Due to the growing population, which is susceptible to a wide array of diseases, the pharmaceutical industry has been growing steadily over the last decade or so. For instance, as per McKinsey, compared to the 9% CAGR the Indian pharma sector displayed in 2000–2005, it has been growing at an almost 14% CAGR since the last five years. The growth in developed nations has also been rather consistent, owing to the increasing disposable income of people, which is leading to high medical drug sales. Moreover, since drugs can have serious side-effects, the production process is constantly monitored and controlled.
This is the primary reason for the expansion of the process analytical technology (PAT) market, as it is via this methodology that the manufacturing process of pharmaceuticals is tracked. During the process, several key performance parameters (KPP), which are essentially the factors that can affect the drug production process, are tracked, so the key quality attributes (KQA), which are basically the drugs’ desirable properties, are maintained. The major reason behind the surging adoption of PAT is the increasing investments in pharmaceutical research and development (R&D).
Currently, the world’s biggest problem is the COVID-19 pandemic, which, since beginning in December 2019, has claimed more than 320,000 victims around the world, as of May 19, 2020. The biggest problem with the disease is that since it is caused by a virus, it has no cure! Therefore, the whole world is currently hell bent on finding a suitable therapy, which is why a number of drugs are being tested and many more discovered. With more companies entering the race to find an effective antiviral, the use of PAT is bound to mushroom quickly in the immediate future.
Presently, North America is the largest contributor to the process analytical technology market, on account of its advanced healthcare infrastructure, presence of a large number of PAT solution providers, and stringent Food and Drug Administration (FDA) guidelines and regulations. Moreover, the continent has been the worst affected by the coronavirus pandemic, with the U.S. alone reporting over 1.5 million cases and more than 91,000 deaths, as of May 19, 2020. This is why the drug development and testing activities are rising at a rapid rate in the continent.
Thus, as the number of pharma companies rises, to cater to the growing demand for medication, the usage of PAT will increase too.
Read more: https://www.psmarketresearch.com/market-analysis/process-analytical-technology-market
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Currently, the world’s biggest problem is the COVID-19 pandemic, which, since beginning in December 2019, has claimed more than 320,000 victims around the world, as of May 19, 2020. The biggest problem with the disease is that since it is caused by a virus, it has no cure! Therefore, the whole world is currently hell bent on finding a suitable therapy, which is why a number of drugs are being tested and many more discovered. With more companies entering the race to find an effective antiviral, the use of PAT is bound to mushroom quickly in the immediate future.
Presently, North America is the largest contributor to the process analytical technology market, on account of its advanced healthcare infrastructure, presence of a large number of PAT solution providers, and stringent Food and Drug Administration (FDA) guidelines and regulations. Moreover, the continent has been the worst affected by the coronavirus pandemic, with the U.S. alone reporting over 1.5 million cases and more than 91,000 deaths, as of May 19, 2020. This is why the drug development and testing activities are rising at a rapid rate in the continent.
Thus, as the number of pharma companies rises, to cater to the growing demand for medication, the usage of PAT will increase too.
Read more: https://www.psmarketresearch.com/market-analysis/process-analytical-technology-market
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