Global Label-free Array System Market: Surface Plasmon Resonance Technology to Witness Rapid Growth through 2024
Label-free array system is being used on the large scale for identifying and validating new molecules for drugs. Label-free technology is suitable for target molecules that are not easy to tag. With the increasing demand by biotechnology and pharmaceutical companies, new label-free array systems are being developed with advancements in biotechnology. Some of the latest developed systems include magnetoelastic biosensors, field-effect transistors-based biosensors including a carbon nanotube, surface stress-based biosensors, and optical-based biosensors. Sensor based on surface plasmon resonance has emerged as one of the effective methods to study bio molecular interaction in a label-free array system.
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Label-free array systems are being developed with the focus on providing a measurement of protein concentration and specific activity. However, label free array systems are also seen as one of the tools to aid in the characterization of drug interactions and complementary to the existing range of detection technique. Hence, companies are working on developing label-free array systems with all the features that can help in assessing difficult target classes and displace other detection technologies.
As per the report by Transparency Market Research, the global label-free array systems market is likely to register a CAGR of 5.6% between 2017 and 2024. Also, towards the end of the forecast period, the market is projected to bring in US$ 1,722.9 Million revenue.
Surface Plasmon Resonance Technology to Gain Maximum Traction in the Global Market for Label-free Array Systems
Compared to various technologies in the global label-free array systems including cellular dielectric spectroscopy and bio-layer interferometry, surface plasmon resonance is expected to gain maximum traction. Surface plasmon resonance technology is projected to surpass US$ 1,300 Million revenue by 2024 end. Surface plasmon resonance is being used for rapid label-free detection of microribonucleic acids liked with the disorders such as heart diseases and cancers. In recent years, sensor based on the surface plasmon resonance have been adapted for imaging microarray binding in real-time, providing a label-free protein microarray system.
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Companies are introducing new systems to study the interaction of the protein with other molecules. This is being done to meet the increasing demand for enhanced performance and regulatory support. Additional features are being incorporated in the label-free array systems to enhance data quality and provide accurate results. For instance, features providing stability to label free array system at higher temperatures are being added.
Rapid Rise in Drug Discovery Process to Drive the Demand of Label-free Array Systems
With increasing prevalence of various chronic diseases worldwide is resulting in the rapid rise in the drug discovery, development and validation process. Pharmaceutical companies are focusing on providing effective drugs for chronic diseases. Hence, the process of identification and validation of new molecules that can act as a possible drug candidate is also increasing. To meet the growing demand for new and effective drugs, pharmaceutical companies are demanding advanced label-free array systems that can help in reducing the high cost of drug identification and validation process.
Increasing collaboration between academic institutes and pharmaceutical companies are boosting the development of label-free array systems. New label-free array systems are being developed with the ability to detect small cells, molecules, and proteins for drug discovery process.