Freeze Drying Equipment Market Overview
Freeze drying equipment is efficient in drying unstable and aqueous products. It is known as lyophilization in pharmaceutical and biotechnology manufacturing. Market Research Future (MRFR) has written a detailed report on the global freeze drying equipment market report with detailed explanations on hurdles, growth engines, trends, opportunities, and competitive intelligence for the period of 2019 to 2027 (forecast period). The COVID-19 pandemic and its impact on the industry has been looked with respect to the major dynamic variables.
The global Freeze drying equipment market is expected to grow significantly at a CAGR of 8.9% over the forecast period. The market held a market value of USD 2.2 billion in 2018. Expansion of food & beverage and pharmaceutical industries and benefits of air-drying and desiccant drying can bode well for the market. The consumption of processed foods and rapid urbanization can fuel the market demand for lyophilization equipment. Rise of the equipment in surgeries can benefit the market greatly.
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Rise in demand for freeze drying equipment by pharmaceutical and biotechnology sectors owing to the rise of injectables, vaccines, and biosimilars can drive the global freeze drying equipment market. Presence of contract manufacturing companies can facilitate market growth. Availability of automated loading and unloading systems and advances in programmable logic controller (PLC) and process analytical technology (PAT) control systems are likely to drive up the market demand.
The large maintenance costs of equipment and demand for second-hand equipment by biotechnology companies can restrict freeze drying equipment market growth.
Freeze Drying Equipment Market Segmentation
The global freeze drying equipment market has been segmented into type, application, and end user.
By type, the freeze drying equipment market has been segmented into general purpose freeze dryers, laboratory freeze dryers, benchtop freeze dryers, mobile freeze dryers, industrial freeze dryers, and others.
Based on application, the market has been segmented into surgical procedures, biotechnology, pharmaceuticals, and others.
The freeze drying equipment market, by end user, has been segmented into pharmaceutical companies, biotechnology companies, hospitals, and others.
Freeze Drying Equipment Market Regional Analysis
The global freeze drying equipment market has been segmented, by region, into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas can dominate the freeze drying equipment market till 2024 and are led by North America. Investments in research and development of freezing technologies and scope for innovation can further the regional freeze drying equipment market growth.
Europe held the second position in the global freeze drying equipment market due to ample funding for research and academic organizations. Grants are provided by the European Research Council (ERC) for technological innovation in the European Union (EU).
The APAC region can control a major share of the freeze drying equipment market owing to the presence of various contract manufacturing organizations and partnerships with big pharmaceutical companies.
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Lastly, the MEA region has the lowest freeze drying equipment market share owing to government initiatives for modernizing healthcare infrastructure and poor economic growth of the African nations.
Freeze Drying Equipment Market Competitive Landscape
SP Scientific, Freeze Drying Systems Pvt. Ltd, GEA Group Aktiengesellschaft, LTE Scientific Ltd, ZIRBUS technology GmbH, Biopharma Process Systems Ltd, Labconco, Cuddon Freeze Dry, Thermo Fisher Scientific Inc., Hitachi, Ltd, Azbil Corporation, Tofflon, Millrock Technology, Inc., Hosokawa Micron Group, and MechaTech Systems Ltd are key players of the global freeze drying equipment market.
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