February 28, 2024

The global Surface Plasmon Resonance Market is driven by increasing demand for label-free detection techniques

Surface plasmon resonance (SPR) is a label-free detection technique that measures and quantifies biomolecular interactions. In SPR technology, molecules are excited on the surface of a sensor chip, and an optical device detects changes in the refractive index caused due to interactions between molecules on the chip surface. SPR thus allows real-time monitoring of interactions without the need for fluorescent or radioactive labels. The technique provides kinetic and qualitative data regarding binding affinities, conformational changes during binding and molecular weights. SPR-based instruments find wide applications in fields such as drug discovery, material sciences and biosensors.

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:

Technological advancements are a key trend driving growth of the surface plasmon resonance market. Continuous research and development is aiding innovations that are improving SPR methodology and expanding its applications. For example, technologies such as imaging SPR and localized SPR are enhancing sensitivity and capabilities of SPR platforms. Imaging SPR enables multi-spot analysis and massively parallel screening. Localized SPR utilizes metallic nanostructures to further boost sensitivity down to single molecule levels. Such innovations are helping SPR devices undertake more complex analyses and tackle challenges in fields like proteomics that require analysis of low abundance biomarkers. The rising R&D investments into development of novel SPR methodologies and platforms will thus support market growth over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants into the surface plasmon resonance market is moderate. The market requires significant capital investment and research and development which present barriers for new companies. Existing players have accumulated technical expertise that gives them an advantage.
Bargaining power of buyers: The bargaining power of buyers in the surface plasmon resonance market is high. Buyers have many established players to choose from and price is an important decision-making factor. Buyers can negotiate for better prices and value-added services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While key components are specialized, many suppliers exist for raw materials. Suppliers do not have significant influence over pricing.
Threat of new substitutes: The threat of substitutes is moderate. Alternate technologies for analyzing biomolecular interactions exist but surface plasmon resonance is a leading technique preferred for its sensitivity, real-time analysis capabilities and non-destructive nature.
Competitive rivalry: The competitive rivalry in the market is high due to many established brands. Companies compete based on technological innovations, product performance, service and support.

Key Takeaways

The global surface plasmon resonance market is expected to witness high growth over the forecast period driven by the growing biotechnology and pharmaceutical industries.

Regional analysis – North America dominates the surface plasmon resonance market currently due to strong government support for research and presence of leading life science companies in the region. Asia Pacific is expected to grow at the fastest pace owing to increasing investments in healthcare infrastructure and research in countries like China and India.

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. Companies are focused on developing new applications of SPR technology and introducing innovative products to strengthen their market position.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it