Stringent regulations monitor pharmaceutical product manufacturing. Since pharmaceutical products directly relate to health and life of an individual, every step of pharmaceutical product manufacturing is under strict vigil and is considered a crucial affair. In a report, titled “Process Analytical Technologies for Pharmaceuticals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2023,” Transparency Market Research (TMR) studies the importance of process analytical technologies in analyzing, evaluating, and controlling the pharmaceutical product manufacturing.
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In terms of service, the process analytical technologies market can be segmented into calibration, database management system (DBMS), and consultancy. Based on application, coating, lyophilization, evaporation, compression, packaging, raw material selection, and others constitute the key segments in the global process analytical technologies market.
Regionally, the market is spread across Asia Pacific, Europe, North America, and Rest of the World (RoW). Currently, North America and Europe enjoy the leading share in the market as these regions boast sophisticated healthcare infrastructure. However, TMR predicts growth witnessed by the market in Asia Pacific and across a few emerging economies in RoW to outpace that witnessed in developed regions. The accelerating investment in pharmaceutical infrastructure and technologies across developing economies will create lucrative opportunities for the process analytical technologies market.
Spurred by aforementioned factors, TMR projects the process analytical technologies for pharmaceuticals market to grow at a robust pace between 2014 and 2020. Growth witnessed by the market will be particularly high in developing economies as they exhibit higher spending on technological advancements. Furthermore, the market is expected to gain from the higher investment in research and development of novel therapeutics. Besides this, stringent approval process for drugs and medical devices will aid the expansion of the process analytical technologies market.
Following the recent technological advancements, the advent of several new medical devices is expected in the forthcoming years. The launch of these devices is likely to bolster opportunities for the process analytical technologies providers. With government and international agencies mandating various tests during pharmaceutical product manufacturing, the demand for process analytical technologies is expected to rise considerably during the forecast period.
On the flip side, the lack of skilled professionals, threat of false results and malfunctions, and high cost of instruments will pose challenge to the process analytical technological market. It is critical to mitigate these concerns for key players to enjoy sustainable growth through the course of the forecast period.
Some of the companies operating in the global process analytical technologies market are Honeywell, Tektronix, Inc., Agilent Technologies, Danaher Corporation, Thermo Fisher Scientific, Inc., Fluke Biomedical, and Carl Zeiss AG.
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