Exploring Key Insights of the Surface Plasmon Resonance Market: Growth Prospects, Emerging Trends, and Opportunities
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How has the surface plasmon resonance market grown over the years?
In the past few years, there has been rapid growth in the size of the surface plasmon resonance market. It’s anticipated that the market will swell from $1.19 billion in 2024 to reach $1.33 billion in 2025, marking a compound annual growth rate (CAGR) of 12.0%. This significant growth during the historic period can be credited to the advancements in biotechnology, a surge in demand for drug discovery and development, increasing utilization in clinical diagnostics, a growing focus on protein interaction research, and an upswing in academic research funding.
What Is the forecasted market size and growth rate for the surface plasmon resonance market?
The market for surface plasmon resonance is set to experience speedy expansion in the upcoming years, with projections indicating it will reach a value of $2.07 billion in 2029, and an impressive compound annual growth rate (CAGR) of 11.6%. This predicted growth during the forecast period can be ascribed to factors such as the increased need for individualized medicine, expanded application in the realm of food safety testing, intensified interest in biomarker discovery, wider usage in environmental observation, and boosted integration in the field of agricultural biotechnology. Key market trends for the forecast period entail the increased demand for no-label detection technologies, the embracement of bespoke medicine, progress in the area of nanotechnology, the evolution of portable and miniaturized SPR systems, and the amalgamation with artificial intelligence for data interpretation.
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What are the major factors driving growth in the surface plasmon resonance market?
The surge in embracing personalized medicine is anticipated to fuel the expansion of the surface plasmon resonance market. Personalized medicine applies a holistic approach to healthcare, utilizing individual’s genetic, environmental, and lifestyle aspects in the formulation of tailored treatment and prevention plans. This increasing use of personalized medicine is encouraged by improvements in genomics, the emergence of targeted treatments, and the demand for more accurate and efficient therapies. Surface plasmon resonance contributes to personalized medicine by facilitating real-time examination of biomolecular interactions, which aids in detecting specific biomarkers and improving drug therapies personalized to individual patients. For instance, the Personalized Medicine Coalition notified that in February 2024, a US-based hospital and healthcare organization announced that in 2023, the FDA sanctioned 16 new personalized treatments for patients with rare diseases, marking a substantial grow from 6 in 2022. Personalized treatment approvals in 2023 also included seven cancer drugs and three for other diseases and ailments. Thus, the rising endorsement of personalized medicine boosts the growth of the surface plasmon resonance market.
What key areas define the segmentation of the global surface plasmon resonance Market?
The surface plasmon resonance market covered in this report is segmented –
1) By Product Type: Imaging System, Sensor System, Reagents
2) By Technology: Prism-Based Surface Plasmon Resonance (SPR), Grating-Based Surface Plasmon Resonance (SPR), Other Technologies
3) By Application: Drug Discovery, Drug Formulation, Controlled Drug Release, Drug Cell Interaction, Material Science, Biosensors
4) By End-User: Academic And Research Institutes, Food And Beverage Industry, Biopharmaceutical Companies, Contract Research Organizations (CROs), Other End-Users
Subsegments:
1) By Imaging System: 2D Imaging Systems, 3D Imaging Systems, High-Resolution Imaging Systems
2) By Sensor System: Optical Sensor Systems, Portable Sensor Systems, Multi-channel Sensor Systems
3) By Reagents: Binding Reagents, Sample Preparation Reagents, Stabilizing Reagents
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What are the top market players propelling the growth of the surface plasmon resonance industry?
Major companies operating in the surface plasmon resonance market are GE HealthCare Technologies Inc., Sartorius AG, Cytiva, Bio-Rad Laboratories Inc., Bruker Corporation, HORIBA Ltd., Quanterix Corporation, Jubilant Biosys Limited, Quantum Design Inc., Reichert Inc., NanoSPR Devices, Creative BioMart Inc., Biocompare, Carterra Inc., NICOYA AB, Biosensing Instrument Inc., Plexera LLC, Insplorion AB, BioNavis Ltd., Affinité Instruments, IBIS Technologies B.V., Bioptix Inc
What are the key trends shaping the future of the surface plasmon resonance market?
Leading firms in the surface plasmon resonance market are advancing their biomolecular analysis technologies, such as injection technology. This will make redundant the use of several dilution series. The injection technology consolidates the process of sample dilution and injection into one, speeding up data collection in surface plasmon resonance (SPR) with fast, single-injection kinetics, and affinity measurements. For example, Sartorius AG, a pharmaceutical and laboratory equipment firm based in Germany, rolled out the Octet SF3 in April 2022. This is a cutting-edge surface plasmon resonance instrument designed for high-throughput, label-free biomolecular interaction analysis and is ideal for both regular and infrequent users due to its durable, low-maintenance build. Its groundbreaking OneStep and NeXtStep Gradient Injection technologies allow for quicker, superior quality kinetics and affinity data gathering, outstripping conventional techniques. It is specifically built to cater to the rising worldwide demand for antibody fragment characterization, vaccine research, and biologics discovery.
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What regions are dominating the surface plasmon resonance market growth?
North America was the largest region in the surface plasmon resonance market in 2024. The regions covered in the surface plasmon resonance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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