According to the new market research report, "Process Analytical Technology Market by Technique (Spectroscopy, Chromatography), Measurement (On-Line, In-Line, At-Line), Products and Services (Analyzers, Probes & Sensors), End - User (Pharmaceutical Manufacturers, CRO & CMO) - Global Forecast to 2021", provides a detailed overview of major drivers, restraints, challenges, opportunities, current market trends and strategies impacting the global market along with estimates and forecast of revenue.
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Growth Boosting Factors:
The global process analytical technology market is poised to reach USD 3.30 Billion by 2021 from USD 1.77 Billion in 2016, at a CAGR of 13.3% from 2016 to 2021.
Market growth is primarily driven by factors such as government regulations on drug safety, need for manufacturing process efficiency leading to quality improvement, and technological advancements in analytical devices. Other factors supporting market growth include an increase in R&D spending by pharma and biopharma companies and increasing government investments in emerging countries. The emerging markets are also expected to offer plenty of growth opportunities for players in the market.
Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), and Danaher Corporation (U.S.) are the leading players in the global process analytical technology market. The strong position of these companies in the market can primarily be attributed to their global presence and broad product portfolio. Other major players in the market include Bruker Corporation (U.S.), PerkinElmer, Inc. (U.S.), Shimadzu Corporation (Japan), ABB Ltd. (U.S.), Carl Zeiss AG (Germany), Emerson Electric Co. (U.S.), and Mettler-Toledo International Inc. (U.S.).
Thermo Fisher Scientific Inc. dominated the global PAT market in 2016. The company offers analytical technologies through its analytical instruments business segments, which cater to the markets in developed as well as developing countries. The company mainly focuses on product launches as its key growth strategy. The company launched many products between January 2016 and July 2016, including the Vanquish Flex Binary UHPLC system, Q Exactive BioPharma, Exactive GC Orbitrap GC-MS, Dionex Chromeleon 7.2 Chromatography Data System, and MAbPac RP column. The company also enters into collaborations, agreements, and partnerships as well as adopts expansions as a growth strategy to maintain its market presence. Thermo Fisher has a significant global footprint in almost all the regions of the world owing to its strong sales and distribution network.
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Agilent Technologies, Inc. held the second position in the global PAT market in 2016. Agilent Technologies operates under three business segments, namely, Life Sciences and Applied Markets, Diagnostics and Genomics, and Agilent CrossLab. The company focuses on organic growth strategies such as product launches and expansions in various territories to keep up with its competitors. Agilent offers a broad portfolio of PAT solutions and has a vast geographic presence with distribution channels across the Americas, Europe, Asia-Pacific, and the Middle East.
Danaher Corporation held the third position in the global PAT market. The company offers its process analytical technology solutions through its subsidiary, AB Sciex LLC, (U.S.). It focuses on strategies such as partnerships and collaborations to enhance its technical strengths as well as secure its market position. The company also focuses on product launches to improve its portfolio. The company has a global presence in developed regions such as North America and Europe as well as developing regions such as Asia-Pacific and Latin America.
Different Growth Strategies:
Companies in the process analytical technology market are majorly focusing on product launches for strengthening their market share; this strategy accounted for 63.5% of the total number of strategic developments undertaken by key players in this market.
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