According to the European Federation of Pharmaceutical Industries and Associations, the pharmaceutical R&D expenditure in the continent rose from EUR 17,849 million in 2000 to EUR 39,000 million in 2020. This classifies pharmaceutical as an investment-intensive industry, where R&D forms a crucial aspect
The compelling need to meet the standards set by the FDA, EMA, and other regulatory agencies is credited by P&S Intelligence as the biggest factor that will take the process analytical technology (PAT) market size to $13,626.5 million by 2030 from an estimated $3,283.8 million in 2021, at a robust 17.1% CAGR.
The demand for such technologies was further escalated by the COVID-19 pandemic, which sparked a race to come up with effective vaccines and therapeutic drugs. With permanent hospital beds filling up rapidly and space at temporary isolation and care centers also reducing, the need for effective pandemic control resounded across the world in 2020, prompting governments to give a strong push to pharmaceutical and biotechnology companies. This led to high investments in R&D not only by well-known pharma and biotech firms, but also contract research and manufacturing organizations.
Moreover, to cater to the dynamic needs of drug manufacturers and ever-stringent government regulations on drug safety, PAT instruments are being advanced. For instance, Thermo Fisher Scientific Inc. launched the Orbitrap Exploris MX mass detector in November 2021. It enables the usage of multi-attribute methods, conduction of oligonucleotide mass determination, performing of intact analyses of monoclonal antibodies, and carrying out of peptide mapping. This way, the technology allows biotech companies to streamline process monitoring, biopharmaceutical characterization, and release testing via the usage of one comprehensive analysis that offers insights into numerous critical attributes of product quality.
Hence, fueled by the global urge to find better drugs for widely known and emerging diseases, the demand for technologies that help in the optimization of the pharmaceutical and biotechnology manufacturing process will only rise.
Browse Full Report Process Analytical Technology Market Company Revenue Shares
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings
