The global surface plasmon resonance market is poised for significant growth, with a projected valuation of US$ 1686.20 million by 2034 This expansion is anticipated to occur at a healthy Compound Annual Growth Rate (CAGR) of 5.10% over the next decade, according to Future Market Insights (FMI).
Several key factors are contributing to the increasing demand for SPR technology:
- Cost-Effective Label-Free Detection: The adoption of label-free detection techniques like SPR is rising due to their cost-effectiveness compared to traditional labeled detection methods. This shift is making SPR a more attractive option for research and development efforts.
- Enhanced Specificity and Versatility: SPR offers the ability to develop highly specific tests with the added benefit of versatility. This combination of accuracy and adaptability is driving demand for SPR across various applications.
- Advanced Imaging Systems: Modern SPR systems are equipped with advanced imaging technology that significantly increases throughput. These systems offer precise motion control and ensure consistent report generation, streamlining the research and development process.
- Multifunctional Products: The introduction of multifunctional SPR products designed to deliver improved outcomes is another factor propelling market growth. These advanced tools provide researchers with greater flexibility and efficiency in their work.
The future of the SPR market appears bright, driven by the cost-effectiveness, versatility, and accuracy of label-free detection technology. As advancements in SPR systems continue, this technology is expected to play an increasingly important role in research and development efforts across diverse scientific fields.
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Key Takeaways of Surface Plasmon Resonance Market Study
- The market share of imaging systems is evaluated to grow at a significant rate by the end of 2029, as these are the ideal solution for the analysis of label-free and multiplexed biomolecules.
- Sales of surface plasmon resonance (spr) biosensors are envisaged to be higher in North America. Increasing adoption of imaging systems and biosensors in life science R&D is anticipated to boost the growth of the surface plasmon resonance market in the region.
- Innovation while developing imaging software used in surface plasmon resonance for the analysis of kinetic parameters of biomolecular interactions is a key aspect for increasing the reproducibility of results. Companies are investing in R&D initiatives to introduce superior imaging devices with enhanced magnification, to observe the smallest deflection in the refractive index, thus aiding the growth of the surface plasmon resonance market.
“Increasing application of surface plasmon resonance in the field of drug discovery and medical imaging is contributing to the growth of the surface plasmon resonance market. Development of new technologies coupled with surface plasmon resonance, such as nanoparticle surface plasmon resonance and microfluidics, is playing an important role in the overall growth of the global surface plasmon resonance market.”
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Adoption of Label-free Detection Technique for Analysis of Biomolecules
Detection of biological analytes through their physical properties is difficult. As a result, researchers rely on the addition of some sort of label to one or more of the analytes that need to be studied. Inclusion of this label for increasing specificity and accuracy has increased the cost of reagents and assays.
To reduce assay cost and complexity while providing more qualitative information through labelled detection, adoption of the label-free detection technique such as surface plasmon resonance has increased, and is expected to fuel the growth of the global surface plasmon resonance market during the forecast period. The label-free detection technique simplifies the procedure by reducing the time and effort required for the development of the assay. Thus, increasing adoption of label-free detection techniques over labelled detection is expected to boost the growth of the global surface plasmon resonance market.
Surface plasmon resonance (SPR) is a powerful analytical technique that is used to study molecular interactions in real-time. It is based on the phenomenon of surface plasmons, which are collective oscillations of electrons on the surface of a metal.
Key players:
- GE Healthcare
- AMETEK.Inc.
- Horiba
Key Segments
By Product:
- Imaging System
- Sensor System
- Reagents
By Application:
- Drug Discovery
- Material Science
- Biosensors
By End User:
- Academic & Research Institutes
- Food & Beverage Industry
- Biopharmaceutical Companies
- CROs
- Others
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