Freeze-Drying Equipment Market Growth, Insights and Size Analysis By Product (Bench Top Freeze Dryers, Mobile Freeze Dryers), By Type (Industrial Freeze Dryers, Laboratory Freeze Dryers and General Purpose Freeze Dryers), Application (Biotechnology, Pharmaceuticals, Food Processing, Surgical Procedures and Others), Region (Americas, Europe, Asia-Pacific, Middle East & Africa), Forecast till 2027
Freeze Drying Equipment Market Scope
Market Research Future (MRFR) projects the freeze-drying equipment market size to attain a CAGR of 11.82% By 2024 (assessment period). It is estimated that by the given period’s end, the market can expect to touch USD 3,831.91 Million, claims MRFR. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Freeze drying has been prevalent since its inception; however the COVID-19 outbreak has managed to boost its adoption further in the molecular diagnostics and life sciences industries. the demand for freezer drying equipment has mounted considerably since the advent of SARS-CoV-2, as these are known for their long shelf lives and incur no costs related to cold storage in the interim. Following the pandemic and the resultant lockdown, shipping has gather more importance than before, and given the reduced freight capacity along with customs delays, products across pharmaceutical, food and beverage and more are in danger of getting spoilt. Since, freeze drying equipment help deal with these issues that occur during shipping, the market is bound to observe significant growth post the novel coronavirus.
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Experts believe that the COVID-19 impact is not expected to go down anytime soon and with the growing shipping restrictions, the firms that invest in freeze drying/lyophilization can most likely survive during the pandemic and more. Modern freeze drying equipment is now far better, in terms of technology, to the earlier models and therefore, the turnaround period is quite shorter and there is no time wastage in the process of implementation. It is expected that when the shipping capacity comes back to normal, the cost savings of freeze drying can be profitable for the businesses worldwide. The increasing knowledge about these aspects among market firms can result in higher demand for the technology in the coming period, thereby inducing significant growth.
In recent years, freeze drying equipment has become an essential component in food processing, life sciences research and pharmaceutical manufacturing industries. Many of the firms are striving for a better position by adopting the product launch strategy, which not only helps expand their global presence but also enhances the overall market growth.
To illustrate, LyoCapsule launched its latest freeze drying chamber that has a capsule, which is a special cylindrical inner chamber that consists of the vials. It helps make use of the wall temperature effectively, ensuring that the edge vials remain as dry during the process conditions as the center vials.
Freeze Drying Equipment Market Segmental Insight
Freeze Drying Equipment industry has been segregated depending on product, type and application.
The worldwide freeze drying equipment market, in terms of product, can be considered for mobile freeze dryers and benchtop freeze dryers.
Types of freeze drying equipment market outlined in the market study include laboratory, general-purpose and industrial.
Surgical procedures, pharmaceuticals, biotechnology, food processing, and more are the key application areas of freeze-drying equipment. In 2019, the lead was procured by the biotechnology segment, seizing 32.5% of the total market share, as a result of the emerging opportunities within the biotechnology sector and the mounting cases of life-threatening disorders and diseases around the globe.
Freeze Drying Equipment Market Regional Outlook
The freeze drying equipment market has been regionally considered for Europe, MEA/the Middle East & Africa, the Americas and Asia Pacific/APAC,
There is a strong possibility of the Americas clinching the top spot in the freeze drying equipment market, which can be owing to the existence of a well-developed pharmaceutical industry and more. The expansive pool of world-known firms in the region and the continuous discovery of latest biologic drugs and injectable formulations also add to the market strength in the region. The hike in the growth rate of the custom-built food sector and the flourishing biotechnology sector helps with the business growth in the Americas.
The second lead belongs to Europe, with the most lucrative freeze drying equipment market in the region identified as the United Kingdom/UK, Germany and France. With that said, Germany can be the strongest contender in the European freeze drying equipment market, with major contribution from the well-established active pharmaceutical sector in the country.
The APAC market can expect to race ahead at a considerable pace in the following years, thanks to the rapidly advancing food sector in light of the escalating spending capacity of the people. The regional freeze drying equipment market also stands to benefit from the vigorous research and development/R&D activities in life sciences and healthcare across India, Japan and China. The rising focus of the biotechnology industry vendors on freeze drying equipment and the risign introduction of vaccines and biosimilar can also favorable for the market in Asia Pacific over the years ahead.
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The MEA freeze drying equipment market can progress gradually between 2019 and 2024, with the main growth boosters cited to be the surging rate of industrialization. The majority of the said growth will be apparent in the Middle East, especially across Qatar, Saudi Arabia, UAE, to name a few.
Freeze Drying Equipment Market Leading Industry Firms
The leading industry firms outlined in the extensive study include Cuddon Freeze Dry (New Zealand), MechaTech Systems Ltd (UK), LTE Scientific Ltd (UK), Millrock Technology, Inc. (US), SP Scientific (US), Hosokawa Micron B.V. (Netherlands), Tofflon (China), Azbil Telstar, S.L.U. (Spain), Industria Macchine Automatiche S.P.A. (Italy), ZIRBUS Technology GmbH (Germany), Martin Christ Gefriertrocknungsanlagen GmbH (Germany), OPTIMA Packaging Group GmbH (Germany), Labconco (US), GEA Group Aktiengesellschaft (Germany), to list a few.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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