Globally stringent regulations are in place to monitor pharmaceutical product manufacturing, since these products directly relate to life and health of an individual. This factor has considerably escalated the importance for process analytical technologies for pharmaceuticals. In the forthcoming years, the incidence of chronic ailments is expected to rise, thus bolstering research and development activities surrounding novel therapeutics. This will in turn give significant impetus to the process analytical technologies market.
On the basis of service, the market can be segmented into database management system (DBMS), consultancy, and calibration. In terms of application, the market can be segmented into lyophilization, coating, compression, evaporation, raw material selection, and packaging. Regionally, North America, Asia Pacific, Europe, and Rest of the World (RoW), constitute the key segments in the global process analytical technologies market.
Considerable Rise in Demand for Process Analytical Technologies Expected in Emerging Nations
Currently, North America and Europe hold leading share in the global market. The presence of highly sophisticated healthcare infrastructure supports the growth of the process analytical technologies market’s in these regions. However, experts predict growth witnessed by the market in Asia Pacific and other emerging economies in RoW to outpace that witnessed in the developed economies. The increasing spending in improving the healthcare infrastructure and more openness towards adopting the latest technologies bode well for the prospects of the process analytical technologies market in Asia Pacific. In the forthcoming years, developing countries will thus exhibit high growth rate in terms of domestic markets for the technology.
Lack of Skilled Professionals to Dampen Market’s Growth
The stringent approval of novel therapeutics is currently the primary factor boosting deployment of process analytical technologies. As the related international organizations look to mandate more stringent approval process, the demand for these technologies is likely to increase significantly in the near future. However, the market may face challenge from the lack of skilled professionals. Besides this, the risk of malfunctions, false results and the high cost of instruments also pose challenge to the market. In order to enjoy sustainable growth, key players must look to mitigate these problems.