According to a report by P&S Intelligence, the global process analytical technology market is projected to generate a revenue of $4.0 billion by 2023, increasing from $1,744.5 million in 2016, and is predicted to progress at a 12.9% CAGR during the forecast period (2017–2023).
The global process analytical technology market will exhibit huge expansion in the coming years, as per the estimates of P&S Intelligence, a market research company based in India. The surging investments being made by various drug manufacturing companies in research and development (R&D) projects and activities and the rising adoption of quality by design (QbD) principles are the prominent factors fueling the progress of the market all over the globe.
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Additionally, many drug manufacturers are making huge investments in the development of process analytical technology in the developing countries. Moreover, the increasing focus of manufacturing organizations on enhancing the efficiency of manufacturing processes and improving the quality of manufacturing operations is driving the advancement of the market across the globe. Besides these, rapid technological advancements and innovations in the analytical devices industry are fueling the adoption of the process analytical technology by various biopharmaceutical and pharmaceutical companies.
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The process analytical technology market is also categorized, on the basis of measurement, into in-line measurement, at-line measurement, on-line measurement, and off-line measurement. Out of these, the in-line measurement category registered the highest growth in the market in the past years. Due to the large-scale adoption of batch production in the pharmaceutical industry, the at-line and in-line measurement categories are recording huge expansion in the market. In the future, the on-line measurement category will demonstrate rapid advancement in the market.
Globally, the process analytical technology market recorded the highest growth in North America during the last few years. This is ascribed to several factors such as the existence of numerous organizations that provide various services and products, the presence of several pharmaceutical regulatory authorities that have implemented stringent quality standards regarding pharmaceutical products, and the boom in the biotechnology industry in the region. In this region, the market grew massively in the U.S. in the past.
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