DUBLIN–(BUSINESS WIRE)–The “Process Analytical Technology Market Research Report: By Technique, Measurement, End User, and Offering – Global Industry Analysis and Demand Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global process analytical technology market is projected to experience a CAGR of 17.1% between 2021 and 2030, to reach $13,626.5 million by 2030 from an estimated $3,283.8 million in 2021.
The biggest reason behind this would be the rising number of drug research and development (R&D) activities. With the increasing cases of chronic and acute diseases, the demand for effective drugs with as few side-effects as possible is surging.
In this regard, the COVID-19 pandemic has acted as a strong growth driver for the market. In response to the increasing infection and mortality rates, the race to find effective preventive and curative drugs is heating up. As PAT is primarily utilized to monitor and evaluate the drug development process, the demand for it rose massively in 2020.
Spectroscopy is the most-widely used PAT because it helps determine a sample’s atomic structure and a muscle’s molecular structure, alter the structure of drugs to improve effectiveness, and characterize proteins.
In the process analytical technology market, biopharmaceutical manufacturers are expected to be the fastest-growing end users. This is attributed to the rising need for biochemical analysis in the booming biotechnology industry in developing countries.
The demand for PAT will witness the most-rapid rise in Asia-Pacific (APAC) due to the existence of numerous pharma firms, advancing biotech sector, and surging cases of chronic and acute diseases.
To save on operational costs and focus more on marketing, pharma and biotech companies are outsourcing production to contract manufacturing organizations (CROs), which are becoming significant users of PAT, as a result.
Seeing the rising demand for PAT, products that offer greater accuracy and can be used in a wide variety of settings are being introduced. This is being aided by the increasing government investments in the biopharma and pharma industries.
In the coming years, the demand for chemometrics, statistical data processing, instrument repair and maintenance, and training services is expected to increase faster than for the instruments themselves.
Presently, North America holds the largest share in the process analytical technology market as it is home to the world’s largest biotechnology and pharmaceutical industries. Moreover, the advanced technological infrastructure in the region allows drug manufacturers to adopt PAT across the R&D process. In addition, the regional market is driven by the increasing focus on the quality by design (QbD) ideology.
Market Dynamics
Trend
- Outsourcing of manufacturing processes to contract manufacturing organizations
Drivers
- Rising R&D expenditure by drug manufacturers and investment by governments of emerging economies
- Growing adherence to QbD principles
- Increasing focus on quality and manufacturing process efficiency improvement
- Technological advancements in analytical device industry
- Impact analysis of drivers on market forecast
Restraints
- High cost of PAT implementation
- Lack of skilled professionals
- Impact analysis of restraints on market forecast
Opportunities
- Increasing use of analytical instruments in bioprocesses
- Growing demand for PAT in emerging markets
Companies Mentioned
- PerkinElmer Inc.
- Shimadzu Corporation
- Carl Zeiss AG
- Mettler-Toledo International Inc.
- Emerson Electric Co.
- Danaher Corporation
- Thermo Fisher Scientific Inc.
- Agilent Technologies Inc.
- Bruker Corporation
- ABB Ltd.
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