The compound annual growth rate (CAGR) of the global surface plasmon resonance market is projected to increase annually over the next ten years. "Continuous research in the field of proteomics and increasing demand for novel drugs" are the most significant sources of growth.
According to NASDAQ, the global surface plasmon resonance market was valued at US $628.2 million in 2015. Revenues will increase to US $1.11 billion by the end of 2025.
North America is currently the lead user in the surface plasmon resonance in the global market. Japan and the rest of the Asia/Pacific region are also expected to expand their use in SPR market as the technology evolves. The two branches of the technology are imaging systems and sensor systems.
The sensor system category will account for the maximum share of the market. Sensor systems are suitable to a wide variety of applications and are capable of detecting a range of molecular interactions. SPR sensors are capable of measuring minute changes in refractive index (RI) to high precision. They are especially valued in areas of antibody characterization, proteomics, immunogenicity, biotherapeutic development and manufacture.
As a result, an increasing number of pharmacologists are employing SPR technology. SPR offers scientists the ability to monitor real-time, label-free biomolecular interactions and higher quality kinetics.
Researchers are often under pressure to "find possible new compounds fast" particularly those employed in "[o]ne of the most potentially lucrative areas of pharmaceutical research ... cancer treatment. " Recent advances have accelerated the development process. SPR is therefore a viable alternative to other technologies.
Reichert Technologies has been identified as one of five market leaders in several recent articles and reports.
We can anticipate the demand for drug discovery to continue past 2025; increased life expectancy and a growing global population will spur that demand. "[C]ompanies continue to improve the technology and tailor it to particular needs. Already SPR has proven useful in the drug discovery and molecular diagnostic fields, and the technology shows much promise in the future."
Download the full futures report: