NEW YORK, Dec. 15, 2021 /PRNewswire/ — 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.
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Key Findings of Process Analytical Technology Market Report
- 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
Browse detailed report on Process Analytical Technology Market Size and Growth Forecast to 2030
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.
Major companies in the process analytical technology market are PerkinElmer Inc., Carl Zeiss AG, Shimadzu Corporation, Mettler-Toledo International Inc., Danaher Corporation, Emerson Electric Co., Thermo Fisher Scientific Inc., Bruker Corporation, ABB Ltd., and Agilent Technologies Inc. They are launching new analysis systems, merging with or acquiring other companies, and entering into partnerships and collaborations to dominate the competition.
PAT Market Segmentation Analysis