The surface plasmon resonance market is expected to expand at CAGR of 6% in terms of value through the forecast period (2019-2029). Adoption of label-free technologies and label-free detection techniques contribute in reducing the effort and time required for assay development.
“Detection of nanoparticles in biological analytes is not easy but inclusion of labels to enhance specificity and accuracy will present correct qualitative information, states the FMI Analyst.
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Surface Plasmon Resonance Market- Important Highlights
- North America exhibits lucrative opportunities while Asia Pacific region will witness maximum growth in the upcoming years.
- On the basis of type, image systems is likely to surpass US$ 500 million through 2029.
- Biopharmaceuticals companies will account for more than half market share in terms of value.
- Drug discovery will continue to retain its popularity in the applications segment.
Surface Plasmon Resonance Market – Driving Factors
- Use is largely noticed in food and beverage sectors to examine quality and to ensure a better nutritional profile.
- Owing to the increasing investment in biotechnology and widening presence of key players has also helped the market in witnessing steady growth.
- Complete consistency in regard with report generation is achieved which boosts the market growth.
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Surface Plasmon Resonance Market – Key Restraints
- Increased assay costs remains a key deterrent for the market.
- Inaccurate information due to failure in operation hinders the growth prospects.
Expected Impact on Market by Coronavirus Outbreak
Global influence of COVID-19 require proper studying of bimolecular particles and virus-host interaction and SPR technology allows researchers to extract data in real time. This technology reveals interaction between protein molecules and biological molecules. The pandemic has driven these processes in order to launch effective vaccines. USA has currently increased R&D investments by 20% on pharmaceuticals industry while Europe drug discovery market is expected to grow at 8.22% CAGR through 2027.
Key Players are operating on the basis of market shares, strategies and product offerings, Key players in the market include Horiba, Ltd, General Electric Co., Ametek, Inc., and Biosensing Instrument Inc. These players are working on biosensor technologies to enhance sales opportunities in the market.
For instance, Horiba Ltd. is planning to collaborate with Shimadzu for development and sales of LC-Raman Measuring Instruments. Shimadzu’s liquid chromatographs will combine with Horiba’s spectrometers for accurate medical information.
Biosensing Instrument Inc. has introduced the first SPR Microscopy system which is available commercially for interactions research. This move has redefined the use of SPR technology nad provides kinetic studies with single instrument.
FREQUENTLY ASKED QUESTIONS ABOUT SURFACE PLASMON RESONANCE MARKET
Which region is expected to lead the global surface plasmon resonance market?
North America is expected to hold around 35% share of the total surface plasmon resonance market, and grow at an impressive rate during forecast period. Asia Pacific excluding Japan (APEJ) is anticipated to remain the target geography for leading market players.
Which product type would be the most attractive for investment?
Imaging systems are expected to hold more than 50% revenue share in the surface plasmon resonance market. Imaging systems enhance throughput significantly, along with imparting accurate motion and consistency during report generation.
Who are the major players in the surface plasmon resonance market?
Horiba, Ltd, General Electric Co., Ametek, Inc., and Biosensing Instrument Inc. are key players accounting for a major share in the surface plasmon resonance market.