The increasing research and development (R&D) expenditure by drug manufacturers, rising investments by governments of emerging economies, growing adherence to quality by design (QbD) principles, increasing focus on efficiency and quality of manufacturing processes, and technological advancements in process analytical technology solutions are the major growth drivers for the global market. Due to the aforementioned factors, the industry is projected to generate $13,626.5 million revenue in 2030, advancing at a CAGR of 17.1% during 2021–2030.
During the COVID-19 pandemic, the pharmaceutical industry witnessed an unprecedented demand for the production of medical products at a large scale. Companies have implemented PAT technologies for enabling continuous measurements and real-time dosing of nutrients for fed-batch processes. With the implementation of process analytical technology, their main objective is to elevate product yield and product quality, minimize wastage of raw materials, and better control of manufacturing processes. This type of analysis creates a regulatory framework intended to facilitate the voluntary development and implementation of innovation in pharmaceutical development, manufacturing, and quality assurance.
The market is categorized into pharmaceutical manufacturers, biopharmaceutical manufacturers, contract research and manufacturing organizations, and others, based on end users. Among these, the pharmaceutical manufacturers category holds the largest share in the market in 2021. This is majorly attributed to the fact that this technology has an important role in the process development and scaling up the asymmetric syntheses of chiral molecules, including active pharmaceutical ingredients (APIs), in the pharmaceutical industry. Also, the industry invests more in R&D sector, in order to develop new drugs, which, in turn, leads to the increasing demand for these solutions.
Moreover, the market is categorized into spectroscopy, chromatography, particle size analysis, capillary electrophoresis, and others, based on technique. Among these, the spectroscopy category is projected to register the fastest growth during the forecast period, owing to the increasing pharmaceutical and biopharmaceutical R&D activities and technological advancements resulting in process optimization. According to the Indian Brand Equity Foundation (IBEF), in 2019, Indian pharma companies spend 8–13% of their total turnover in R&D. Moreover, the expenditure in R&D is likely to increase, as companies need to develop new drugs to boost sales, and secure product patents.
Geographically, the Asia-Pacific (APAC) market is expected to witness the highest growth rate in the forecast period, owing to the presence of various key pharmaceutical companies, growing biotechnology industry, increasing use of analytical technologies, rising R&D expenditure, and surging prevalence of various diseases, thereby leading to the rising consumption of pharmaceutical and biologic drugs. Also, China, India, and Japan are the major markets of the region. For instance, India has the highest number of the United States Food and Drug Administration (USFDA)-approved pharmaceutical facilities, outside of the U.S.
Players in the global process analytical technology industry have been extensively involved in product launches to gain a significant position. For instance, in October 2021, Shimadzu Corporation launched the EDX-7200 energy dispersive X-ray fluorescence spectrometer in Japan and other countries. The EDX-7200 offers up to three times faster analysis speed than its predecessor (EDX-7000) with up to 1.7 times higher sensitivity. It was designed in response to customer needs for easier, faster analysis, and broader applicability for a variety of applications, such as analyzing hazardous elements contained in electronic components or for analyzing impurities in pharmaceuticals.
Similarly, in September 2021, Thermo Fisher Scientific Inc. announced the launch of the Thermo Scientific NanoDrop Eight UV-Vis microvolume spectrophotometer, which allows molecular biologists to measure the concentrations and purity of their biological samples, identify and correct the contaminants, and differentiate between DNA and RNA. The NanoDrop Eight simultaneously evaluates eight samples in 20 seconds or less, enabling academic and industrial researchers to analyze protein and nucleic acid samples more quickly and efficiently.
Major players operating in the market include PerkinElmer Inc., Shimadzu Corporation, Carl Zeiss AG, Mettler-Toledo International Inc., Emerson Electric Co., Danaher Corporation, Thermo Fisher Scientific Inc., Agilent Technologies Inc., Bruker Corporation, and ABB Ltd.