Northbrook, IL 60062 -- (SBWire) -- 12/15/2022 --The Global Process Analytical Technology Market by Technology (Spectroscopy, Chromatography), Measurement (On-line, In-line, At-line), Product & Service (Analyzers, Probes, Sensors), End User (Pharmaceutical Manufacturers, CROs, CDMO) - Global Forecast to 2027", The global 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. Market growth is primarily driven by factors such as government regulations on drug safety, increased R&D spending by pharmaceutical and biopharmaceutical firms, improvements in drug quality, increasing government investments in emerging countries, and technological advancements in analytical devices. However, the high cost of deployment of PAT systems and a shortage of skilled professionals are expected to limit market growth to a certain extent in the coming years.
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Browse in-depth TOC on "Process Analytical Technology Market"
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Key Market Players
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.
Thermo Fisher Scientific:
The company focuses on new product launches as its key organic strategy. In line with its strategy, the company launched many products between January 2019 and September 2022, including the Ramina Process Analyser, TRACE 1600 Series Gas Chromatograph, AI/AS 1610 Liquid Autosampler, ISQ 7610 Single Quadrupole GC-MS and TSQ 9610 Triple Quadrupole GC-MS/MS. Thermo Fischer also focuses on inorganic growth strategies, such as acquisitions, agreements, collaborations, and expansions, to strengthen its market position. For instance, in March 2022, it acquired Max Analytical Technologies, a manufacturer of Fourier-transform infrared (FT-IR) spectroscopy–based gas analysis solutions for process monitoring, source testing, and ambient air monitoring. In November 2020, Thermo Fisher and Biopharmaceutical Analysis Training Laboratory (BATL) at Northeastern University entered a collaborative agreement to advance analytical capabilities and drive innovation across the biopharmaceutical industry in areas including personalized medicine, monoclonal antibodies, and gene & cell therapies.
Agilent Technologies:
Agilent Technologies, Inc. has adopted organic and inorganic growth strategies to ensure its key position in the global analytical technology market. The companys R&D efforts are centered on potential new products and product improvements covering various technologies. The company also focuses on strategic joint ventures to enhance its production and development capabilities.
The company focuses on developing and introducing new technologies in the market. InfinityLab Bio, Agilent 8697, 7850 ICP-MS, and 6470B Triple Quadrupole LC/MS are some of the products introduced by the company in its analytics portfolio. The company has entered into collaborations, partnerships, and agreements to enhance its technology offerings and strengthen its customer base. For instance, in September 2022, Agilent collaborated with Mettler Toledo to develop a new sample preparation workflow for a chromatographic instrument. Moreover, in June 2022, Merck and Agilent Technologies partnered to develop an advanced process analytical technologies (PAT) portfolio.
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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.
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Process Analytical Technology Market Worth $163.5 Billion, Global Trends, Growth, Share Analysis, Leading Players, Business Opportunities by 2027
In June 2022, Merck and Agilent Technologies entered into a partnership to further expand Agilent Technologies’ (PAT) portfolio of products.