How is COVID-19 Situation Affecting Process Analytical Technology (PAT) Market?
SummaryAccording 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).
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- Author Name: Pramod Kumar
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The pharmaceutical industry has been registering considerable growth over the past few years due to the surging prevalence of diseases all across the globe and technological advancements. Moreover, the expenditure in research & development (R&D) in the industry is growing as well. Funding for R&D activities in the industry is important, since there are number of diseases for which cures have not yet been invented. It is certain that the industry deals with critical matters and hence needs to monitor closely all the processes that are taking place. For example, the drug development process should not be jeopardized by any kind of contamination.
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Process analytical Technology (PAT) is utilized for the same in the industry. The system is specially designed for analyzing, controlling, and designing pharmaceutical manufacturing processes by measuring performance attributes and critical quality of processed and raw materials in order to make sure that the final product is of the highest quality. The technology further aims at higher efficiency, minimizing waste, and decreasing over-processing .
Different types of techniques that come under PAT are capillary electrophoresis, spectroscopy, particle size analysis, and chromatography. Out of these, the demand for spectroscopy was the highest in the past, which can be attributed to the rising number of pharmaceutical companies in developing nations, surging compliance of regulatory guidelines by pharmaceutical companies, and increasing R&D expenditure by pharmaceutical companies. Spectroscopy is further of different types, namely mass spectrometry, molecular spectrometry, and atomic spectrometry, out of which, the demand for molecular spectrometry is projected to increase considerably over the next few years.
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Among all these, pharmaceutical manufacturers have been making the largest use of PAT up till now, which can be ascribed to the expanding pharmaceutical industry in developing countries. Geographically, North America has been the largest PAT market in the past, because of the presence of major companies offering products and services, rising utilization of analytical technologies by the biopharmaceutical industry, and presence of several pharmaceutical regulatory authorities which have imposed strict quality standards to comply with for companies in the pharmaceutical industry.
In conclusion, the growth of the pharmaceutical industry and need for quality check in the pharmaceutical industry are driving the market.