Surface plasmon resonance (SPR) is a technique used for studying the interactions between molecules. SPR analyzes how light interacts with metal surfaces and how the characteristics of the reflected light change when different molecules bind to the metal surface. SPR is commonly used for label-free detection of biomolecular interactions in real-time. It is extensively used in the fields of drug discovery, material science and biosensors to determine how small molecules, biomolecules and proteins interact with each other. The technique offers several advantages such as high sensitivity, real-time detection, absence of labelling molecules, and multi-parametric analysis capabilities.
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 Dynamics:
One of the major drivers fueling growth of the surface plasmon resonance market is the rising demand for SPR from the pharmaceutical and biotechnology industries for drug discovery and development. SPR is extensively used for screening small molecule libraries, determining binding affinities, epitope mapping and detection of binding kinetics in the drug discovery process. It enables analyzing molecular interactions in real-time and allows for monitoring association and dissociation rates without labelling reagents. This makes SPR a powerful tool for screening potential drug candidates. Furthermore, technological advancements resulting in development of high throughput SPR systems has increased adoption of SPR for various applications including clinical research and diagnostics which is expected to boost market growth over the forecast period.
SWOT Analysis
Strength: Surface Plasmon Resonance Market has strong technical capabilities to detect molecular interactions in real time without labelling. It offers high sensitivity and specificity for analyzing biomolecular interactions. Researchers are using SPR extensively in drug discovery programs.
Weakness: Data interpretation in SPR technique requires highly skilled workforce which increases the cost of analysis. Sensitivity of detection depends on affinity and properties of molecule being analyzed.
Opportunity: Growing biopharmaceutical industry and rising R&D investments in developing novel drugs and biologics is driving the adoption of SPR. increasing protein engineering activities for developing bio-therapeutics also present an opportunity.
Threats: Alternate techniques like microscale thermophoresis and isothermal titration calorimetry offer competition. Slow adoption rate in developing regions due to high capital investment is also a challenge.
Key Takeaways
The global Surface Plasmon Resonance Market is expected to witness high growth.
North America dominated the market in 2023 and is expected to maintain its leading position during the forecast period. Increasing funding for drug discovery and protein characterization studies, rising demand for label-free detection techniques are driving the market in the region.
Asia Pacific region is anticipated to grow at the fastest rate supported by rising penetration of SPR systems in research institutes and CROs for evaluating biomolecular interactions. Expanding biotech industry and improving healthcare infrastructure is also boosting adoption.
Key players like Bio-Rad Laboratories, Inc., Carterra Inc., and AMETEK, Inc. has strong presence in the SPR market. Bio-Rad Laboratories offers a wide range of SPR systems like ProteOn XPR36, Bio-Rad SX and ProteOn XPR. Carterra specializes in providing table-top SPR solutions. AMETEK's Reichert SPR systems are used globally in drug development, basic research and industrial applications.
