Surface Plasmon Resonance (SPR) Market is expected to reach a CAGR of 5.9% during 2015-2025

Surface plasmon resonance technique is used to analyze kinetics of interaction between biomolecules. This is an emerging technique for label-free detection of bio molecular interactions in real time. 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, clinical research organizations and food industry. This technique has wide application in various fields such as drug discovery, material science and biosensors.

Global surface plasmon resonance devices market is estimated to account for US$ 1,110.4 Mn by the end of 2025, owing to increasing application in drug discovery segment for drug-cell interaction analysis.

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Drivers and Trends

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.

Analysis by Product

In terms of volume growth, sensor system segment is expected to account for maximum share in the global market. Imaging system segment is expected to register highest CAGR over the forecast period, in terms of value. Imaging system segment is expected to dominate the global SPR market, in terms of revenue, owing to high price of imaging system as compared to other segments. In terms of volume, sensor system is expected to remain dominant over the forecast period. Drug discovery segment is expected to register the highest CAGR in terms of volume and value over the forecast period, owing to increasing application of SPR in pharmaceutical and biotechnology companies for drug development and analysis of drug-cell interactions.

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Analysis by Application

On the basis of application, surface plasmon resonance market is segmented into drug discovery, material science and biosensors. In terms of value and volume, material science segment is expected to register lower CAGR as compared to other segments by the end of forecast period. Biosensors application segment revenue growth is majorly driven by food safety sub-segment. Increasing adoption of surface plasmon resonance technique among researchers for analysis of drug-cell interactions is fuelling growth of the drug discovery segment.

Analysis by Region

North America is expected to dominate the global SPR market and register a CAGR of 6.2% in terms of value over the forecast period. The market in the U.S is expected to dominate the North America surface plasmon resonance market throughout the forecast period. North America SPR market accounted for 35.1% revenue share in 2014. Japan market is projected to witness a healthy CAGR of 6.7% during the forecast period, while APEJ market is estimated to account for 15.3% revenue share of the global surface plasmon resonance market by the end of 2015.

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Competitive Landscape

Key market players covered in this report are GE Healthcare, Bio-Rad Laboratories, Inc., Biosensing Instruments, Horiba Ltd. and Reichert Technologies (acquired by Ametek, Inc.). Major players in surface plasmon resonance market focus on enhancing their global and regional presence through introduction of novel products and strategic operational expansion. GE Healthcare was the market leader in 2014, owing to a broad product portfolio. Bio-Rad Laboratories has discontinued manufacture of ProteOn XPR-36 – an imaging system used for analysis of biomolecular interactions.

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