Surface Plasmon Resonance (SPR) is a label-free optical biosensing technique which detects and analyses biomolecular interactions in real-time. SPR offers high sensitivity allowing for direct measurement of binding affinities and kinetics without the need for any modification or labeling of the samples. The technique is widely used for drug discovery, fundamental bioscience research, food safety testing and many others.
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 increasing adoption of artificial intelligence (AI) and machine learning (ML) capabilities in SPR technologies is expected to be a major trend in the surface plasmon resonance market during the forecast period. AI and ML help optimize data analysis from SPR systems and accelerate the drug discovery process. They have the potential to identify novel interactions, analyze complex binding studies with mixtures of compounds, and establish structure-activity relationships much faster than conventional analytical approaches. With AI and ML powered SPR systems, researchers can gain novel biological insights from large and complex datasets in a short period of time. This significantly enhances the drug discovery and development workflow.
SWOT Analysis
Strength: Surface Plasmon Resonance has a wide range of applications in drug development, biosensors, and other research areas. It enables label-free detection of biomolecular interactions in real-time.
Weakness: High costs associated with SPR instruments and consumables limit its adoption. SPR also requires specialized expertise to operate related instruments.
Opportunity: Growing R&D investments in pharmaceutical and biotechnology industries offer significant growth opportunities. Also, miniaturization of SPR technology paves way for point-of-care diagnostic devices.
Threats: Stiff competition from other emerging label-free detection techniques may hamper market growth to some extent. Additionally, limited awareness in developing countries pose challenge.
Key Takeaways
The global Surface Plasmon Resonance market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America is expected to dominate the global SPR market during the forecast period. This is attributed to rising biomedical research activities, focus on early disease diagnosis, and increasing funds for medical research in the region. Asia Pacific is anticipated to exhibit fastest growth owing to growing biologics industry, rising R&D spending on healthcare by emerging countries in the region and their focus to strengthen healthcare infrastructure.
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. Bio-Rad Laboratories is one of the leading players owing to its wide product portfolio of SPR instruments. Bristol Myers Squibb utilizes SPR platforms to determine binding kinetics to aid lead optimization process in its drug development programs. Horiba’s SPR solutions are widely used in academic research for biophysical characterization.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
