December 29, 2017
WELLESLEY, Mass., Dec. 29, 2017 – Led by dominance in the United States and rapid growth in countries such as China, India, Singapore and South Korea, the global process analytical technologies (PAT) for pharmaceuticals market will likely see continued steady growth, according to a report by BCC Research.
The mostly stable industry is projected to see a compound annual growth rate (CAGR) of 5.5% through 2022, when its value could reach $539.3 million, according to the report Process Analytical Technologies for Pharmaceuticals: Global Markets.
Process analytical technology is an initiative created by the U.S. Food and Drug Administration in 2002 to improve the pharmaceutical manufacturing process in order to create optimal-quality pharma products.
Companies mentioned in this report include Agilent Technologies, Thermo Fisher Scientific, Eli Lilly, PerkinElmer, Bruker, Jeol, Hitachi High-Technologies, ABB, GEA, Rockwell Automation and Shimadzu, among others.
“The market forces of innovation and the need to implement PAT in the pharmaceutical processes will drive this market in the coming years,” said report author Shalini Shahani Dewan. “There is a growing trend by the pharmaceutical manufacturers to implement the process analytical technologies in their manufacturing processes.”
Changing Technology, Unfavorable Markets May Limit Growth
Growth of the global process analytical technologies market is hampered by the same factors which limit growth in the pharmaceutical industry, Dewan said. Issues on the horizon include currency fluctuations, production-related issues and the continuously changing regulatory landscape of the pharmaceutical sector. Further, many countries in the Asia-Pacific region are working to tighten their regulatory processes to improve the quality of drug products, which could create market fluctuations.
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Process Analytical Technologies for Pharmaceuticals: Global Markets( IAS034C )
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