The report “Process Analytical Technology Market is projected to reach USD 6.1 billion by 2027 from USD 3.2 billion in 2022, at a CAGR of 13.8% during the forecast period. Market growth is primarily driven by factors such as government regulations on drug safety, increased R&D spending by pharmaceutical and biopharmaceutical firms, improvements in drug quality, increasing government investments in emerging countries, and technological advancements in analytical devices. However, the high cost of deployment of PAT systems and a shortage of skilled professionals are expected to limit market growth to a certain extent in the coming years.
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Key Market Players
The process analytical technology market is competitive in nature with several big and emerging players equally holding shares of the market. As of 2021, the key players operating in the global process analytical technology market are Thermo Fisher Scientific, Inc. (US), Danaher Corporation (US) , Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Waters Corporation (US), Bruker Corporation (US), Emerson Electric Co. (US), ABB Ltd. (Switzerland), PerkinElmer, Inc. (US), Mettler-Toledo International Inc. (US), and Carl Zeiss AG (Germany), among others.
Process Analytical Technology Market Dynamics
Driver: Rising need for quality improvements in manufacturing processes
PAT instruments are robust tools used to analyze and control Critical Quality Attributes (CQAs) in pharmaceutical and biopharmaceutical manufacturing processes by measuring Critical Process Parameters (CPPs). These tools are implemented to increase the efficiency of the production process to obtain quality products and improve the final product’s overall performance. PAT allows continuous monitoring of pharmaceutical production by generating real-time product quality information and reduces final batch discarding or reprocessing. The technology aids in controlling costs in the manufacturing process and provides financial benefits through faster product release by eliminating post-production testing. It also reduces the cycle time and energy consumption to run the equipment. Automation in the process thus reduces the overall labor cost.
These benefits of PAT in improving manufacturing process efficiencies are expected to drive market growth during the forecast period.
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Restraint: High cost of PAT deployment
The technological developments have increased the prices of these systems. For instance, the cost of a new spectroscopy instrument may vary from USD 75,000 to USD 500,000. The price for an HPLC system ranges from USD 10,000 to USD 40,000, while a dynamic light-scattering particle size analyzer may cost around USD 30,000 to USD 60,000, depending on the associated accessories. Despite the operational and cost-saving benefits of PAT implementation in the pharmaceutical industry, its adoption has been slow in emerging economies.
Opportunity: Emerging markets
Emerging Asian markets such as China, South Korea, Indonesia, and India are expected to offer significant growth opportunities for PAT. This can primarily be attributed to the presence of less-stringent regulatory policies, an increasing number of pharmaceutical companies, the availability of a skilled workforce, and government initiatives to boost local manufacturing. Countries such as China and India present various opportunities for the growth of the market. China and India generate a huge demand for devices such as spectrometers and chromatography instruments due to the Greenfield projects being set up in various end-user industries in these countries. The biopharmaceutical industry in these countries is robust and is expected to contribute largely to the growth of the spectroscopy and chromatography markets in the coming years.
Molecular spectroscopy segment to register significant growth rate over the forecast period.
Based on the type of technology, the global PAT market has been classified into five major segments—spectroscopy, chromatography, particle size analysis, capillary electrophoresis, and other technologies. The spectroscopy segment is further sub-segmented into molecular spectroscopy, mass spectrometry, and atomic spectroscopy. The molecular spectroscopy segment is anticipated to register significant growth. In the pharmaceutical industry, molecular spectroscopy has numerous applications, such as quantitative analysis of pharmaceutical substances, pathogen detection, protein quantification, biochemistry, and biophysics research. The wide application area of this technology and the presence of stringent regulatory guidelines for drug development and safety are the major factors driving the growth of the global molecular spectroscopy market.
North America market to hold major share in the market during the forecast period
North America, comprising the US and Canada, accounted for the largest share of the global PAT market in 2021. This market is primarily driven by the availability of funding for research activities; stringent drug development regulations; and conferences, discussions, symposiums, and seminars on analytical technologies.
Report Link: Process Analytical Technology Market
Table of Content:
1 INTRODUCTION (Page No. – 26)
- STUDY OBJECTIVES
- MARKET DEFINITION
- STUDY SCOPE
- YEARS CONSIDERED
- RESEARCH METHODOLOGY (Page No. – 29)
- RESEARCH DATA
- MARKET SIZE ESTIMATION
- DATA TRIANGULATION
- RESEARCH ASSUMPTIONS
- RISK ASSESSMENT
- EXECUTIVE SUMMARY (Page No. – 39)
- PREMIUM INSIGHTS (Page No. – 43)
- PROCESS ANALYTICAL TECHNOLOGY MARKET OVERVIEW
- MARKET SHARE, BY TECHNOLOGY 2022 VS. 2027
- MARKET: BY REGION AND TECHNOLOGY
- MARKET: BY REGION AND APPLICATION
- MARKET OVERVIEW (Page No. – 46)
- MARKET DYNAMICS
FIGURE 19 MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2 CURRENT TRENDS
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