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(Medical-NewsWire.com, August 15, 2019 ) Growth in the Process Analytical Technology Market is primarily driven by factors such as government regulations on drug safety, need for manufacturing process efficiency leading to quality improvement, and technological advancements in analytical devices.
Other factors supporting market growth include an increase in R&D spending by pharma and biopharma companies and increasing government investments in emerging countries. The emerging markets are also expected to offer plenty of growth opportunities for players in the market. The high cost of process analytical technology deployment and a dearth of skilled professionals are expected to limit market growth to a certain extent.
On the basis of products, the process analytical technology market for products is further divided into analyzers, sensors and probes, and samplers. The analyzers segment is expected to account for the largest share of the global market in 2016. Factors attributing to the growth of this segment include the high preference for molecular spectroscopy hand-held instruments that offer in-line as well as on-line analysis of the drug manufacturing process.
Based on measurement, the process analytical technology market is segmented into on-line, in-line, at-line, and off-line methods of analysis. The on-line segment is expected to account for the largest share of the process analytical technology market in 2016. On-line analysis is the most preferred method as it offers consistency and certainty in the results, owing to no human intervention, safety for operations due to automation, and a turn-around time of a few seconds. The method saves person-hours by automating the routine testing from laboratories and operators.
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Based on technique, the market is segmented into spectroscopy, chromatography, particle size analysis, capillary electrophoresis, and other techniques (calorimetry, thermal analysis, total organic carbon analysis, and FIA). The spectroscopy segment is expected to account for the largest market share in 2016 and is expected to grow at the fastest CAGR during the forecast period. The large share of this segment can be attributed to the higher adoption of the technique due to its non-invasive nature.
North America is expected to account for the largest share of the market in 2016. Regulatory compliance encouraging the use of PAT and presence of a large number of market players are propelling the growth of the North American market. However, the Asia-Pacific region is estimated to witness the highest growth during the forecast period. In recent years, the Asia-Pacific market for process analytical technology is witnessing significant growth owing to the rising government funding in the biotechnology industry, increasing number of contract research and manufacturing organizations, and increasing focus of international players in emerging markets.
Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), and Danaher Corporation (U.S.) are the leading players in the global process analytical technology market. The strong position of these companies in the market can primarily be attributed to their global presence and broad product portfolio. Other major players in the market include Bruker Corporation (U.S.), PerkinElmer, Inc. (U.S.), Shimadzu Corporation (Japan), ABB Ltd. (U.S.), Carl Zeiss AG (Germany), Emerson Electric Co. (U.S.), and Mettler-Toledo International Inc. (U.S.).
Companies in the process analytical technology market are majorly focusing on product launches for strengthening their market share; this strategy accounted for 63.5% of the total number of strategic developments undertaken by key players in this market.
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