Global Process Analytical Technology (PAT) Market – Overview
The development of the pharmaceutical sector has made certain aspects of its production process more open to scrutiny so as that impeccable results can be achieved in terms of product efficacy and quality. Thus, the institution of the process analytical technology mechanism helps in analyzing, designing and controlling pharmaceutical manufacturing processes. Market intensive reports associated with the healthcare industry among others recently have been made accessible by Market Research Future which issues reports on this industry. The market is anticipated to develop at an unparalleled rate with an exceptional CAGR rate in the forecast period.
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As medicines are being formulated and developed on a relatively frequent basis, the task involved in the testing effectiveness of the medicines experiences significant pressure. The need to release the medicines into the market to treat the target disease may in some cases not ensure superior product quality leading to product recalls. Process analytical technology makes sure that the critical process parameters which affect critical quality attributes are met at a consistent pace, this has led to an increase in demand for the market at a relatively rapid rate. The market is estimated to be driven by increased government regulations and the need for quality and automation in the market in the forecast period.
The process analytical technology (PAT) market globally is segmented on the basis of application and product. On the basis of product, the PAT market is segmented into sensor, analyzer and probes and others. Furthermore, by application, the market segmentation comprises of spectroscopy which includes mass, molecular and atomic spectroscopy, chromatography which comprises of liquid & gas, particle size analysis, electrophoresis among others.
Detailed Regional Analysis
The regions that are covered in the regional market include APAC, Europe, Middle East, North America, Africa and rest of the world. The North American region is expected to demonstrate a better growth rate compared to other regions due to the presence of market players with an enhanced level of expertise in the sector. Countries such as Canada and the US are expected to demonstrate an accelerated level of growth due to the existence of a huge user base in the region. The market for process analytical is, however, going to see an increased contribution from the emerging markets from the Asia Pacific region which are also showing an increased potential for growth in the recent years.
Global Competitive Analysis
The odds for growing revenue inflow in the business are likely to multiply through the forecast period. Aspects of the market related to pricing power and profit margins are expected to contribute in a major way to the revenue attractiveness of the market. Costs involved in targeting potential customers are expected to be reasonable to be conducive to the expansion of the market. The ability to withstand their competitive edge is one of the key factors fuelling their efforts in this period. The room for development in the market seems to be promising through the forecast period. Portfolio development is being significantly endorsed by market competitors to achieve high growth rates. Localization is among of the more preferred trends for growing the market portion of the competitors in the market. The ripple effects of the market’s growth have altered the competitive backdrop of the market. The key trends and players have established a positive tone for development.
Bruker Corporation (U.S.), and PerkinElmer, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), and Danaher Corporation (U.S.) are among the major contenders that are a part of the market on a global level.
May 2018 Telstar which is a part of the Azbil group, has recently announced that the company will present its latest solutions for the pharmaceutical, biotechnological industries and research centres at Achema in Frankfurt. The company has also stated that it will display leading-edge innovative developments in the process analytical technology field for aseptic manufacturing processes and pharmaceutical freeze drying systems.
List Of Tables
TABLE 1 GLOBAL PAT MARKET, BY PRODUCT, 2013-2022 (USD MILLION)
TABLE 2 GLOBAL PAT MARKET, BY APPLICATION, 2013-2022 (USD MILLION)
TABLE 3 GLOBAL PAT MARKET BY REGION 2013-2022 (USD MILLION)
List Of Figures
FIGURE 1 RESEARCH PROCESS
FIGURE 2 PORTERS FIVE FORCES MODEL
FIGURE 3 GLOBAL PAT MARKET, BY PRODUCT
FIGURE 4 GLOBAL PAT MARKET, BY APPLICATION
FIGURE 5 GLOBAL PAT MARKET, BY REGION
FIGURE 6 GLOBAL PAT MARKET: COMPANY SHARE ANALYSIS, 2015 (%)
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