Research reports

Exploring Photonics in Process Analytical Technology (PAT) for Bioprocessing

At PhotonVentures , we spend a lot of time researching where photonics can create real economic impact across industries. It is part of how we build conviction as investors and also how we learn as a team.

We have decided to start sharing more of this research publicly. We are still learning what is the best way to do this, so consider this a first step and we welcome any feedback on how to make it most useful.

One area we recently deep dived into is Process Analytical Technology (PAT) for bioprocessing and chemical industries. PAT is a critical enabler for real time monitoring and control, with photonics, especially optical techniques, playing a central role.

A few key insights from our research:

  • Optical methods, particularly Raman spectroscopy , dominate PAT thanks to their specificity and non invasive, real time capabilities.
  • The global PAT market is valued at 6.1 billion USD in 2025 and is expected to grow to 13.5 billion USD by 2033 with a CAGR of 10 percent. The bioprocessing segment is growing even faster at 13 percent.
  • Growth drivers include stricter regulations, rising demand for personalized medicine, and the need for higher process efficiency and quality.
  • Challenges include high system costs, integration complexity, and compliance with GMP requirements.
  • Photonic Integrated Circuits (PICs) have breakthrough potential to make PAT systems smaller, cheaper, more robust, and scalable.
  • M&A activity is steady, with most exits at the SME stage and multiples around 6x, largely driven by strategic acquisitions to expand capabilities.

Bioprocessing and Process Analytical Technology (PAT)

published on: September 18th, 2025