July 22, 2024
Surface Plasmon Resonance Market

The growth in R&D of biosimilars and bio therapeutics is anticipated to open up the new avenue for Surface Plasmon Resonance Market

Market Overview:

Surface plasmon resonance is an optical phenomenon that detects alterations in the molecular characteristics of biomolecules at the surface of a sensor chip. The technology is widely used for label-free detection of biomolecular interactions such as antigen-antibody binding, receptor-ligand interactions, and conformational changes of molecules in real time. It is used for characterization of binding constants, identification of binding sites, measurement of affinities and kinetics of interactions. The technology provides kinetic and affinity data about biomolecular interactions on the sensor surface.

Market Dynamics:

The increasing R&D investments by biopharmaceutical companies for research in proteomics and drug discovery is expected to drive growth of the surface plasmon resonance market over the forecast period. Drug discovery programs require high-throughput screening of hundreds of thousands of compounds to identify lead molecules with desired interactions. Surface plasmon resonance provides label-free analysis in real time and helps reduce time and costs associated with drug development. For instance, according to data by Pharmaceutical Research and Manufacturers of America, R&D spending by U.S. biopharmaceutical companies increased from US$ 49.6 billion in 2012 to US$ 79.6 billion in 2019.

Another driver for the market growth is increasing demand for biosimilar development. Regulatory approvals for biosimilars have increased in recent years, thereby driving demand for analytical techniques such as SPR for molecule characterization, interaction kinetics, and identification of critical quality attributes during development and manufacturing of biosimilars. For example, the U.S. FDA approved 15 biosimilars in 2020 compared to only 7 in 2022, indicating rising focus on biosimilar development.

Segment Analysis

The Surface Plasmon Resonance Market Demand Size can be segmented into product and application. Based on product, the market is divided into instrument, consumables, and software. Among the instruments, the SPR imaging technology segment is dominating due to its ability to examine the interaction of several ligands with various membranes in parallel.

PEST Analysis

Political: There are no significant political factors affecting the surface plasmon resonance market currently.
Economic: The rising research expenditure on drug discovery and development is driving the demand for SPR systems from pharmaceutical and biotechnology companies.
Social: Increasing prevalence of chronic diseases is generating demand for development of new drugs and therapies, thereby fueling investments in life science research.
Technological: Advancements in microfluidics and sensor technology have enabled development of high-throughput SPR-based screening instruments capable of multi-analyte detection.

Key Takeaways

The global surface plasmon resonance market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing R&D expenditure on drug discovery. Regionally, North America dominates the market currently owing to strong presence of life science research organizations and pharmaceutical companies in the region. The Asia Pacific region is anticipated to be the fastest growing market in the coming years on account of rising investments by governments as well as private organizations to promote life science research.

Key players operating in the surface plasmon resonance market are Bio-Rad Laboratories, Inc., Carterra Inc., AMETEK, Inc. Bio-Rad Laboratories held the largest market share in 2023 attributed to its broad product portfolio. Carterra Inc. specializes in developing high-throughput SPR screening instruments to expedite the drug discovery process. AMETEK, Inc. offers both imaging and non-imaging SPR systems catering to diverse screening applications.

Regional analysis
The North American market currently captured over 35% of the global surface plasmon resonance market share in 2023 and is expected to maintain its dominance over the forecast period. This can be attributed to presence of well-established pharmaceutical industry and growing biomedical research expenditures in the region. The Asia Pacific region is anticipated to witness the fastest growth during the projected timeframe owing to rising investments in life science research by both public and private players in countries such as China and India.

Key players
Key players operating in the surface plasmon resonance market are Bio-Rad Laboratories, Inc., Carterra Inc., AMETEK, Inc. Bio-Rad Laboratories held the largest market share in 2023 attributed to its broad product portfolio including imaging as well as non-imaging SPR platforms. Carterra Inc. specializes in developing high-throughput SPR screening instruments focused on drug discovery applications. AMETEK, Inc. offers both imaging and multi-analyte SPR systems catering to diverse applications in biopharma research and development.

Note:

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