Imaging System segment held dominant position in the global surface plasmon resonance market in 2019, accounting for 56.4% share in terms of value, followed by reagents segment, respectively. The dominance of imaging system segment is attributed to increasing research to study drug cell interaction for development of new drug product.
The global surface plasmon resonance market is witnessing increasing adoption of label-free detection technique for analysis of biomolecules in order to reduce the assay cost and complexity while providing more qualitative information through labelled detection. In label-free detection, a sensor functions as a transducer to convert one of the physical properties of the analyte into a quantifiable signal. Specific instruments are later used to analyze the signal. A transducer can measure the physical property of the molecule. Moreover, label-free detection technique reduces the time and efforts required for the development of assay and thus simplifies the procedure.
The demand for LSPR-based biosensor is increasing for rapid detection of biomolecules and in diagnostic and point-of-care testing (POCT) applications. This can be attributed to the interactions of biomolecules and sensing surface during the progression of LSPR. The demand for LSPR-based techniques for real-time cell monitoring applications as these techniques do not require any multiple fluorescence staining procedures or secondary antibodies.
Global Surface Plasmon Resonance Market: Competitive Landscape
Major players operating in the global surface plasmon resonance market include, Bio-Rad Laboratories, Inc., Carterra Inc., General Electric Co., AMETEK, Inc., Bristol Myers Squibb, Horiba, Ltd., Bruker, and Biosensing Instrument Inc.
Global Surface Plasmon Resonance Market: Key Developments
“*” marked represents similar segmentation in other categories in the respective section.
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.