The global process analytical technology market value is expected to surge to $3,283.8 million by 2021. According to the estimates of the market research company, 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) spending by drug developers and the governments of several developing countries, rising adherence to quality by design (QbD) principles, growing focus on manufacturing process and quality efficiency improvement, and rapid technological advancements in the analytical device sector.
For example, as per an article published in the Business Standard in February 2021, the Union Cabinet of India allocated a budget of $2,025.0 million for the development of the pharmaceutical industry during 2021–2029. Furthermore, there have been several advancements and innovations in the process analytical technology in recent years, such as the emergence of products that exhibit greater accuracy and have wide applications in various setups, which have fueled the surge in the process analytical technology market.
For example, Agilent Technologies Inc. unveiled three InfinityLab Bio LC systems, such as the 1260 Infinity II Prime Bio LC system and the 1290 Infinity II Bio LC system with flexible pump in June 2021 for meeting the requirements of the biopharma sector. Depending on end users, the market is divided into biopharmaceutical manufacturers, pharmaceutical manufacturers, and contract research and manufacturing organizations. Out of these, the pharmaceutical manufacturers category is contributing the highest revenue to the market, on account of the fact that the technology plays a crucial role in scaling up the asymmetric synthesis of chiral molecules, including various active pharmaceutical ingredients (APIs), in the pharmaceutical sector.
Geographically, Asia-Pacific (APAC) is predicted to be the fastest-growing region in the process analytical technology market in the coming years. This will be because of the existence of several key pharmaceutical organizations, surging biotechnology industry, mushrooming adoption of analytical technologies, soaring R&D expenditure, and rising incidence of various illnesses, which is fueling the demand for biologic and pharmaceutical drugs in the region. Moreover, India, Japan, and China are some of the major markets 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 process analytical technology will surge sharply in the forthcoming years, mainly because of the rising R&D investments being made in the healthcare sector, on account of the growing incidence of various chronic diseases across the world.