Surface plasmon resonance (SPR) is an optical phenomenon that occurs upon interaction of photons with free electrons collectively present at the surface of metals like gold and silver. SPR technique is widely used for label-free detection of biomolecular interactions in real time. It is used to study binding reactions between receptor-ligand systems like antibody-antigen interaction, protein-protein interactions, and cell-drug reactions. 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:

The surface plasmon resonance market is expected to witness significant growth over the forecast period owing to wide applications of SPR technique in the healthcare industry. One of the major drivers for the market growth is the ability of SPR technique to detect biomolecular interactions in real time without the need for labelling any biomolecules. This has increased the adoption of SPR in drug discovery and life sciences research. Moreover, continuous technological advancements in SPR sensors like miniaturization, improved sensitivity and portability are further extending the application scope of SPR technique across different fields including food and environment testing. SPR technique is also being increasingly used for diagnostic applications like detection of pathogens and diseases biomarkers.

SWOT Analysis

Strength:
- Surface plasmon resonance provides label-free and real-time detection of biomolecular interactions, making it a valuable tool for research and development.
- The technology is highly sensitive and specific in detecting molecular interactions. It can measure interactions in real time without the need for labelling probes.
- SPR systems offer quick results and do not require washing steps, hence reducing analysis time and sample volume requirements.

Weakness:
- SPR instruments have high installation and maintenance costs, limiting their adoption among small laboratories and research facilities.
- Data analysis and interpretation from SPR experiments requires specialized expertise and training.

Opportunity:
- Rising funding for R&D activities in industries like pharmaceuticals and biotechnology is driving demand for advanced analytical techniques like SPR.
- Growing applications of SPR in drug discovery, biosensors, and environmental monitoring are opening new growth avenues.

Threats:
- Availability of alternative technologies like microcantilever sensing and quartz crystal microbalance poses competition to the SPR market.
- Economic slowdowns can negatively impact the R&D spending of end-use industries and thereby affect market demand.

Key Takeaways

The global Surface Plasmon Resonance Market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 976.1 Mn.

Regional analysis

The North American region currently dominates the global SPR market owing to strong government funding for life sciences R&D and presence of key players.Asia Pacific is projected to witness the fastest growth during the forecast period due to increased pharmaceutical R&D expenditure, growing biotech industry, and rising academic and government research in countries like China, India, and South Korea. Key players including Bio-Rad Laboratories, Carterra Inc., AMETEK, Inc., Bristol Myers Squibb are aiming to tap growth opportunities in the emerging Asian markets through strategic collaborations and partnerships with regional research institutions.

Key players

Key players operating in the Surface Plasmon Resonance market are Bio-Rad Laboratories, Inc., Carterra Inc., AMETEK, Inc., Bristol Myers Squibb, Horiba, Ltd., Bruker, Biosensing Instrument Inc. Major players are focusing on new product launches and acquisitions to strengthen their market position and service portfolios. For instance, in 2020, SCIEX acquired the SPR business of Biosensing Instrument to enhance its SPR and label-free technologies portfolio for drug discovery and research applications.