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Surface plasmon resonance (SPR) is a label-free technique for sensing biomolecular interactions, measuring binding between molecules in real-time without the need of any labelling substances. SPR studies allow characterization of molecules and their interactions quickly, providing valuable insights into potential drug candidates. The global Surface Plasmon Resonance Market is estimated to be valued at US$ 976.1 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for label-free techniques in the pharmaceutical industry has been a key trend propelling the growth of the surface plasmon resonance market. SPR offers direct and real-time characterization of binding affinities without the need for labeling of molecules, which is driving its increasing adoption over conventional techniques for drug discovery and development. SPR provides key information on parameters like binding kinetics, concentrations and thermodynamics of reactions that help simplify the drug discovery process and reduce time to market for new drug candidates. The technique allows for screening of hundreds of samples simultaneously, improving throughput. This has significantly aided pharmaceutical companies in identifying high affinity drug candidates at an early stage of development.
SWOT Analysis
Strength: The surface plasmon resonance market provides a label-free detection technique for analyzing biomolecular interactions in real-time without the need for sample labeling. This helps reduce reagent costs and analysis time.
Weakness: High instrument costs. Surface plasmon resonance instruments have high initial capital investments making it inaccessible for small labs and research institutes.
Opportunity: Growing biotechnology and pharmaceutical R&D. The increasing expenditure on drug discovery and life science research is driving the demand for advanced analytical tools like surface plasmon resonance for applications such as drug discovery and development.
Threats: Availability of alternative techniques. Other emerging techniques like microcantilevers and nanowires provide competitive solutions for detecting molecular interactions with certain advantages over surface plasmon resonance systems.
Key Takeaways
The global surface plasmon resonance market is expected to witness high growth over the forecast period supported by increasing expenditure on drug discovery and life science R&D activities.
Regional analysis: North America dominated the surface plasmon resonance market in 2023 and is expected to maintain its dominance over the forecast period. This is attributed to the strong presence of major pharmaceutical and biotechnology companies and growing research funding for drug discovery in the region. Asia Pacific is poised to grow at the fastest pace supported by increasing government investments in life science infrastructure development in major countries like China and India.
Key players: Key players operating in the surface plasmon resonance market are Bio-Rad Laboratories, Inc., Carterra Inc., AMETEK, Inc., Bristol Myers Squibb, Horiba, Ltd., and Biosensing Instrument Inc. These companies are focusing on new product launches with advanced features and geographical expansion strategies to strengthen their market position. For instance, in 2022, Horiba, Ltd launched a new high-performance surface plasmon resonance imaging system – SPRi-PLEX to enable parallel kinetic interaction analysis.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
