Global Process Analytical Technology Market Report 2022: Growing Healthcare Spending by Pharmaceutical & Biopharmaceutical Firms to Drive Growth - ResearchAndMarkets.com
The global 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 of 2022 to 2027. A growing number of pharmaceutical & biopharmaceutical R&D activities and technological advancements resulting in process optimization are the key factors driving the growth of the market. However, the shortage of skilled professionals and the high cost of PAT deployment are hindering the market growth
DUBLIN--(BUSINESS WIRE)--Nov 15, 2022--
The "Global Process Analytical Technology Market, by Technology (Spectroscopy, Chromatography), Measurement (On-line, In-line, At-line), Product & Service (Analyzers, Probes, Sensors), End User (Pharmaceutical Manufacturers, CROs, CDMO) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global 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 of 2022 to 2027. A growing number of pharmaceutical & biopharmaceutical R&D activities and technological advancements resulting in process optimization are the key factors driving the growth of the market. However, the shortage of skilled professionals and the high cost of PAT deployment are hindering the market growth.
The spectroscopy segment to hold the largest share of the market in 2022
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. By technology, spectroscopy to hold major market share in 2022. The higher adoption of molecular spectroscopy technologies such as Near Infrared (NIR) spectroscopy, Fourier Transform Infrared (FTIR) spectroscopy, Raman spectroscopy, and Nuclear Magnetic Resonance (NMR) spectroscopy in the quality assessment of pharmaceutical drugs is a major factor contributing to the growth of this segment.
The services segment is projected to register the highest CAGR during the forecast period
Process analytical technology services are offered to end users for better implementation of the Quality by Design (QbD) framework. These services include consulting on PAT adoption and software services, regulatory framework, and process management. The services segment is expected to grow with the fastest growth rate, owing to the increasing demand for consulting and software services required for developing PAT models and implementing PAT strategies in the pharmaceutical manufacturing process.
In terms of application, small-molecule segment held the largest share of the market in 2021
Based on application, the process analytical technology market is broadly segmented into small molecules, large molecules, manufacturing applications, and other applications. The small-molecule segment commanded the largest share of the market in 2021. Stringent drug development and safety guidelines to improve the efficiency and effectiveness of the pharmaceutical manufacturing process, growing pharmaceutical research activities, and growth in pharmaceutical production to meet the rising demand for medicines are the major factors driving the growth of the segment.
The market in the APAC region is expected to witness the highest growth during the forecast period
China, India, and Japan are the key markets in the Asia Pacific. Strategic expansions by key market players in emerging Asian countries; the growing Contract Research and Manufacturing Services (CRAMs) industry in India, Korea, Singapore, and China; the large biopharmaceutical industry in Singapore; and conferences, exhibitions, and meetings on analytical instruments are some key factors fueling the growth of the Asia Pacific market.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Current Trends
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Process Analytical Technology Market, by Technology
7 Process Analytical Technology Market, by Product & Service
8 Process Analytical Technology Market, by Application
9 Process Analytical Technology Market, by Measurement
10 Process Analytical Technology Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
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KEYWORD:
INDUSTRY KEYWORD: SOFTWARE RESEARCH HARDWARE PHARMACEUTICAL IOT (INTERNET OF THINGS) TECHNOLOGY HEALTH TECHNOLOGY SCIENCE NANOTECHNOLOGY BIOTECHNOLOGY OTHER TECHNOLOGY HEALTH OTHER SCIENCE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/15/2022 01:15 PM/DISC: 11/15/2022 01:17 PM
http://www.businesswire.com/news/home/20221115006342/en
