The global freeze drying equipment market size is anticipated to reach USD
2.77 billion by 2025, according to a study conducted by Grand View Research,
Inc., progressing at a CAGR of 8.7% during the forecast period. Introduction of
new injectable formulations and biologic drugs along with upswing in the demand
for custom-built food industry have bolstered market growth. Furthermore, the
market is also driven by expansion of the biotechnology industry and growing
focus of pharmaceutical manufacturers on emerging markets.
Growing interest of biotechnology industry
participants in freeze drying equipment in regions such as Asia Pacific and
Latin America is projected to drive the market. Additionally, development of
biosimilar and vaccines in developing regions and shift of various
biopharmaceuticals manufacturing industries from developed to developing
regions is poised to drive the market in these regions. Additionally, various
key players are aiming towards marking their market presence by acquiring small
scale equipment manufacturers present in developing countries to gain a
competitive edge. This is also stoking the growth of the market.
Furthermore, mobile freeze dryers are
poised to witness significant growth over the forecast period owing to their
portability & ease of use. Additionally, these products maintain original
structure & quality of products for prolonged duration. Thus, the market is
likely to witness lucrative growth in the biotechnology sector due to
increasing demand for storage of umbilical cords which are further used in
surgeries. Moreover, food processing is expected to be one of the major
application areas since freeze drying equipment preserve & extend shelf
life and makes food products convenient to transfer.
However, higher set up & maintenance
cost is estimated to hinder market growth. Increasing demand from various
biotechnology and pharmaceutical companies for refurbished systems is
anticipated to restraint market growth. Additionally, key players are engaged
in introducing innovative products in the market to maintain their market
presence and shares. Thus, introduction of new technologies and innovations is
projected to boost the growth of the market.
Access Research Report of Freeze Drying Equipment Market @ www.grandviewresearch.com/industry-analysis/freeze-drying-equipment-market
Further key findings from the study suggest:
· Mobile freeze dryers are likely to emerge
as the fastest-growing segment over the forecast period owing to their
efficiency of reducing moisture
· The biotechnology industry is expected to
be the most promising application segment during the forecast period. The
growth of the segment can be attributed to benefits offered by the product such
as reduced water fraction, high temperature tolerant, and product stabilization
· Asia Pacific is estimated to register the
highest CAGR of 11.5% over the forecast period owing to presence of various
biotechnological & pharmaceutical industries in countries including India
and China
· The market is highly consolidated with
presence of several well-established players. Key companies include Tofflon
Science and Technology Co., Ltd, GEA Group, Labconco Corporation, and Azbil
Corporation. Collaborations and mergers are key growth strategies undertaken by
market players to sustain competition.
Grand View Research has segmented the
global freeze drying equipment market based on product, application, and
region:
Freeze Drying Equipment Product Outlook
(Revenue, USD Million, 2014 - 2025)
·
Bench Top Freeze Dryers
·
Laboratory Freeze Dryers
·
Mobile Freeze Dryers
·
General Purpose Freeze Dryers
·
Industrial Freeze Dryers
·
Others
Freeze Drying Equipment Application Outlook
(Revenue, USD Million, 2014 - 2025)
·
Biotechnology
·
Pharmaceuticals
·
Food Processing
·
Surgical Procedures
·
Others
Freeze Drying Equipment Regional Outlook
(Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
Germany
o
France
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
