NEW YORK, Oct. 12, 2017 (GLOBE NEWSWIRE) — According to the new market research report titled “Process Analytical Technology (PAT) Market by Technique (Spectroscopy, Chromatography, Capillary Electrophoresis, Particle Size Analysis), by Measurement (In-Line, At-Line, On-Line, Off-Line), by Products and Services (Products, Services), by End User (Pharmaceutical Manufacturers, Biopharmaceutical Manufacturers, Contract Research and Manufacturing Organizations), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, China, Japan, India, South Korea, Brazil, Mexico, Turkey, Egypt, South Africa, Israel) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023” published by P&S Market Research, the process analytical technology market is forecasted to achieve a value of $4 billion by 2023.
The market is growing at a significant growth rate. with various factors such as rising research and development (R&D) expenditure by drug manufacturers and investments by government in emerging economies on the implementation of process analytical technology, and growing adherence towards quality by design (QbD) principles driving the demand for process analytical technology.
The global process analytical technology market size was $1.7 billion in 2016 and is projected to grow at a CAGR of 12.9% during 2017-2023. Various techniques used drug manufacturing industry include spectroscopy, chromatography, capillary electrophoresis, particle size analysis, and other techniques. The process analytical technology industry includes products as well as services, the major products available in the market are classified as analyzers, sensors and probes, and samplers.
The end users in the process analytical technology market are pharmaceutical manufacturers, pharmaceutical manufacturers, contract research and manufacturing organizations, and others to abide by various regulation related to manufacturing quality. There are broadly four types of products in the process analytical technology market based on the measurement namely, in-line measurement, at-line measurement, on-line measurement, and off-line measurement.
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As per the findings of the research, spectroscopy held the largest process analytical technology market share in 2016, since it has wider applications in drugs analytical industry and the demand for portable infra-red (IR) instruments, nuclear magnetic resonance (NMR) spectroscopy as well as UV–vis, near infra-red NIR, and Raman spectroscopy is increasing in the pharmaceutical industry. On-line measurement is expected to be the fastest growing category during the forecast period due to technological advancements and rapid acceptance of on-line measurement instruments in the pharmaceutical industry.
Pharmaceutical manufacturers were the largest end user of the process analytical technology industry owing to the much larger size of the pharmaceutical industry as compared to the biotechnology industry, and this technology has broader applications in the pharmaceutical industry. The services segment is expected to garner higher growth as compared to the products for process analytical technology, during the forecast period, since the demand for statistics data processing and chemometrics services is growing significantly.
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Geographically, North America has been the largest process analytical technology market, with the U.S. being the larger contributor to the regional market, as compared to Canada. The leading position of the North American market is mainly attributable to factors such as presence of majority of the companies providing various products and services, presence of various pharmaceutical regulatory authorities that have stipulated strict quality standards to comply with for pharmaceutical companies, growing biotechnology industry and consequently increased use of analytical technologies by biopharmaceutical industry, and high R&D expenditure by pharmaceutical companies in the region.
According to the Pharmaceutical Research and Manufacturers of America (PhRMA), its member companies invested an estimated $58.8 billion in R&D in 2015, an increase of 10.3% from 2014. Similarly, according to Research America, investment in medical and health R&D in the U.S. increased by 13.3% from 2013 to 2015. Also, the United States Food and Drug Administration (USFDA) has imposed regulations that require adherence to quality by design (QbD) principles, thereby, supporting the growth of process analytical technology industry in North America.
The key players in the process analytical technology market are introducing advanced products in the market that have application in a wide variety of processes. For instance, In January 2017, Ab Sciex LLC, a subsidiary of Danahar Corporation, launched the X500B QTOF System in the X-Series Quadrupole Time of Flight (QTOF) mass spectrometry (MS) platform for biotherapeutic analyses and was one of the most compact MS system footprints on the market. In January 2017, PerkinElmer Inc., launched the NexION 2000 Inductively Coupled Plasma Mass Spectrometer (ICP-MS), designed to handle any sample matrix and detect any particle size.
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