From $3,283.8 million in 2021, the global process analytical technology market revenue is predicted to rise to $13,626.5 million by 2030. According to the estimates of the market research organization, P&S Intelligence, the market will demonstrate a CAGR of 17.1% from 2021 to 2030. The major factors driving the expansion of the market are the increasing research and development (R&D) expenditure being made by drug producers, soaring investments being made by the governments of developing nations, rising emphasis on manufacturing process efficiency and quality improvement, rapid technological advancements, and surging need for adherence to various quality by design (QbD) principles.
As the adoption of these solutions needs a very high capital investment and high operational costs, the expansion of the industry is heavily reliant on the research and development (R&D) expenditure. As per Research America, in the U.S., investments in medical and health R&D surged by 35.7% from 2013 to 2018. Additionally, the soaring investments being made by the governments of developing countries in the pharmaceutical industry are supporting the growth of the market across the globe.
For example, as per an article published in the Business Standard in February 2021, the Union Cabinet of India approved an investment of $2,025.0 million for the pharmaceutical sector’s development between 2021 and 2029, under the production-linked incentive (PLI) scheme. Furthermore, the rapid advancements being made in the process analytical technology, such as the development of products that provide greater accuracy and have large-scale applications in various setups, are also fueling the growth of the process analytical technology market.
Browse detailed report on Process Analytical Technology Market Size, Industry Shares, Global Growth And Analysis 2022 To 2030
For example, Agilent Technologies Inc. developed three InfinityLab Bio LC systems — the 1260 Infinity II Prime Bio LC system, the 1290 Infinity II Bio LC system with high-speed pump, and the 1290 Infinity II Bio LC system with flexible pump, in June 2021. All these advancements and innovations in the industry have fueled the demand for these technologies. Depending on end users, the process analytical technology market is divided into biopharmaceutical manufacturers, pharmaceutical manufacturers, and contract research and manufacturing organizations.
Out of these, the pharmaceutical manufacturers category is dominating the market. This is credited to the fact that this technology plays a critical role in the process development and scaling up chiral molecules’ asymmetric synthesis in the pharmaceutical industry. Additionally, the industry is investing heavily in R&D projects in order to facilitate the development of new drugs, which is, in turn, propelling the requirement for these solutions all over the world.
Globally, the Asia-Pacific process analytical technology market is predicted to be the fastest-growing regional market in the coming years. This is attributed to the existence of several major pharmaceutical companies, booming biotechnology industry, mushrooming adoption of analytical technologies, soaring R&D expenditure, and rising incidence of several diseases in the region. In addition, Japan, India, and China are major markets for the technology in the region. For example, India is home to the largest number of pharmaceutical facilities approved by the United States Food and Drug Administration (USFDA), outside the U.S.
Hence, the demand for the process analytical technology will soar in the coming years, mainly because of the expansion of the pharmaceutical industry.
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Process Analytical Technology Market Size Breakdown by Segment
- Liquid chromatography
- Gas chromatography
- Capillary Electrophoresis
- Particle Size Analysis
By End User
- Pharmaceutical Manufacturers
- Biopharmaceutical Manufacturers
- Contract Research and Manufacturing Organizations
- Sensors and probes
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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