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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Key Market Players

The process analytical technology market is competitive in nature with several big and emerging players equally holding shares of the market. As of 2021, the key players operating in the global process analytical technology 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.

Process Analytical Technology Market Dynamics

Drivers: Rising need for quality improvements in manufacturing processes

PAT instruments are robust tools used to analyze and control Critical Quality Attributes (CQAs) in pharmaceutical and biopharmaceutical manufacturing processes by measuring Critical Process Parameters (CPPs). These tools are implemented to increase the efficiency of the production process to obtain quality products and improve the final product & overall performance. PAT allows continuous monitoring of pharmaceutical production by generating real-time product quality information and reduces final batch discarding or reprocessing. The technology aids in controlling costs in the manufacturing process and provides financial benefits through faster product release by eliminating post-production testing. It also reduces the cycle time and energy consumption to run the equipment. Automation in the process thus reduces the overall labor cost.

These benefits of PAT in improving manufacturing process efficiencies are expected to drive market growth during the forecast period.

Restraints: High cost of PAT deployment

The technological developments have increased the prices of these systems. For instance, the cost of a new spectroscopy instrument may vary from USD 75,000 to USD 500,000. The price for an HPLC system ranges from USD 10,000 to USD 40,000, while a dynamic light-scattering particle size analyzer may cost around USD 30,000 to USD 60,000, depending on the associated accessories. Despite the operational and cost-saving benefits of PAT implementation in the pharmaceutical industry, its adoption has been slow in emerging economies.

By product & service, analyzers segment accounted for the largest share of the process analytical technology market during the forecast period.

Process analytical products include analyzers, sensors & probes, and samplers, which are used in the R&D and manufacturing process to measure various quality attributes of a sample. The need for effective and efficient drug manufacturing processes, stringent regulations to provide assured product quality and performance, and a growing number of research and development activities in the biopharmaceutical industry are the major factors driving the demand for analyzers in drug manufacturing.

By technology, spectroscopy segment of the process analytical technology market, is expected to grow at the fastest rate during the forecast period.

Based on the type of technology, the global market has been classified into spectroscopy, chromatography, particle size analysis, capillary electrophoresis, and other technologies. The spectroscopy segment is expected to grow at the fastest rate during the forecast period. Mass spectrometry (MS) is used to derive quantitative data for pharmacokinetic & pharmacodynamic drug development along with chromatography. Owing to the broad use of spectroscopy in qualitative and quantitative analysis of pharmaceutical and biopharmaceutical products, the spectroscopy segment to register robust growth in near future.

In terms of application, large molecule segment of the process analytical technology market, to register the highest growth from 2022 to 2027

Based on application, the market is broadly segmented into small molecules, large molecules, manufacturing applications, and other applications. The large molecule segment to register the highest growth from 2022 to 2027. In recent years, biologics research has been at the forefront of drug development, offering treatment options for many medical conditions such as cancer, Rheumatic Arthritis, Psoriasis, Crohn’s disease, and diabetes, among others. Thus, rising incidences of chronic diseases coupled with growing research for developing novel molecules to drive segment growth.

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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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