Surface plasmon resonance is a technique which is used to analyze kinetics of interaction between biomolecules. This is an emerging technique for label-free detection in real time for bio molecular interactions. Surface plasmon resonance technique offers benefits such as high specificity and sensitivity and is based on the principle of total internal reflection and is mainly used in pharmaceutical and biotechnology companies, food industry and clinical research organization. This technique is used in various fields such as drug discovery, material science and biosensors. SPR technique also used for various purposes such as to identifying binding specificity of two or more molecules, determining affinity of the reaction, and measuring association and dissociation rate. In terms of value, the global surface plasmon resonance market is anticipated to be valued at US$ 1273.8 Mn by 2027, exhibiting a 6.3% CAGR during the forecast period.
The global surface plasmon resonance market is mainly driven by increasing adoption of label-free detection techniques over labelled detection techniques due to cost-effectiveness, availability of versatile products in the SPR market for refined outcomes and coupling of complementary techniques with SPR to enhance specificity of the test are major factors leading to increased demand for surface plasmon resonance. This in turn is fuelling growth of the global surface plasmon resonance market. Emergence of alternative techniques for detection of protein and high prices of products are few factors expected to hamper growth of the global surface plasmon resonance market to a certain extent. Major trends in the surface plasmon resonance market include increased adoption of microfluidics technique to lower consumption of reagent, introduction of advanced imaging software for analysis of surface plasmon resonance and consistent investment in research and development by various companies.
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Development of SPR based point of care devices presents a huge opportunity in the market
Application of SPR for the development of point-of-care devices has been a primary area of focus in the recent past. Companies are focused on developing of point-of-care devices based on SPR technique; however, factors such as mass fabrication of durable metal nanostructure on the substrate, detection sensitivity shortage and high cost incurred for the combination of microfluidic chip with the POC system and the sensor is hampering development of POC devices. Researchers are continuously working on taking SPR technique out of the laboratories and to sites closer to the common user through development of user-friendly device. However, the current SPR technique does not pose any significant competition to costly POC devices using labelled detection techniques.
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By region, the global surface plasmon resonance market has been segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East & Africa (MEA). Globally, in terms of revenue, North America has been estimated to account for the highest share of 35.5% in 2017, followed by Western Europe. Meanwhile, revenue from the market in Asia Pacific excluding Japan (APEJ) is expected to expand at the significant CAGR of 7.4% over the forecast period. The North America surface plasmon resonance market was estimated to be valued at nearly US$ 250 Mn in 2017 and is forecasted to reach a valuation of nearly US$ 470 Mn in 2017, exhibiting a CAGR of 6.7% during the period of assessment from 2017-2027. The Latin America surface plasmon resonance market was estimated to be valued at nearly US$ 50 Mn in 2017, and is anticipated to reach a valuation of nearly US$ 70 Mn in 2027, exhibiting a CAGR of 4.6% during the period of forecast.
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