From $3,283.8 million in 2021, the global process analytical technology market revenue is predicted to rise to $13,626.5 million by 2030. According to the estimates of the market research organization, P&S Intelligence, the market will demonstrate a CAGR of 17.1% from 2021 to 2030 (forecast period). The major factors driving the expansion of the market are the increasing research and development (R&D) expenditure being made by drug producers, soaring investments being made by the governments of developing nations, rising emphasis on manufacturing process efficiency and quality improvement, rapid technological advancements, and surging need for adherence to various quality by design (QbD) principles.
For example, as per an article published in the Business Standard in February 2021, the Union Cabinet of India approved an investment of $2,025.0 million for the pharmaceutical sector’s development between 2021 and 2029, under the production-linked incentive (PLI) scheme. Furthermore, the rapid advancements being made in the process analytical technology, such as the development of products that provide greater accuracy and have large-scale applications in various setups, are also fueling the growth of the process analytical technology market.
For example, Agilent Technologies Inc. developed three InfinityLab Bio LC systems — the 1260 Infinity II Prime Bio LC system, the 1290 Infinity II Bio LC system with high-speed pump, and the 1290 Infinity II Bio LC system with flexible pump, in June 2021. All these advancements and innovations in the industry have fueled the demand for these technologies. Depending on end users, the process analytical technology market is divided into biopharmaceutical manufacturers, pharmaceutical manufacturers, and contract research and manufacturing organizations.
Globally, the Asia-Pacific (APAC) process analytical technology market is predicted to be the fastest-growing regional market in the coming years. This is attributed to the existence of several major pharmaceutical companies, booming biotechnology industry, mushrooming adoption of analytical technologies, soaring R&D expenditure, and rising incidence of several diseases in the region. In addition, Japan, India, and China are major markets for the technology in the region. For example, India is home to the largest number of pharmaceutical facilities approved by the United States Food and Drug Administration (USFDA), outside the U.S.
Hence, the demand for the process analytical technology will soar in the coming years, mainly because of the expansion of the pharmaceutical industry.
