Surface Plasmon Resonance Growth Analysis Market size is forecast to reach $1.2 billion by 2026, growing at a CAGR of 5.3% during the forecast period 2021-2026. Surface plasmon resonance is used to monitor label free biomolecular interactions in real time that is immobilized on metallic film. It is made up of gold at convenient combinations of wavelength. Surface plasmon resonance are also used to enhance the surface sensitivity of various spectroscopic measurements which includes fluorescence, conduction electrons, second harmonic generation, and raman scattering among others.
It also helps in analyzing the biomolecular interactions Electromagnetic waves travelling along metallic air interface in the visible frequency is known as surface plasmon polariton. Increasing adoption of microfluidics and increasing usage of advanced imaging software are the major factors driving the growth of the market. Increasing availability of various versatile surface plasmon and increasing research & development of surface plasmon resonance system is set to further enhance the overall market development of the Surface Plasmon Resonance Growth Analysis Market for the period 2021-2026.
Surface Plasmon Resonance Growth Analysis Market Segment Analysis – By Product
Imaging System held the largest share in the Surface Plasmon Resonance Growth Analysis Market in 2020 and is estimated to grow at a CAGR 5.9% during the forecast period 2021-2026. In machine vision, imaging systems are used for capturing images. It consists of illumination source, camera, and an imaging lens. Advanced imaging software is used for analyzing the surface plasmon resonance. Imaging System are estimated to register the higher CAGR over the period 2021-2026.
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Surface Plasmon Resonance Growth Analysis Market Segment Analysis – By Application
Drug Discovery held the largest share in the Surface Plasmon Resonance Growth Analysis Market in 2020 and is estimated to grow at a CAGR 6.4% during the forecast period 2021-2026. Surface plasmon resonance is increasing used for drug discovery process as it enables the highly sensitive and thermodynamics for target interactions that are ligand. It monitors any kind of molecular interactions that can be used in pharmaceutical science among others. It is also used to identify another technology of drug discovery process.Drug Discovery are estimated to register the higher CAGR over the period 2021-2026.
Surface Plasmon Resonance Growth Analysis Market Segment Analysis – By Geography
North America dominated the Surface Plasmon Resonance Growth Analysis Market with a major share of 39.0% in 2020. This is attributed to the increasing application of surface plasmon resonance for drug discovery and for monitoring small molecules interactions. Increasing usage of surface plasmon in food industry for monitoring the quality of food and quantity of vitamins in food is also increasing the growth of the market in this region. However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing adoption of microfluidics for lowering the consumption of reagents and increasing research & development.
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Surface Plasmon Resonance Growth Analysis Market Drivers
Increasing Prevalence of Cardiovascular Diseases
Increasing prevalence of cardiovascular diseases is increasing the growth of the Surface Plasmon Resonance Growth Analysis Market. Some of the major factors of cardiovascular disease includes unhealthy and physical inactivity among others which raises the blood pressure and blood glucose causing overweight and obesity. Thus, increasing the growth of the Surface Plasmon Resonance Growth Analysis Market during the forecast period 2021-2026.
Technological Advancements
Technological advancements is increasing the growth of the Surface Plasmon Resonance Growth Analysis Market. Technological advancements has enabled manufacturers to develop imaging systems that contain ingestible flow sensors inside it. Increasing advancements in imaging systems has provided an opportunity to bio manufacturers. The majority of technological advancements were oriented towards the manufacturing of aseptically filled products. Thus, increasing the growth of the Surface Plasmon Resonance Growth Analysis Market during the forecast period 2021-2026.
Surface Plasmon Resonance Growth Analysis Market Challenges
High Cost of Installation and Lack of Skilled Professionals
Some of the factors that are set to impede the growth of the Surface Plasmon Resonance Growth Analysis Market are high cost of installation and lack of skilled professionals. High cost of the product, and shortage of detection sensitivity are set to hinder the growth of the market.
Surface Plasmon Resonance Growth Analysis Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Surface Plasmon Resonance Growth Analysis Market. In 2020, the Surface Plasmon Resonance Growth Analysis Market share is consolidated by the top ten players present in the market. The Surface Plasmon Resonance Growth Analysis Market, top 10 companies are Kinetic Evaluation Instrunments BV, Nicoya Lifesciences Inc., Bio Rad Laboratories Inc, and Biosensing Instrunment Inc. among others.
Key Takeaways
North America dominated the Surface Plasmon Resonance Growth Analysis Market in 2020 owing to the increasing expenditure on healthcare and increasing incidences of chronic diseases. The Surface Plasmon Resonance Growth Analysis Market scope for different regions will be provided in the final report.
Increasing awareness through training programs and increasing availability of the products are likely to aid the market growth of the Surface Plasmon Resonance Growth Analysis Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Surface Plasmon Resonance Growth Analysis Market report.
High cost of installation and lack of skilled persons is poised to create the hurdles for the Surface Plasmon Resonance Growth Analysis Market.
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