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Process Analytical Technology Market Analysis, Share, Growth Drivers and Forecast by 2023

Added: (Tue Dec 11 2018)

Pressbox (Press Release) - The process analytical technology market is expected to reach $4.0 billion by 2023, growing at a CAGR of 12.9% during 2017-2023. The market is growing due to the rising R&D expenditure by drug manufacturers and investments by government in emerging economies on implementation of process analytical technology, growing adherence to the quality by design (QbD) principles, and rising focus on increasing quality and manufacturing process efficiency.

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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.

The Asia-Pacific market for process analytical technology is expected to witness the fastest growth during the forecast period, mainly driven by presence of various USFDA approved pharmaceutical companies, growing biotechnology industry and consequently increased use of analytical technologies by the biopharmaceutical industry in the region, high R&D expenditure and increasing prevalence of various disease leading to an increased consumption of pharmaceuticals and biological products. China, India, and Japan are the major markets for process analytical technology in the Asia-Pacific region. China held the largest share of the Asia-Pacific process analytical technology market in 2016. The Indian process analytical technology industry is expected witness the fastest growth during the forecast period, due to the growing pharmaceutical and biotechnology industry, increasing number of USFDA approved plants and expanding generics industry in the country.

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Some of the other 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.

Submitted by:Vijay
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