According to a new market research report published by MarketsandMarkets, the global Process Analytical Technology market is poised to reach $3.30 billion by 2021 from $1.77 billion in 2016, at a compound annual growth rate (CAGR) of 13.3% from 2016 to 2021.
Market growth is primarily driven by factors such as government regulations on drug safety, need for manufacturing process efficiency leading to quality improvement, and technological advancements in analytical devices.
Other factors supporting market growth include an increase in R&D spending by pharma and biopharma companies and increasing government investments in emerging countries. The emerging markets are also expected to offer plenty of growth opportunities for players in the market.
The global Process Analytical Technology market is segmented on the basis of technique, measurement, end user, products and services, and region. On the basis of products, the Process Analytical Technology market for products is further divided into analyzers, sensors and probes, and samplers.
The analyzers segment is expected to account for the largest share of the global market in 2016. Factors attributing to the growth of this segment include the high preference for molecular spectroscopy hand-held instruments that offer in-line as well as on-line analysis of the drug manufacturing process.
Based on measurement, the Process Analytical Technology market is segmented into on-line, in-line, at-line, and off-line methods of analysis. The on-line segment is expected to account for the largest share of the Process Analytical Technology market in 2016.
On-line analysis is the most preferred method as it offers consistency and certainty in the results, owing to no human intervention, safety for operations due to automation, and a turn-around time of a few seconds. The method saves person-hours by automating the routine testing from laboratories and operators.
North America is expected to account for the largest share of the global Process Analytical Technology market in 2016, followed by Europe. Stringent regulatory guidelines to provide safe drugs is encouraging the use of PAT and the presence of a large number of market players are propelling the growth of the North American Process Analytical Technology market. Asia-Pacific region is expected to grow at the highest CAGR in the forecast period.
Growing government investments in pharmaceutical R&D and the rise in contract research and manufacturing organizations in emerging Asia-Pacific countries are the key factors driving the growth of the Asia-Pacific market.
The Process Analytical Technology market is dominated by established players such as Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Danaher Corporation, Bruker Corporation, and PerkinElmer, Inc. (all U.S.).
(Source: PR Newswire)
