Surface Plasmon Resonance System Market Set to Reach USD 1.6 Billion by 2034 at a 5.1% of CAGR

Surface Plasmon Resonance System Market

The surface plasmon resonance system market is projected to achieve a valuation of USD 1.0 billion by 2024. This positive growth trend is expected to continue, with forecasts indicating that the market will escalate to USD 1.6 billion by 2034. This growth equates to a moderate Compound Annual Growth Rate (CAGR) of 5.1% over the forecast period.

Imaging systems enable rapid expansion in report output throughput and steady, accurate motion. Furthermore, it is expected that the launch of multifunctional products for improved outcomes would support the surface plasmon resonance market’s growth throughout the course of the estimated year.

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The accuracy, versatility, and affordability of label-free detection technology suggest that the SPR business has a bright future. As science progresses, it is expected that SPR systems will play an increasingly important role in research and development programs across a range of scientific fields.

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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