SURFACE PLASMON RESONANCE MARKET ANALYSIS

Surface Plasmon Resonance MarketSize and Trends

The global surface plasmon resonance  market is estimated to be valued at US$ 976.1 million in 2023 and is expected to exhibit a CAGR of 6.5% during the forecast period (2023-2030).

Figure 1. Global Surface Plasmon Resonance Market Share (%), by Product Type, 2023

Global Surface Plasmon Resonance Market – Driver

Increasing application of Surface Plasmon Resonance in the field of drug discovery

Increasing application of surface plasmon resonance by key market players is expected to drive the surface plasmon resonance market over the forecast period.  Using surface plasmon resonance has a high impact on drug discovery and development. Small molecule drug discovery and development is known to be an expensive and time-consuming endeavour, which is not always successful. Surface plasmon resonance is frequently used for target identification and ligand fishing in proteomics, target assay validation for High Throughput Screening (HTS), rapid affinity ranking and detailed kinetics of interaction for small molecules binding to target proteins.

It is also used in lead optimization, early ADME, stratification of patient response to therapeutics in clinical trials, immunogenicity assessment including anti-drug antibody (ADA) responses of biotherapeutics, vaccine development including immune response analysis, and even in manufacturing such as process and batch QC of therapeutic antibodies and proteins.

Global Surface Plasmon Resonance  Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global surface plasmon resonance market. For instance, according to the article published in 2022, in National Library Of Medicine, the SPR-based biosensor will be in high demand in the future for the detection of COVID-19 pandemic. As the RT-PCR test has been identified as the most effective method for detecting this virus, but has been also demonstrated to be inaccurate and time-consuming in a few instances. SPR-based sensors have been utilized to detect the SARS-CoV-2 virus in a short period of time.

Global Surface Plasmon Resonance  Market Segmentation:

The global surface plasmon resonance market report is segmented into Product Type, Application, and Region

Based on Product Type  , the market is segmented into imaging system, sensor system, reagents. Out of which, the sensor system segment is expected to hold a dominant position in the surface plasmon resonance market during the forecast period, and this is attributed to the  increasing use of sensor for cancer biomarker detection.

Based on Infection Type, the market is segmented into drug discovery, material science and biosensor. out of which, the drug discovery segment is expected to hold a dominant position in the surface plasmon resonance market during the forecast period, and this is attributed to the increasing application of surface plasmon resonance (SPR) in the field of drug discovery.

Among all segmentation, the product  type segment has the highest potential due to the increasing prevalence of sensor system over the forecast period. For instance, in January 2023, according to the article published in MDPI, according to the International Agency for Research on Cancer, there are approximately 18.1 million cancer occurrences and 9.6 million cancer deaths per year. Cancer is among the most serious global health problems that cause morbidity and mortality in developed countries.

Global Surface Plasmon Resonance  Market: Key Trends

Microfluidics appears to be the most powerful approach to reflect the intrinsic kinetics of binding molecules

Microfluidics appears to be the most powerful approach to reflect the intrinsic kinetics of binding molecules through SPR. Microfluidics may facilitate maximum sensitivity in SPR surface along with low sample consumption, excellent baseline stability, and potential for relatively high mass transfer. Microfluidic cartridge is used for sample delivery with incorporated pneumatic values that allows closing of specific channels, thereby providing control over the flow paths. This enables sample or buffer liquid volumes to be directed to different surface spots of the sensor.

Market- Trends

Microfluidics appears to be the most powerful approach to reflect the intrinsic kinetics of binding molecules

Microfluidics appears to be the most powerful approach to reflect the intrinsic kinetics of binding molecules through SPR. Microfluidics may facilitate maximum sensitivity in SPR surface along with low sample consumption, excellent baseline stability, and potential for relatively high mass transfer. Microfluidic cartridge is used for sample delivery with incorporated pneumatic values that allows closing of specific channels, thereby providing control over the flow paths. This enables sample or buffer liquid volumes to be directed to different surface spots of the sensor.