Process Analytical Technology Market by Technique, Measurement, Products and Services, End - User - Global Forecast to 2021
NEW YORK, Feb. 28, 2017 /PRNewswire/ -- The global process analytical technology (PAT) market is projected 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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In recent years, the Asia-Pacific market for process analytical technology has witnessed a significant growth. Strategic expansions by key market players in emerging Asian countries; the growing Contract Research and Manufacturing services (CRAMs) industry in India, Korea, Singapore, and China; the large biopharmaceutical industry in Singapore; and conferences, exhibitions, and meetings on analytical instruments are some key factors fueling the growth of the Asia-Pacific market.
In this report, the global process analytical technology market is segmented on the basis of technique, measurement, end user, product and services, and region. On the basis of products and services, the process analytical technology market for products is further divided into analyzers, sensors and probes, and samplers. The services segment is expected to grow at the highest CAGR from 2016 to 2021. With the rising adoption of PAT in life science manufacturing processes (pharmaceutical, biopharmaceutical, and contract manufacturing services), coupled with the presence of stringent regulatory guidelines in drug development, the services segment is expected to witness fastest growth rate leading to a significant growth in the coming years.
Based on end user, the process analytical technology market is segmented into pharmaceutical manufacturers, biopharmaceutical manufacturers, contract research and manufacturing organizations, and other end users (academic and research laboratories and forensic testing laboratories). The pharmaceutical manufacturers segment is expected to account for the largest share of the market in 2016. The contract research and manufacturing organizations segment is expected to grow at the highest CAGR during the forecast period owing to the increasing trend of outsourcing in research and manufacturing activities by key pharmaceutical and biopharmaceutical manufacturers globally.
Product launches was the dominant strategy adopted by key industry participants to increase their market share and cater to unmet needs.
Research Coverage:
From an insight perspective, this research report focuses on qualitative data, market size, and growth of various segments and subsegments, competitive landscape, and company profiles. The qualitative data covers various levels of industry analysis such as market dynamics (drivers, restraints, opportunities, and threats), winning imperatives, and burning issues. The report also offers market sizes and data on the growth of various segments in the industry. It focuses on emerging and high-growth segments, high-growth regions, and initiatives of governments. The competitive landscape covers growth strategies adopted by industry players in the last three years. The company profiles comprise basic views on key players in the process analytical technology market and the product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The above-mentioned market research data, current market size, and forecast of future trends will help key players and new entrants to make the necessary decisions regarding product offerings, geographical focus, change in approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
Reasons to buy this report:
From an insight perspective, this research report focuses on various levels of analysis—industry analysis (current trends) and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the PAT market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on products offered by the top players in the process analytical technology market
- Product Development/Innovation: Detailed insights on the upcoming technologies, research & development activities, and new product launches in the process analytical technology market
- Market Development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for process analytical technology products across various regions
- Market Diversification: Exhaustive information about new products, untapped geographies, and recent developments in the process analytical technology market
- Competitive Assessment: In-depth assessment of market ranking, strategies, products, and manufacturing capabilities of the leading players in the process analytical technology market
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