Process Analytical Technology Market worth $6.1 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 21, 2022 /PRNewswire/ -- Process Analytical Technology Market is projected to reach USD 6.1 billion by 2027 from USD 3.2 billion in 2022, at a CAGR of 13.8% during the forecast period according to a new report by MarketsandMarkets™. Growing research spending by biopharmaceutical companies; stringent regulatory scenario for drug safety, improvements in drug quality; and technological advancements are the key factors fuelling the adoption of PAT technologies globally.

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Molecular spectroscopy segment to register significant growth rate over the forecast period of 2022-2027

Based on the type of technology, the global PAT market has been classified into five major segments—spectroscopy, chromatography, particle size analysis, capillary electrophoresis, and other technologies. The spectroscopy segment is further sub-segmented into molecular spectroscopy, mass spectrometry, and atomic spectroscopy. The molecular spectroscopy segment is anticipated to register significant growth. In the pharmaceutical industry, molecular spectroscopy has numerous applications, such as quantitative analysis of pharmaceutical substances, pathogen detection, protein quantification, biochemistry, and biophysics research. The wide application area of this technology and the presence of stringent regulatory guidelines for drug development and safety are the major factors driving the growth of the global molecular spectroscopy market.

Products segment accounted for the largest share of the process analytical technology market, by product & service market in 2021

The product segment dominates the process analytical technology market, and the trend is expected to continue over the forecast period. In 2021, this segment held the largest share owing to the technological advancements in process analytical techniques that offer operational efficiency and reduce the process cycle time.

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On-line analysis segment dominated the market in terms of measurement, in 2021

Process analytical technology tools are used for the timely measurement of Critical Process Parameters (CPP) during the development and manufacturing of a drug. CPP analysis is done by deploying analytical techniques using various measurement methods, such as on-line, in-line, at-line, and off-line. In 2021, the on-line analysis segment dominated this market, owing to the low turnaround time and consistency in results obtained by on-line measurement of the process.

North America market to hold major share in the market during the forecast period

North America, comprising the US and Canada, accounted for the largest share of the global PAT market in 2021. This market is primarily driven by the availability of funding for research activities; stringent drug development regulations; and conferences, discussions, symposiums, and seminars on analytical technologies.

As of 2021, prominent players in the PAT market are Thermo Fisher Scientific, Inc. (US), Danaher Corporation (US), Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Waters Corporation (US), Bruker Corporation (US), Emerson Electric Co. (US), ABB Ltd. (Switzerland), PerkinElmer, Inc. (US), Mettler-Toledo International Inc. (US), and Carl Zeiss AG (Germany), among others.

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