Global Biopharmaceutical Process Analytical Technology Market Report and Analysis
Global Biopharmaceutical Process Analytical Technology Market Expected to Reach $2.6 Billion by 2029
Dublin, July 01, 2024 (GLOBE NEWSWIRE) — The global biopharmaceutical process analytical technology market is set to experience significant growth, with projections indicating it will reach USD 2.6 billion by 2029, up from USD 1.2 billion in 2024. This growth is attributed to the increase in biopharmaceutical research and development activities, as well as advancements in technology that enhance process efficiency.
Despite the positive outlook, the market is facing challenges such as a shortage of skilled personnel and the high costs associated with implementing process analytical technology (PAT). However, key players in the industry, including Thermo Fisher Scientific, Danaher Corporation, and Agilent Technologies, among others, are actively working to overcome these obstacles.
The liquid chromatography/HPLC segment is expected to dominate the market in 2023, driven by the growing adoption of these technologies to assess the quality of biopharmaceutical drugs. Additionally, the software segment is projected to register the highest compound annual growth rate during the forecast period, fueled by the increasing demand for services that support PAT implementation.
In terms of applications, the vaccines segment held the largest market share in 2023, supported by stringent regulations in drug development and safety. Furthermore, the Asia Pacific region is expected to witness the highest growth, with China, India, and Japan leading the way due to strategic expansions by major market players and the flourishing Contract Research and Manufacturing Services (CRAMs) industry.
This report provides valuable insights on market penetration, product development, market development, market diversification, and competitive assessment, offering a comprehensive overview of the global biopharmaceutical process analytical technology market. For more information, visit ResearchAndMarkets.com.
About ResearchAndMarkets.com
ResearchAndMarkets.com is a leading source for international market research reports and market data, providing the latest information on global markets, industries, top companies, new products, and emerging trends.
