Surface Plasmon Resonance Market is predicted to grow at a CAGR of 5.7%
SummaryGlobal, regional and country-level analysis and forecasts of the Surface Plasmon Resonance Market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
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Surface Plasmon Resonance Market Size
As per the report published by Market Data Forecast, the size of the global surface plasma resonance market is forecasted to worth USD 916.15 million by 2025, showcasing 5.7% CAGR from 2020 to 2025.
Key Market Drivers:
Increasing usage of surface plasmon resonance in various fields like food and beverages, hospitals, electrical, and electronics in manufacturing biosensors is mainly propelling the market's growth rate. On-going research in the development of drugs using these technologies is also greatly influencing the market's demand. Growing incidences of targeted diseases and promoting quality healthcare services are enhancing the growth rate of the market. In addition, various benefits with surface plasmon resonance, such as real-time monitoring, label-free detection, and others, is also a major factor for the market to grow enormously. Prevalence for the development of nanoparticles where these techniques play a vital role in developing them is leveling the market demand.
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However, the high cost for the maintenance and installation of the laboratories' devices is slowly limiting the demand of the market. Besides, government organizations' stringent rules and regulations in approving new products are restricting the growth rate of the surface plasmon resonance market.
COVID-19 impact on the surface plasmon resonance market:
The deadly coronavirus has impacted in many ways. Due to lockdown restrictions, the market has seen a flattened curve in growth rate.
But, the use of surface plasmon resonance has been increased from the start of the COVID-19. As this is very beneficial in developing new drugs, many key players are in the race to find out an effective vaccine. This has elevated the growth rate curve of the market since 2020. Coronavirus is a boom for the pharmaceutical market players in 2020. It is also projected that the market shares continue to be in the top position in the coming years.
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This report on the global surface plasmon resonance market is segmented based on by application, by product type and region.
- Imaging System
- Sensor System
- Drug Discovery
- Material Science
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
Among all, North America is gaining traction over the demand of the surface plasmon resonance market. Increasing COVID-19 and on-going research on the development of new drugs or vaccines are majorly fuelling the demand of the market. Also, the rapid adoption of advanced technology is more likely to propel the market demand. The growing use of these devices in the advanced nanoparticles in the biopharmaceutical companies eventually makes the market demand grow higher.
The Asia Pacific is next to North America is leading the dominant shares of the market. The increasing geriatric population and rise in the demand to improve the healthcare infrastructures are accelerating the demand of the market in this region. India and China are the major contributors to market shares. An increasing number of people with chronic diseases like cancer, diabetes, and cardiovascular problems are ascribed to bolster the market's growth rate.
Europe has the fastest growth rate for the past few years and is also expected to have the highest CAGR in the forecast period. Surging COVID-19 cases and increasing R & D activities in pharmaceutical companies to develop a vaccine for novel coronavirus are anticipated to fuel the surface plasmon resonance market's demand.
The Middle East and Africa, and Latin America are projected to have a straight growth rate curve in the foreseen years.
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NOTABLE COMPANIES IN THIS MARKET
Companies that are playing a promising role in the global surface plasma resonance market analyzed in this report are AMETEK Inc., General Electric Co, Bio-Rad Laboratories Inc., Biosensing Instrument Inc. and Horiba Ltd.
List of Tables and Figures of the report:
- Global Surface Plasmon Resonance (SPR) Market, By Region, From 2020 to 2025 (USD Million)
- Global Surface Plasmon Resonance (SPR) Market, By Product, From 2020 to 2025 (USD Million)
- Global Imaging System Market, By Region, From 2020 to 2025 (USD Million)
- Global Sensor System Market, By Region, From 2020 to 2025 (USD Million)
- Global Reagent Market, By Region, From 2020 to 2025 (USD Million)
- Global Surface Plasmon Resonance (SPR) Market, By Application, From 2020 to 2025 (USD Million)
- Global Drug Discovery Market, By Region, From 2020 to 2025 (USD Million)
- Global Material Sciences Market, By Region, From 2020 to 2025 (USD Million)
- Global Biosensor Market, By Region, From 2020 to 2025 (USD Million)
- 80+ More
Browse Regional Reports:
- North America Surface Plasmon Resonance (SPR) Market
- Europe Surface Plasmon Resonance (SPR) Market
- Asia Pacific Surface Plasmon Resonance (SPR) Market
- Latin America Surface Plasmon Resonance (SPR) Market
- MEA Surface Plasmon Resonance (SPR) Market
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