Surface plasmon resonance devices have become the benchmark in the field of optical sensing. SPR devices are primarily used for discovering drugs, detecting the biomarkers of diseases, analyzing chemicals, detecting pollutants present in the environment, and ensuring the quality of food. Owing to its selectivity and high specificity, SPR techniques have gained tremendous popularity among researchers. Considering all these factors, the global market for surface plasmon resonance is expected to grow rapidly during the period between 2015 and 2025. Currently, scientists are focusing on improving the compactness, sensitivity, and cost of surface plasmon resonance (SPR) devices by changing the materials that are used for making them.
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Considering the cost factor, the preference for label-free detection techniques is increasing over the labeled detection techniques. Researchers are currently focusing on miniaturization of devices used for conducting SPR techniques for developing point-of-care devices. These are some of the factors expected to propel the global market for surface plasmon resonance. However, the market is affected by the limited availability of funding for developing new SPR techniques in developing nations.
Rising Drug Discovery to Boost Demand for SPR
The global surface plasmon resonance market is segmented on the basis of region, product, and application. Reagents, sensor systems, and imaging systems are the primary products in the SPR market. Surface plasmon resonance finds application in biosensors, material science, and drug discovery.
Thanks to the availability of healthcare infrastructure and new medical devices, there has been a rise in new drug discoveries in developed countries. Rising funding from the governments of various nations and advancements in research and development activities have helped companies in manufacturing new drugs. Scientists are spending more money on introducing new drugs in the global market. The rising application of surface plasmon resonance for new drug discoveries is expected to boost the global market in the years to come.
Growing Food Industry to Propel Demand for SPR
The surface plasmon resonance technique is also used for testing food quality. The rising number of food manufacturing companies has benefited the global surface plasmon resonance market. The global food and beverage industry is growing at a significant pace, and new entrants and key companies are demanding effective techniques for testing the quality of the food products. With the growing food industry, the growth of the surface plasmon resonance market is likely
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By region, the global surface plasmon resonance market is divided into Eastern Europe, North America, Latin America, Western Europe, the Middle East and Africa, Asia Pacific (excluding Japan), and Japan. Key companies operating in the global market are targeting different areas to spread their service and products. Some of the prominent players operating in the global surface plasma resonance market are GE Healthcare, Biosensing Instruments, Reichert Technologies (acquired by Ametek, Inc.), Bio-Rad Laboratories, Inc., and Horiba Ltd.
The entry of new companies is expected to make the global market highly competitive in the years to come.