Major Stakeholders of This Industry:
# Process analytical technology manufacturers, suppliers, and providers
# Pharmaceutical and biopharmaceutical firms
# Contract research and manufacturing organizations
# Academic and private research institutions
The global process analytical technology market is poised to reach USD 3.30 Billion by 2021 from USD 1.77 Billion in 2016, at a CAGR of 13.3% from 2016 to 2021.
Market growth 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.
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# High Cost of Process Analytical Technology Deployment
# Emerging Markets Offer Lucrative Growth Opportunities
# Growing Adoption of Analytical Instruments in Bioprocesses (Research and Manufacturing)
# Outsourcing to Contract Manufacturing Organizations
# Adoption of Quality By Design(QBD) Principles
North America is expected to account for the largest share of the global process analytical technology market in 2016, followed by Europe. Stringent regulatory guidelines to provide safe drugs is encouraging the use of PAT and the presence of a large number of market players are propelling the growth of the North American process analytical technology market. Asia-Pacific region is expected to grow at the highest CAGR in the forecast period.
Growing government investments in pharmaceutical R&D and the rise in contract research and manufacturing organizations in emerging Asia-Pacific countries are the key factors driving the growth of the Asia-Pacific market.
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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.
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.).