The global process analytical technology market size was $1.7 billion in 2016 and is projected to grow at a CAGR of 12.9% during 2017-2023. Various techniques used drug manufacturing industry include spectroscopy, chromatography, capillary electrophoresis, particle size analysis, and other techniques. The process analytical technology industry includes products as well as services, the major products available in the market are classified as analyzers, sensors and probes, and samplers.
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In recent past, there have been many advancements in the analytical devices industry, with the introduction of new products that offer greater accuracy and application in a wide range of set-ups. For instance, in June 2017, Thermo Fisher Scientific Inc., launched new technologies designed to allow analytical chemists to obtain high-resolution separations with greater sensitivity and reproducibility. Also, in June 2017, Agilent Technologies Inc. introduced a number of new products to complete the InfinityLab LC series, part of the InfinityLab family of instruments, columns, and supplies. Agilent’s new InfinityLab LC purification solution provides a complete portfolio of analytical scale to preparative scale purification systems. All these advancements in the analytical devices industry have led to greater demand for process analytical technology products and services, which in turn, is expected to drive the growth of the worldwide process analytical technology market.
The Asia-Pacific market for process analytical technology is expected to witness the fastest growth during the forecast period, mainly driven by presence of various USFDA approved pharmaceutical companies, growing biotechnology industry and consequently increased use of analytical technologies by the biopharmaceutical industry in the region, high R&D expenditure and increasing prevalence of various disease leading to an increased consumption of pharmaceuticals and biological products. China, India, and Japan are the major markets for process analytical technology in the Asia-Pacific region. China held the largest share of the Asia-Pacific process analytical technology market in 2016. The Indian process analytical technology industry is expected witness the fastest growth during the forecast period, due to the growing pharmaceutical and biotechnology industry, increasing number of USFDA approved plants and expanding generics industry in the country.
Major players in the process analytical technology market are entering into partnerships with other firms to improve their position in the market. For instance, in June 2017, Thermo Fisher Scientific Inc. announced a co-marketing agreement with Biognosys AG, a company engaged in next-generation proteomics, to provide a workflow to allow library creation and data processing for Data-Independent Acquisition (DIA) studies, through the collective use of Orbitrap mass spectrometers and Spectronaut Pulsar software.
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Some of the other key players operating in the process analytical technology market include Brucker Corporation, PerkinElmer, Inc., Shimadzu Corporation, Carl Zeiss AG, Mettler-Toledo International Inc., Emerson Electric Co., Danaher Corporation, and ABB Group.
Source: P&S Intelligence