Process Analytical Technology Industry To Observe Fastest Growth In Spectroscopy Category

The process analytical technology market was valued at USD 3,736.9 million in 2022, and it will reach USD 13,626.5 million by 2030, propelling at a rate of 18% during the forecast period, as per a report by a market research firm, P&S Intelligence.

Process Analytical Technology

This is credited to the adoption of PAT to manufacture vaccines, pharmaceuticals, and antibiotics, due to increased requirements for quality products in the biotech and pharma industry.

Technological advancement in analytical devices is another factor resulting in growth of the industry. Furthermore, the demand for these devices has increased during the pandemic to provide rapid testing solutions.

The Quality by Design (QbD) principles given by a quality expert and management consultant, Joshep M. Juran, are adopted to enhance product and process quality in numerous industries. Quality by Design is an evolving practice to improve manufacturing performance and quality and to ensure effective and safe drug supply to customers.

APAC will advance at a CAGR of 19.6% during 2023–2030. This can be credited to the existence of numerous USFDA-approved pharmaceutical companies, high expenditure on research and development, increasing healthcare spending, the rapid growth in the biotechnology industry, and the rising incidence of various diseases resulting in increasing drug consumption.

Due to the rising investment of pharma companies in research and development, surging emphasis on improving the quality and efficiency of manufacturing process, and adoption of PAT in the production process by biotech and pharma industry, the market will grow significantly in the coming years.