The process analytical technology market is witnessing growth due to the increasing focus on quality improvement, adherence to quality-by-design principles, and growing investments by drug manufacturers in research and development (R&D). The market valued $1,744.5 million in 2016, and it is expected to advance at a 12.9% CAGR during the forecast period (2017–2023). PAT is deployed by chemical and pharmaceutical companies to analyze the components used in the manufacturing of pharmaceuticals and maintain the quality of the products in compliance with the U.S. Food and Drug Administration’s (USFDA) standards.
 |
| To Learn more about this report: http://bit.ly/32Hgr9h |
The process analytical technology market is observing the trend of outsourcing of the manufacturing process on contract. Numerous advantages, such as low capital investment and production cost, desired quality of the product, and the flexibility to focus on other areas of the supply chain, such as product marketing, are associated with outsourcing the operations to contract manufacturing organizations. With rules and regulations becoming stricter in many countries, companies are finding it easier to operate by employing outsourcing strategies than complying with the stringent regulatory process.
The major driver for the process analytical technology market is the increasing investments in R&D activities, on which the growth of market is highly dependent, as with R&D comes funding, which is essential to implement the expensive technology. With technological improvements and rising disease burden, pharmaceutical companies have increased their R&D expenditure. As per Research America, in 2015, the U.S. medical sector drew 13.3% more investments compared to 2013. The Pharmaceutical Research and Manufacturers of America (PhRMA) mentioned that its member companies invested approximately $58.8 billion in R&D in 2015, which represented a 10.3% increase from 2014.
The subdivisions of the products & services segment of the PAT market are products and services. The products subdivision is further categorized into sensors & probes, analyzers, and samplers, whereas the main services are repair & maintenance of instruments, training services, and chemometrics & statistics data processing. Due to the rising demand for chemometrics and statistical data processing, the services subdivision is expected to attain faster growth compared to the products subdivision during the forecast period.
Thus, as the pharmaceutical industry experiences a boom, so would the market for PAT.
No comments:
Post a Comment