Newark, NJ, May 18, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global process analytical technology market (PAT) is expected to grow from USD 2.59 billion in 2019 to USD 7.19 billion by 2027, at a CAGR of 13.6% during the forecast period 2020-2027. North America is the dominant region, and it is projected to grow at a significant rate over the projected years. The impressive growth rate can be attributed to the presence of a large number of pharmaceuticals industry, rapid industrialization and stringent guidelines by the government authorities in the region.
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Key players in process analytical technology market are Agilent Technologies Inc., Bruker Corporation, Danaher Corporation, Thermo Fisher Scientific Inc., PerkinElmer Inc., Shimadzu Corporation, Pfizer Inc., Waters, Roche Diagnostics, Carl Zeiss, Mettler-Toledo International Inc., Emerson Electric Co., ABB Group and others. Agilent Technologies introduced various purification and analytical products, which helped the manufacturers to opt for quality raw materials.
The type segment includes product and service. Product further includes analyzers, probes and sensors. Services also includes repair and maintenance of instruments, chemometrics and statistics data processing. Among the two, the product segment accounts for the largest market share. The growth of PAT products can be attributed to increased delivery of drugs and stringent regulations by the government. The technique segment includes particular size analysis, spectroscopy, chromatographer and capillary electrophoresis. Spectroscopy is the dominant segment, and it is also expected to grow at a significant rate over the forecasted years. The factors such as broader application and rise in demand of spectroscopy in pharmaceuticals have contributed to the market growth. It is non-invasive, which is why it is adopted by the majority of the manufacturers. The measurement segment includes on-line, in line and at-line measurement methods. Among these, on-line measurement method is projected to constitute a significant market share in the upcoming years. The factors such as low turn-around time and consistency in the results have led to the growth of the market share. The end-users segment includes pharmaceutical manufacturers, biopharmaceutical manufacturers, contract research and manufacturing organizations. Out of these, pharmaceuticals manufacture is the dominant end-user. The reason for this is the growing number of pharmaceuticals in majority countries. Further, PAT has a large number of applications in the pharmacies as compared to other mentioned industries.
Pharmaceuticals products were introduced by the FDA to overcome the traditional manufacturing shortcomings. The conventional methods had disadvantages such as continuous optimization of process, failed batches, etc. PTA helps to control and monitor the pharmaceutical manufacturing process. It provides a more dynamic approach to the manufacturing process. It provides the critical parameters for the equipments which are used in the process. Pharmacies use PAT for quality checking of procured raw materials, process monitoring, ensuring the manufacturing parameters and maintain the quality standards. The rise in demand for PAT has been due to the government regulations and increased adaptability of the process manufacturing in companies. The increased usage of PAT has led to a rise in investments and development in pharmaceutical manufacturing. PAT also provides real-time data while the manufacturing process. Manufacturers prefer PAT because it reduces the chances of errors caused by humans and improves the safety of the operator.
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About the report:
The global process analytical technology market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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About Fior Markets
Fior process analytical technology Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others.
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