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Surface Plasmon Resonance (SPR) is a technique used for studying the interactions between biomolecules. It enables label-free detection of biomolecular interactions in real-time and provides kinetic and affinity data of interactions. SPR biosensors have emerged as vital tools for drug discovery and development for applications ranging from screening compounds to identifying binding parameters. They allow real-time monitoring of association and dissociation rates without disrupting the binding reaction, thus providing detailed interaction analysis. Their ability to perform high-throughput screening without the need for radiolabeling or other time-consuming steps has boosted their adoption in the pharmaceutical industry.
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:
One of the key trends gaining traction in the market is the increase in the number of product launches. Major players are focusing on expanding their product portfolio with technologically advanced SPR systems. For instance, in January 2020, Biosensing Instruments launched the IBIS MX to accelerate label-free screening in various industries including pharmaceutical, biotechnology, and academia. The instrument offers significantly improved optical performance for robust and reproducible measurements along with ease of use and high throughput. Another key trend observed is rising adoption of high-throughput SPR systems. These systems enable screening of multiple samples simultaneously, improving workflow efficiency and reducing timelines significantly. Their ability to analyze large sample volumes at one go has catalyzed their adoption across various end-use industries including pharmaceutical, biotechnology among others.
Porter’s Analysis
Threat of new entrants: Low-medium as market requires high capital investment and presence of few large players with strong brands.
Bargaining power of buyers: Medium as buyers have multiple options but technology offers differentiation.
Bargaining power of suppliers: Medium as suppliers operate in fragmented industry with switching cost.
Threat of new substitutes: Low as SPR offers unique detection capabilities with no close substitutes.
Competitive rivalry: High as major players compete on technology innovation, pricing and service quality.
Key Takeaways
The global Surface Plasmon Resonance Market is expected to witness high growth. The North America region currently dominates the market due to rapid technological advancements and presence of major players in the region. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising R&D investments and increasing awareness.
Regional analysis comprises – North America is currently the largest region due rapid adoption of advanced technologies. Asia Pacific is expected to grow at highest CAGR during forecast period owing to growing pharmaceutical and biotechnology industries 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. Bio-Rad Laboratories held the largest market share in 2020 owing to its diversified product portfolio. Bristol Myers Squibb is focusing on new product launches to strengthen its position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
