Future Market Insights (FMI) presents detailed insights and a revised forecast of the global surface plasmon resonance (SPR) market in a new report titled ‘Surface Plasmon Resonance Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027).’
According to the report, the global SPR market is expected to expand at a compound annual growth rate (CAGR) of 6.3% during the 2017–2027 forecast period, reaching $1.2bn in revenues by 2027.
An increasing demand for high-end SPR from end-users such as hospitals, clinics, ambulatory surgical centres, nursing centres and reference laboratories will help generate opportunities for using the SPR technique over the long run and drive the growth of the global SPR market.
Imaging systems help increase the throughput at a remarkable speed and with precise motion and consistency in report generation. The increasing adoption of label-free detection techniques over labelled detection techniques due to cost-effectiveness, the availability of versatile products in the SPR market, and coupling of complementary techniques with SPR to enhance test specificity are some factors that can upsurge the demand for the SPR market.
Global SPR market segmentation and forecast
The imaging system segment will remain the largest segment of the SPR market by product type, having accounted for more than 55.7% revenue share in 2016.
The other segment sensor system is also anticipated to register growth over the forecast period followed by biosensors segment.
The drug discovery segment will remain the largest segment of the SPR market by application, having accounted for more than 65.3% revenue share in 2016 with 6.5% CAGR over the forecast period. The second largest market is biosensors, which is accounted for more than 24.8% revenue share in 2016, followed by material science, which is also anticipated to register a significant growth.
Biopharmaceutical companies segment will contribute the largest segment by end-user, having accounted for more than 53.2% revenue share of the market in 2016. Increasing demand for the SPR technique at end-users such as academic and research institutes, the food and beverage industry and contract research organisations (CRO) are also anticipated to register a significant growth over the forecast period.
Global SPR market regional overview
In respect to advanced infrastructure and increasing medical tourism in developing countries in the Asia-Pacific excluding Japan (APEJ), India will continue to have a positive impact on the SPR market.
The increasing adoption of imaging systems and biosensors in life science research and development (R&D) will help to boost the market growth. Ease-of-use and economic convenience in the North American and Western Europe regions are anticipated to boost the growth of the SPR market over a forecast period.
The rise in discretionary funding for the R&D activities for advanced and cost-effective medical devices and integration services will also drive the market in the North American and Western Europe regions.
The Middle East and Africa (MEA) region is at a nascent stage compared with others in the global SPR market and is expected to show a moderate growth over a forecast period.
Global SPR market competitive landscape
Bio-Rad Laboratories, General Electric, AMETEK, Horiba, Biosensing Instrument, Nicoya Lifesciences, BiOptix, XanTec bioanalytics, Bio-Rad Laboratories and Kinetic Evaluation Instruments are some of the key players in the global SPR market.
Companies in the global SPR market are focusing on strategic alliances such as strategic agreements, collaborations, rising R&D activities, new product launches, joint ventures (JV), partnerships, and mergers and acquisitions (M&A) to sustain in the overall competition in the SPR market.
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