The global process analytical technology market reached a revenue of $1,744.5 million in 2016, and it is predicted to attain a value of $4 billion by 2023. According to the forecast of the market research company, P&S Intelligence, the market will progress at a CAGR of 12.9% from 2017 to 2023. The market is being driven by the increasing research and development (R&D) expenditure in the domain of process analytical technology, especially in the developing countries, and increasing compliance toward quality by design (QbD) principles.
In addition, the R&D investments being made in the developing countries such as the BRICS nations, have surged massively over the last few years, as per the observations of the Organization for Economic Co-operation and Development (OECD). Moreover, the United States Food and Drug Administration (USFDA) released a Process Validation policy in January 2011 that reported the need among companies to rapidly improve the overall process lifecycle by making various adaptations in order to correct the root causes of several manufacturing problems.
Get Deep Analysis With Revenue Estimation: Process Analytical Technology Market
Across the globe, the process analytical technology market is predicted to exhibit the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This is ascribed to the increasing requirement for biotechnology and pharmaceutical products, surging number of USFDA approved production facilities, and booming generics industry in regional countries such as China and India. As per the Pharmaceuticals Export Promotion Council of India, pharmaceutical exports in India were $16.4 billion in 2016-17 and are predicted to rise to $20 billion by 2020, registering an increment of 30% during the period.
Pharmaceutical manufacturers, contract research and manufacturing organizations, and biopharmaceutical manufacturers are the main categories, under the end user segment of the process analytical technology market. Out of these, the pharmaceutical manufacturers recorded the highest adoption of the technology in the years gone by. This is credited to the fact that this technology has several applications in the pharmaceutical industry and the pharmaceutical industry is bigger in size than the biotechnology industry.
Pharmacists should have knowledge in handling the medications for patients in general and also follow the laws pertaining to the prescribed medication.
India is the largest provider of generic drugs globally with supply over 50% of the demand across the globe.
Pharmaceutical exports from the country include bulk drugs, drug formulations, herbal products, surgical and biologicals.
It is also expected that the pharma companies will continue to focus on improving over operational efficiency and productivity in order to provide better service to the customers.
The government has invested more than Rs 5,000-6,000 crore to set up pharma parks.
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