The Surface Plasmon Resonance Market is Estimated To Witness High Growth Owing To Increasing Adoptio
Author : Purvaja Jadhao | Published On : 18 Jan 2024
Surface plasmon resonance detects changes in the refractive index near a metal surface, most commonly through the use of prism couplers or grating couplers. This technology allows for real-time monitoring of specific interactions, such as biomolecular interactions. It is commonly used for analyzing biospecific interactions, such as the binding of a protein to its ligand. Due to its high sensitivity, it can detect molecular interactions down to low picomolar concentrations without any labeling requirements.
The global Surface Plasmon Resonance Market is estimated to be valued at US$ 976.1 Mn or Million 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:
Increasing adoption of SPR in R&D activities is a major trend witnessed in the global surface plasmon resonance market. SPR facilitates rapid, high-sensitivity detection of affinity, kinetics, and concentration of biomolecular and chemical interactions in real-time. It enables R&D professionals to save time by simultaneously studying multiple samples and compounds without the need for labelling. For instance, researchers use SPR to study drug-target interactions, antibody-antigen binding, protein-ligand association and dissociation, and receptor-hormone binding studies. This is increasing the demand for SPR systems in pharmaceutical and biotechnology companies globally.
Porter's Analysis
Threat of new entrants: New entrants face high capital requirements for R&D, manufacturing and technology. Regulations also create barriers.
Bargaining power of buyers: Buyers have low bargaining power due to proprietary technologies owned by existing players as no close substitutes exist.
Bargaining power of suppliers: Suppliers have moderate power due to limited availability of key materials and components required.
Threat of new substitutes: Technology has limited substitutes and switching costs are high for bioscience companies invested in existing systems.
Competitive rivalry: Intense competition exists between global players aiming to strengthen positions through innovations.
SWOT Analysis
Strengths: Large customer base, global presence, strong investment in R&D leading to product innovation.
Weaknesses: High reliance on few sectors, vulnerability to contract manufacturing problems, pricing pressures.
Opportunities: Emerging economies growth, scope for productivity tools, expanding life science verticals' demand.
Threats: Trade disputes, regulations, economic uncertainty hampering investments, currency fluctuations.
Key Takeaways
The Global Surface Plasmon Resonance Market Share is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing investments in life science research. North America dominated the market in 2023 owing to presence of majority key players and growing focus on healthcare industries. The market in Asia Pacific is expected to grow at fastest pace during the forecast period, with China and India emerging as high potential countries.
Regional analysis fast growing region is Asia Pacific due to increasing R&D investments by pharmaceutical companies, growing bioscience research, and expanding bioproduction facilities in emerging nations.
Key players operating in the Surface Plasmon Resonance market are Bio-Rad Laboratories, Inc., Carterra Inc., AMETEK, Inc., Bristol Myers Squibb, Horiba, Ltd., Bruker, Biosensing Instrument Inc. Bio-Rad Laboratories and GE Healthcare are identified as the market leaders based on innovations, geographic presence and size of operations.
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