How Will Rising Demand for Process Analytical Technology Market?

The global process analytical technology market reached a revenue of $1,744.5 million in 2016, and it is predicted to attain a value of $4 billion by 2023. According to the forecast of the market research company, P&S Intelligence, the market will progress at a CAGR of 12.9% from 2017 to 2023. The market is being driven by the increasing research and development (R&D) expenditure in the domain of process analytical technology, especially in the developing countries, and increasing compliance toward quality by design (QbD) principles.

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Many pharmaceutical companies around the world have significantly increased their R&D expenditure in recent year. As per Research America, in the U.S., investments in medical and health related R&D projects grew by 13.3% from 2013 to 2015. Furthermore, the Pharmaceutical Research and Manufacturers of America (PhRMA) reports that its member organizations made an investment of $58.8 billion in R&D projects in 2015, thereby registering an increment of 10.3% from 2014.

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The implementation of such policies by the USFDA and numerous other regulatory bodies is driving the need for compliance to QdB principles during the production process among biopharma and pharma companies. Depending on technique, the process analytical technology market is categorized into spectroscopy, chromatography, capillary electrophoresis, and particle size analysis. Out of these, the spectroscopy category dominated the market in 2016, primarily on account of the widespread usage of spectroscopy in the drugs analytical industry and the huge requirement for nuclear magnetic resonance (NMR) spectroscopy, portable infra-red (IR) instruments, and infra-red NIR, ultra-violet (UV)-vis, and Raman spectroscopy in the pharmaceutical industry.

Pharmaceutical manufacturers, contract research and manufacturing organizations, and biopharmaceutical manufacturers are the main categories, under the end user segment of the process analytical technology market. Out of these, the pharmaceutical manufacturers recorded the highest adoption of the technology in the years gone by. This is credited to the fact that this technology has several applications in the pharmaceutical industry and the pharmaceutical industry is bigger in size than the biotechnology industry.

Hence, it can be safely said that the market will register sharp growth in the coming years, mainly because of the rising requirement for the process analytical technology in the pharmaceutical industry and the surging investments being made by various organizations in this domain.

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This release was published on openPR.