The global pharmaceutical drying equipment market, valued at US$5.45 billion in 2023, stood at US$5.80 billion in 2024 and is projected to advance at a resilient CAGR of 7.1% from 2024 to 2029, culminating in a forecasted valuation of US$8.18 billion by the end of the period. The expansion of pharmaceutical manufacturing facilities globally, increased demand for biopharmaceuticals such as vaccines, antibodies, and hormones, and the rapid growth of CMOs drive market growth. The market has grown considerably due to the expansion of pharmaceutical manufacturing facilities and the rapid development of CMOs and CDMOs. At the same time, the rising competition in pharmaceutical manufacturing companies due to the loss of various drug’s market exclusivity will pose an opportunity to the market.
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Based on type, the pharmaceutical drying equipment market is segmented into vacuum dryers, spray dryers, freeze dryers, fluidized bed dryers, and other dryers. Among these, in 2023, freeze dryer segment the fastest growing segment in the pharmaceutical drying equipment market. This is due to the increasing investment by the key players in the pharmaceutical drying equipment. The key players are investing more to expand their manufacturing facilities. For instance, GEA is investing EUR 70 million (USD 69.39 million) in the development of a new pharmaceutical technology center for freeze dryers in Elsdorf, located in the German state of North Rhine-Westphalia. The new facility, covering approximately 40,000 m², is expected to be completed by 2024. Such investments are increasing the segmental growth in the market throughout the forecast period.
Based on scale of operation, the pharmaceutical drying equipment market is segmented into industrial-scale equipment, pilot-scale equipment, and laboratory-scale equipment. Among these the industrial scale equipment segment accounts for the largest share in the pharmaceutical drying equipment market
in 2023, owing to the increasing demand for large-scale drug production, especially with the rise of biologics and personalized medicines. Pharmaceutical firms need more efficient and scalable drying equipment to keep up with the growing demand for their products. Industrial-scale equipment streamlines industrial operations while supporting regulatory compliance by delivering more automation and precision. The move to continuous manufacturing and the need for energy-efficient solutions have driven up the cost of larger, more complex drying equipment for firms.
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Some of the prominent players operating in the market include GEA Group (Germany), ATS Corporation (US), Hosokawa Micron Group (Japan), Freund Corporation (Japan), I.M.A. Industria Macchine Automatiche S.p.A. (Italy), Syntegon Technology GmbH (Germany), BUCHI Labortechnik AG (Switzerland), OPTIMA packaging group GmbH (Germany), Mechatech Systems Ltd (Netherland), and BEW Engineering Limited (India).
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