Among the major applications of the global freeze drying equipment market, the food packaging industry accounts for a majority share in the market. The market players are registering an increasing demand for freeze dryers of varying capacities and high level of performance from the food processing and pharmaceutical industries. In the pharmaceutical sector, freeze dryers are majorly used for the storage of antibiotics and capsule packaging. However, in the coming years, the biotechnology segment is anticipated to significantly contribute towards the growth of the market, expanding at a CAGR of 11.20% during the forecast period.
In terms of product sales, North America accounts for one-third of the global freeze drying equipment market. However, the market players are shifting their focus on Asia Pacific with the rapid growth of the food processing and pharmaceutical sectors in the region. During the forecast period, Asia Pacific is pegged to be the fastest growing region in the market.
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High Installation Cost to Restrict Growth of Global Freeze Drying Equipment Market
The rapid expansion of the pharmaceutical and food processing industries has propelled the demand for freeze drying equipment. Freeze drying offers better properties and quality in terms of air-drying and desiccant drying, and hence, is preferred across a wide range of applications including surgical procedures, flower preservation, and leather preservation. All these factors have supported the growth of the global freeze drying equipment market.
However, the high installation cost of freeze drying equipment is a major hiccup in the growth of the market. The market has a significant potential to grow in taxidermy and eco-friendly burials. Furthermore, the market players are exploring the applications of freeze drying equipment across various sectors. “Freeze drying equipment can be also used in the leather tanning process, as implemented in leather tanneries in Europe,” cites a TMR analyst.
The global freeze drying equipment market is projected to expand at a CAGR of 10.50% during the period between 2013 and 2019. The overall market was valued at US$15.9 bn in 2012 and is expected to be worth US$30.98 bn by the end of 2019.
The competitive landscape of the global freeze drying equipment market consists of companies such as Millrock Technology Inc., LTE Scientific Ltd., OPERON, Thermo Fisher Scientific Inc., MechaTech Systems Ltd., and Telstar. So far, the market players have majorly focused on industrial freeze dryers that are extensively used across production lines in large-scale industries. In 2012, the industrial freeze dryers segment dominated the overall market. However, during the forecast period, laboratory freeze dryers are anticipated to register significant demand. The market players are also developing innovative mobile freeze dryers. “The rising demand for mobile freeze dryers can be attributed to their ease of operation and flexibility,” states a TMR analyst.