Surface Plasmon Resonance Market is Estimated to Witness High Growth Owing to Opportunity Healthcare Industry Modernization
Surface plasmon resonance (SPR) is an optical technique used to analyze the kinetics of biomolecular interactions and binding affinities between biomolecules. SPR biosensors are used to detect the changes occurring due to binding or association between biomolecules such as DNA, RNA, proteins, and peptides. SPR applications include analyzing biomolecular interactions, drug discovery, and diagnostic applications. The increasing R&D activities in healthcare sector and growing need for pathogen detection and disease diagnosis are fueling demand for SPR biosensors. 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 Opportunity
The growing modernization of healthcare industry across the globe presents lucrative growth opportunities for players operating in the Surface Plasmon Resonance Market. Governments of various countries are substantially investing in innovations and advancements in healthcare to enhance patient care and disease diagnosis. In addition, the rising R&D efforts towards developing biomarkers and biotherapeutics will further fuel adoption of surface plasmon resonance biosensors for drug discovery. The ability of SPR biosensors to determine binding kinetics of biological interactions in real-time without usage of labels or dyes makes them ideal for various applications in medical research. Companies manufacturing SPR-based instruments can leverage the opportunities arising from growing healthcare sector modernization by expanding their product portfolio and geographical footprint.
Porter’s Analysis
Threat of new entrants: The barrier for entry in this market is moderate as the initial investment required for setting up manufacturing plants for SPR equipment and consumables is high.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternative sourcing options from various established players operating in this market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials used in manufacturing of SPR equipment and consumables such as optics and sensors are available from various suppliers globally.
Threat of new substitutes: The threat of new substitutes is low as SPR technology offers unique monitoring and detection capabilities with high sensitivity.
Competitive rivalry: The competition in the market is high due to presence of global as well as regional players.
SWOT Analysis
Strength: SPR technology offers label-free, real-time detection capabilities without need for biomolecular tagging. SPR also provides high sensitivity and reproducibility.
Weakness: Initial investment required for setting up manufacturing units of SPR systems is high. SPR also requires trained professionals for operation and data analysis.
Opportunity: Growing R&D spending on drug discovery and bioprocessing by biopharma companies presents significant growth opportunities. Expanding application scope in disease diagnostics also offers new opportunities.
Threats: High pricing pressure from buyers affects profit margins of players. Changing technological advancements also threatens substituting existing SPR systems.
Key Takeaways
The global Surface Plasmon Resonance Market is expected to witness high growth at a CAGR of 6.5% during the forecast period of 2023 to 2030. The market size is projected to grow from US$ 976.1 Mn in 2023 to reach over US$ 1,600 Mn by 2030.
Regional analysis indication fastest growing and dominating region. North America currently dominates the global market and is expected to maintain its leading position throughout the forecast period. Presence of large biopharmaceutical companies and expanding funding for life science research in the region is supporting market growth. Asia Pacific is projected to exhibit highest growth owing to increasing investments by governments to establish research centers and biotech hubs across countries like China, India, and South Korea.
Key players operating in the Surface Plasmon Resonance Market are Bio-Rad Laboratories, Inc., Carterra Inc., AMETEK, Inc., Bristol Myers Squibb, Horiba, Ltd., Bruker. Key players are focusing on new product launches, partnerships, and expansion in emerging markets to strengthen their market share.
