Surface plasmon resonance (SPR) is a technique used widely to study the kinetics of reciprocal actions between biomolecules. This technique is being used in several sectors such as biotechnology, pharmaceutical, clinical research establishments, and the food industry. This technique is gaining popularity and is used for label-free recognition of biomolecular interactions in real time. The key products in the surface plasmon resonance market are reagents, sensor systems, and imaging systems.
The global surface plasmon resonance market is anticipated to reach a value of US$1,110.4 mn by the end of 2025 thanks to the rising applications of SPR in drug discovery for drug-cell interaction analysis.
Emergence of Advanced Imaging Software to Drive Global SPR Market
The growing adoption of microfluidics techniques in order to reduce the consumption of reagents and the emergence of advanced imaging software are expected to create potential opportunities for the key players engaged in this market. Moreover, the growing inclination towards label-free detection techniques over labelled detection techniques, owing to the easier availability of products and cost-effectiveness, is projected to augment the growth of the global SPR market in the coming years.
The global market for surface plasmon resonance can be divided on the basis of application into material sciences, drug discovery, and biosensors. The drug discovery and biosensors segments are estimated to witness significant growth in the next few years. The growing implementation of surface plasmon resonance technique in order to study drug-cell interactions is estimated to augment the growth of the drug discovery segment in the near future. The material science segment is projected to exhibit a lower growth rate in the coming years.
North America SPR Market to Exhibit 6.20% CAGR between 2015 and 2025
The global SPR market can be classified on the basis of geography into Latin America, North America, Asia Pacific excluding Japan, the Middle East and Africa, Japan, Eastern Europe, and Western Europe. Among these regions, North America is projected to lead the global SPR market, exhibiting a 6.20% CAGR between 2015 and 2025, owing to the rising contribution from the U.S. market. In 2014, North America held a 35.1% share in the global SPR market and is estimated to remain in the leading position in the next few years.
On the other hand, the Japan surface plasmon resonance market is anticipated to witness healthy growth in the coming few years. This region is expected to register a 6.70% CAGR between 2015 and 2025 and account for a 15.3% share in the global surface plasmon resonance market by the end of 2025.
Introduction of Novel Products to Strengthen Competition among Leading Players in Global SPR Market
Some of the leading players operating in the global market for surface plasmon resonance are Ametek, Inc., Biosensing Instruments, Bio-Rad Laboratories, Inc., GE Healthcare, and Horiba Ltd. These players are making efforts to expand their product catalogue and enhance their presence across the globe in the next few years. The expansion of strategic operations and introduction of novel products are estimated to contribute extensively towards the development of the SPR market in the near future.
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The competition among the players is projected to rise in the coming years with the availability of versatile products in the surface plasmon resonance market across the globe. In 2014, GE Healthcare led the global market, thanks to its huge product portfolio. This company is estimated to remain in the leading position in the coming few years.