Chicago, Dec. 13, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "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) - Global Forecast to 2027", 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.
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132 - Tables
42 - Figures
209 - Pages
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Scope of the Report:
| Report Coverage | Details |
| Market Size | USD 6.1 billion by 2027 |
| CAGR | 13.8% |
| Historical Data | 2020-2027 |
| Base Year | 2021 |
| Forecast Period | 2022-2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, By Application, By Measurement, By Product & Service, and By Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and Middle East and Africa |
| Key Companies Profiled/Vendors | 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 |
| Key Market Opportunities | Emerging markets |
| Key Market Drivers | Rising need for quality improvements in manufacturing processes |
The growth of the market is majorly driven by increased R&D spending by pharmaceutical & biopharmaceutical firms. The R&D expenditure of pharmaceutical companies has increased significantly over the last two decades. As of 2020, more than 8,000 medicines are in development. Medicines and vaccines are being developed across dozens of therapeutic areas, including COVID-19, cancer, diabetes, cardiovascular diseases, and Alzheimer’s. The implementation of PAT in R&D provides reliable measurements that provide a scientific understanding of drug engineering. Furthermore, the technology reduces drug development time by providing predictive qualitative and quantitative models using multicomponent PAT analyzers. This enables faster drug approvals and faster reach to the market. Thus, increasing R&D spending by pharmaceutical and biopharmaceutical companies and government investments in emerging countries stimulate the use of high-end PAT instruments globally.
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Based on the type of technology, the global PAT market has been segmented into—spectroscopy, chromatography, particle size analysis, capillary electrophoresis, and other technologies. In 2021, the spectroscopy dominated the PAT market. 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.
In terms of product & services, the product segment dominates the process analytical technology market, and the trend is expected to continue over the forecast period. Major share of the segment are attributed to the technological advancements in process analytical techniques that offer operational efficiency and reduce the process cycle time. Process analytical products include analyzers, sensors & probes, and samplers, which are used in the R&D and manufacturing process to measure various quality attributes of a sample.
Based on application, the process analytical technology market is broadly segmented into small molecules, large molecules, manufacturing applications, and other applications. The small-molecules segment accounted for the largest share of the global process analytical technology market in 2021. Growth in this market segment can largely be attributed to the ease of working with small molecules, their low cost, and the increasing number of start-ups and new entrants focusing on developing small-molecule drugs.
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Geographical Growth Scenario:
The PAT market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America commanded the largest share of the market in 2021. The large share of North America can primarily be attributed to the strong base of pharmaceutical & biopharmaceutical manufacturers, the high adoption rate of novel technologies, and stringent FDA regulations on drug approval & safety in this region. Other factors driving market growth in North America are the increased funding initiatives for pharmaceutical & biotechnology research activities and a growing market for biologics.
Key Players:
Prominent players in the PAT 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.
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