February 21, 2024
Surface Plasmon Resonance Market

Surface plasmon resonance to enhance quantitative analysis tools in the Surface Plasmon Resonance Market

Surface plasmon resonance (SPR) is a technique used for studying the optical properties of thin metal films and the interaction of light with electron plasma. It is a label-free technology based on the optical phenomena of surface plasmon resonance and is mainly used for detecting and quantifying biomolecular interactions. SPR technology offers advantages such as real-time detection, high sensitivity, and specificity. It has applications in various fields including drug discovery, material science, and biosensors.

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:
One of the key trends in the surface plasmon resonance market is the increasing adoption of multi-channel SPR systems for high-throughput screening. These systems allow analyzing the multiple analyte-ligand interactions simultaneously. For instance, in January 2020, Horiba Scientific launched the LabRAM XploRA Plus SPR imaging system which can analyze six microfluidic channels in parallel. Another trend is the growing use of SPR for detection of disease biomarkers. The high sensitivity and specificity of SPR enables detection of low biomarker concentrations. Companies are also offering SPR biosensors integrated with microfluidic cartridges for point-of-care testing. This is expected to boost the adoption of SPR systems across different industries over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the surface plasmon resonance market is moderate. High capital investment is required for research and development activities which acts as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers in the surface plasmon resonance market is high. Buyers can switch between suppliers due to availability of substitutes like bio-layer interferometry technology.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Few players dominate the supply market and have access to raw materials at economies of scale which reduces supplier power.
Threat of new substitutes: The threat of new substitutes is low. Alternatives like bio-layer interferometry are still in development phase and could be a potential threat to surface plasmon resonance in future.
Competitive rivalry: Competition is intense among the key players to gain market share. Players differentiate their products through extensions of applications and partnerships.

Key Takeaways
The Global Surface Plasmon Resonance Market Share size is expected to reach US$ 1,649.3 Mn by 2030, exhibiting a CAGR of 6.5% over the forecast period. Technological advancements in sensor plates and increasing R&D spending on drug discovery is fueling the market growth.

Regional analysis: North America dominated the global market in 2023 and is expected to maintain its dominance over the forecast period. Presence of major players and higher adoption of advanced technologies in research sector drives the market in the region. Asia Pacific is expected to exhibit fastest growth during the forecast period attributed to increasing government funding in biomedical research.

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, Inc dominates the market with wide product portfolio and global presence. Other players are focusing on new product launches and partnerships for market penetration.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it