Process Analytical Technology Market Size, Share, Growth Drivers and Future Analysis

The process analytical technology market is expected to reach $4.0 billion by 2023, growing at a CAGR of 12.9% during 2017-2023.

In terms of measurement, the global process analytical technology market is categorized into in-line measurement, at-line measurement, on-line measurement and off-line measurement. With batch production being the widely employed type of production in pharmaceutical industry, in-line and at-line measurement are the most utilized measurements in the market for process analytical technology. The in-line measurement accounted for 38.6% share of the worldwide process analytical technology industry in 2016. However, the on-line measurement is expected to be the fastest growing category, and is likely to witness a CAGR of 14.2% during the forecast period. The growth in the category is attributable to advancement in the production and quality control/quality assurance technology with increasing focus on on-line measurement.

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In recent past, there have been many advancements in the analytical devices industry, with the introduction of new products that offer greater accuracy and application in a wide range of set-ups. For instance, in June 2017, Thermo Fisher Scientific Inc., launched new technologies designed to allow analytical chemists to obtain high-resolution separations with greater sensitivity and reproducibility. Also, in June 2017, Agilent Technologies Inc. introduced a number of new products to complete the InfinityLab LC series, part of the InfinityLab family of instruments, columns, and supplies. Agilent's new InfinityLab LC purification solution provides a complete portfolio of analytical scale to preparative scale purification systems. All these advancements in the analytical devices industry have led to greater demand for process analytical technology products and services, which in turn, is expected to drive the growth of the worldwide process analytical technology market.

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Some of the key players operating in the process analytical technology market include Brucker Corporation, PerkinElmer, Inc., Shimadzu Corporation, Carl Zeiss AG, Mettler-Toledo International Inc., Emerson Electric Co., Danaher Corporation, and ABB Group.

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