NEW YORK, May 28, 2018 (GLOBE NEWSWIRE) -- The process analytical technology market is expected to grow at a CAGR of 12.9% during 2017-2023, to reach $4.0 billion by 2023. The market is growing due to the growing adherence to the quality by design (QbD) principles and rising focus on increasing quality and manufacturing process efficiency.
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The demand for process analytical technology products and services is increasing parallelly with the growth of pharma industry in emerging markets such as India, Russia, Brazil and South Africa. According to the India Brand Equity Foundation (IBEF), the Indian pharmaceuticals market increased at a CAGR of 17.5% during 2005-16 with the market increasing from $6 billion in 2005 to $36.7 billion in 2016 and is expected to expand at a CAGR of 15.9% to $55 billion by 2020. The growing demand for pharmaceutical products has led to an increase in the number of manufacturing facilities in these countries. The growing pharma industry in these countries is expected to lead to greater demand for process analytical technology products and services in these countries, thereby, providing lucrative opportunity for players in the process analytical technology market.
The Asia-Pacific market for process analytical technology is expected to witness the fastest growth during the forecast period, mainly driven by presence of various USFDA approved pharmaceutical companies, growing biotechnology industry and consequently increased use of analytical technologies by the biopharmaceutical industry in the region, high R&D expenditure and increasing prevalence of various disease leading to an increased consumption of pharmaceuticals and biological products. China, India, and Japan are the major markets for process analytical technology in the Asia-Pacific region. China held the largest share of the Asia-Pacific process analytical technology market in 2016. The Indian process analytical technology industry is expected witness the fastest growth during the forecast period, due to the growing pharmaceutical and biotechnology industry, increasing number of USFDA approved plants and expanding generics industry in the country.
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Major players in the process analytical technology market are undergoing mergers and acquisitions to improve their position in the market. For instance, in July 2017, Agilent Technologies Inc. announced acquisition of Cobalt Light Systems, a provider of highly differentiated Raman spectroscopic instruments for the pharmaceutical industry, applied markets and public safety. Agilent Technologies Inc. acquired Cobalt Light Systems for $52.0 million (£40.0 million) in cash to provide its customers access to state-of-the-art Raman spectroscopy technology and immediate entry into this fast-growing segment.
Some of the key players operating in the process analytical technology market include PerkinElmer Inc., Brucker Corporation, Carl Zeiss AG, Shimadzu Corporation, Emerson Electric Co., Mettler-Toledo International Inc., ABB Group and Danaher Corporation.
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