The process analytical technology global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Process Analytical Technology Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The process analytical technology market size has grown rapidly in recent years. It will grow from $2.68 billion in 2023 to $2.99 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to regulatory compliance, quality control requirements, cost reduction initiatives, globalization of supply chains, market competition.
The process analytical technology market size is expected to see rapid growth in the next few years. It will grow to $4.68 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to sustainability initiatives, personalized medicine trends, industry 4.0 integration, emerging markets expansion, shift towards continuous manufacturing. Major trends in the forecast period include adoption of remote monitoring technologies, increased focus on data analytics and ai, expansion of digital twins, integration of blockchain for supply chain transparency, rise of personalized manufacturing.
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Scope Of Process Analytical Technology Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Process Analytical Technology Market Overview
Market Drivers –
The rising demand for personalized medicine is expected to propel the growth of the process analytical technology market going forward. Personalized medicine refers to an approach to medical treatment and healthcare that considers individual variability in genes, environment, and lifestyle for each person. The demand for personalized medicine is rising due to advancements in genomics, which allow tailored treatments based on individual genetic makeup and disease characteristics. Process analytical technology is utilized in personalized medicine to monitor and analyze critical parameters during the manufacturing of personalized treatments, such as gene therapies or customized medications, ensuring precise control over the production process to guarantee the quality and consistency of individualized therapies. For instance, according to the FDA’s Center for Drug Evaluation and Research (CDER), a US-based crucial division of the U.S. Food and Drug Administration responsible for ensuring the availability of safe and effective drugs to enhance public health in the United States, in 2022, the Food and Drug Administration’s Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs). Out of the 35 therapeutic NMEs, approximately 34%, which amounts to 12 of them, are classified as personalized medicines. Therefore, the rising demand for personalized medicine is driving the growth of the process analytical technology market.
Market Trends –
Major companies operating in the process audit services market are developing innovative digital audit platforms, such as EY Virtual Internal Auditor (EY VIA), to increase their profitability in the market. EY Virtual Internal Auditor (EY VIA) digital platform is a software tool or system that makes auditing easier for businesses and organizations. For instance, in July 2022, Ernst & Young Global Limited, a US-based accounting company, launched the EY Virtual Internal Auditor (EY VIA) digital platform. This platform helps businesses respond quickly and make data-driven decisions by comprehensively viewing the organization’s risks across audit processes. EY VIA covers all audit risks within an organization, offering deeper insights to prioritize risks effectively and predict future risks. It allows for full population testing instead of sampling, enabling a thorough assessment of an organization’s risk exposure. The platform integrates data from various sources, including enterprise resource planning (ERP) systems, for continuous auditing and monitoring and offers automated data extraction for relevant master, transactional, and configuration data.
The process analytical technology market covered in this report is segmented –
1) By Product: Analyzers, Sensors And Probes, Samplers, Software And Services
2) By Technique: Spectroscopy, Chromatography, Particle Size Analysis, Electrophoresis, Other Techniques
3) By Application: Small Molecules, Large Molecules, Manufacturing Applications, Other Applications
4) By End-User: Pharmaceutical Companies, Biotechnology Companies, Other End-Users
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Regional Insights –
North America was the largest region in the process analytical technology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the process analytical technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the process analytical technology market are Siemens AG, Thermo Fisher Scientific Inc., Danaher Corporation, ABB Ltd., GE Healthcare, Emerson Electric Co., Agilent Technologies Inc., Teledyne Technologies Incorporated, Sartorius AG, Mettler-Toledo, PerkinElmer Inc., Shimadzu Corporation, Waters Corporation, Bruker Corporation, HORIBA Ltd., Carl Zeiss AG, Nova Biomedical, TECAN Group Ltd., Repligen Corporation, Hamilton Company, Oxford Instruments plc, Malvern Panalytical, Hitachi High-Tech Analytical Science, JEOL Ltd., Yokogawa Electric Corporation
Table of Contents
- Executive Summary
- Process Analytical Technology Market Report Structure
- Process Analytical Technology Market Trends And Strategies
- Process Analytical Technology Market – Macro Economic Scenario
- Process Analytical Technology Market Size And Growth
…..
- Process Analytical Technology Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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