Surface Plasmon Resonance Market is expected to reach US$ 1.5 Billion by 2029
The global surface plasmon resonance market is estimated to be valued at US$ 910.4 Mn in 2022 and is expected to reach US$ 1.5 Bn by 2029, finds Future Market Insights (FMI) in a recent market survey.
Increasing adoption of label-free detection techniques over labelled detection techniques is due to their cost-effective nature. Additionally, the availability of versatile products coupled with surface plasmon resonance to enhance the specificity of tests is an important factor that will bolster the demand for surface plasmon resonance. Imaging systems help in increasing throughput at a remarkable speed and with precise motion and consistency in report generation. Furthermore, the introduction of multifunctional products for improved outcomes is also expected to drive the growth of the surface plasmon resonance market over the forecast period.
The global surface plasmon resonance market is projected to reach a market value of US$ 770 Mn in 2019, increasing at a decent CAGR of 6% over the forecast period of 2019 – 2029.
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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 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.”
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.
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The surface plasmon resonance market report, a new study by Future Market Insights, opines on the evolution of the global surface plasmon resonance market from 2014–2018, and presents demand projections for 2019–2029, on the basis of product type (imaging systems, sensor systems, and reagents), application (drug delivery, material science, and biosensors), and end user (academic and research institutes, food and beverage industry, biopharmaceutical companies, CROs, and others), across seven prominent regions.
SURFACE PLASMON RESONANCE MARKET TAXONOMY
The global surface plasmon resonance market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- Imaging Systems
- Sensor Systems
- Drug Discovery
- Material Science
- Academic & Research Institutes
- Food & Beverage Industry
- Biopharmaceutical Companies
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East and Africa
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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