PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515560
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515560
Surface Plasmon Resonance Market size was valued at USD 1,125.2 Million in 2023, expanding at a CAGR of 5.50% from 2024 to 2032.
Surface Plasmon Resonance (SPR) is a technology for tracking label-free biomolecular interactions in real-time. This process involves immobilizing one of the molecules on a metallic sheet. A metallic film is typically constructed of gold because it emits an SPR signal at favorable combinations of reflectance angle and wavelength. Surface plasmons are utilized to increase the surface sensitivity of many spectroscopic tests, including fluorescence, Raman scattering, and second-harmonic generation.
Surface Plasmon Resonance Market- Market Dynamics
Increasing Application of Surface Plasmon Resonance in the Field of Drug Discovery
Increasing use of surface plasmon resonance by key industry players is likely to drive the surface plasmon resonance market during the forecast period. Surface plasmon resonance technology has a significant impact on drug discovery and development. Small molecule drug research and development is recognized to be an expensive and time-consuming endeavor that does not always succeed. Surface plasmon resonance is widely utilized in proteomics for target identification and ligand fishing, assay validation for High Throughput Screening (HTS), fast affinity ranking, and precise kinetics of interaction for small compounds 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 manufacturing, such as process and batch QC of therapeutic antibodies and proteins.
Surface Plasmon Resonance Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.50% over the forecast period (2024-2032)
Based on Product segmentation, The imaging systems segment dominated the market.
Based on application segmentation, The drug discovery segment generated the most revenue.
On the basis of region, North America was the leading revenue generator in 2023
The Global Surface Plasmon Resonance Market is segmented on the basis of Product, Application, End User, and Region.
The market is divided into three categories based on Product: Imaging System, Sensor System, and Reagents. The imaging system category dominated the market. The growing demand for real-time imaging of molecular interactions which improves research productivity and speeds up drug discovery processes. Furthermore, advances in imaging technology provide increased sensitivity and resolution, accelerating adoption.
The market is divided into three categories based on application: Drug Discovery, Material Science and Biosensors. The drug discovery category had the highest income (58%). The increasing requirement for precise and quick investigation of bimolecular interactions has accelerated the identification and optimization of new treatment candidates. Furthermore, as pharmaceutical companies ramp up their attempts to create novel medicines, the versatility and efficiency of SPR technology become increasingly important, boosting market growth.
Surface Plasmon Resonance Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The North American surface plasmon resonance market will lead this market because to the region's strong pharmaceutical and biotechnology sectors, as well as significant investments in R&D, which drive demand for advanced analytical technologies such as SPR.
The Asia-Pacific surface plasmon resonance market is predicted to develop at the quickest CAGR between 2023 and 2032. The Asia-Pacific area is seeing an increase in surface plasmon resonance sales due to fast industrialization, increased investment in healthcare infrastructure, and rising demand for tailored treatment. Furthermore, China's surface plasmon resonance market had the highest market share, while India's surface plasmon resonance market was the fastest expanding in Asia-Pacific.
Major competitors in the surface plasmon resonance market, such as*Biacore (acquired by GE Healthcare), Bio-Rad Laboratories, Attana AB, Nicoya and BioNavis Ltd.are seeking to boost market demand by investing in R&D operations. These significant players use methods like as mergers and acquisitions, collaborations, and product launches to maintain their competitive advantage and meet changing client needs. Market developments, such as technology improvements and SPR system innovations, have a significant impact on the industry's competitive dynamics.
In January, 2023, GE Healthcare experienced a separation from GE, ending in the formation of GE HealthCare Technologies Inc. This successful spin-off marks a crucial step in the company's journey to three distinct organizations, each focused on growing industries.
GLOBAL SURFACE PLASMON RESONANCE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Biacore (acquired by GE Healthcare)
Bio-Rad Laboratories
Attana AB
Nicoya
BioNavis Ltd.
Reichert Technologies
Biosensing Instrument Inc.
GWC Technologies Inc.
Plexera Bioscience LLC
Horiba Scientific
Sensata Technologies
Carterra Inc.
AMETEK Advanced Motion Solutions
Genoptix (a Novartis company)
BiOptix Diagnostics (acquired by ForteBio)
Insplorion AB
SPR Therapeutics
Ssens BV
Kinetic Biosystems
Sierra Sensors GmbH
Others