Freeze Drying Equipment Market Highlights
Freeze Drying Equipment Market Size was valued at USD 4.5 billion in 2021 and is projected to grow from USD 4.869 Billion in 2022 to USD 8.453384047 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.20% during the forecast period (2022 - 2030).
The freeze-drying technique is commonly used to stabilize degradable substances including micro-organisms, pharmaceutical products, and biological substances. It has several advantages over conventional methods, and it helps to stabilize the heat-sensitive, delicate products without damaging its physical structure and chemical properties. Factors that drive the market growth are the rapid expansion of the pharmaceutical and biopharmaceutical industries, raising awareness and technological advancements in freeze-drying technology, and increasing adoption of freeze-drying equipment in the food processing industry. However, increasing utilization of alternative drying techniques in the pharmaceutical and biotechnology industry and the growing preference of pharmaceutical companies for refurbished freeze-drying equipment market are hampering the growth of the market.
Segment Analysis
Global Freeze-Drying Equipment Market has been segmented by Product, Type, and Application.
The market, based on product, has been bifurcated into benchtop freeze dryers and mobile freeze dryers. Based on type, the global freeze-drying equipment market has been bifurcated into the industrial, laboratory, and general-purpose freeze dryers. The global freeze-drying equipment market based on application has been divided into biotechnology, pharmaceuticals, food processing, surgical procedures, and others.
Key Players
The Global Freeze-Drying Equipment Market Players - Azbil Telstar, S.L.U. (Spain), Hosokawa Micron B.V. (Netherlands), Millrock Technology, Inc. (US), SP Scientific (US), Tofflon (China), ZIRBUS Technology GmbH (Germany), Industria Macchine Automatiche S.P.A. (Italy), Martin Christ Gefriertrocknungsanlagen GmbH (Germany), OPTIMA Packaging Group GmbH (Germany), Cuddon Freeze Dry (New Zealand), GEA Group Aktiengesellschaft (Germany), Labconco (US), LTE Scientific Ltd (UK), MechaTech Systems Ltd (UK) and others.
Regional Analysis
Global Freeze-Drying Equipment Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is likely to hold the largest freeze-drying equipment market share during the assessment period. The presence of major market players developed the food processing industry, and high spending on research and development projects supports the Americas market growth. Furthermore, according to the report published by Pharmaceutical Research and Manufacturers of America, in 2017, the US-based biopharmaceutical companies invested about USD 97 billion in R&D in the US more than any other industry in America, which is expected to provide favourable conditions for the growth of the freeze-drying equipment market. Europe established substantial growth in the market owing to the increasing life sciences research activities in developed European countries is anticipated to propel the demand for freeze drying services equipment during the forecast period. According to the International Agency for Research on Cancer, in 2018, there were 42 29 662 cases of cancer in Europe. Asia-Pacific is estimated to be the fastest-growing regional market due to the growing food industry due to increasing spending on food and rising research and development activities in healthcare and life sciences in countries like China, India, and Japan. The freeze-drying equipment market research report in the Middle East & Africa is expected to witness gradual growth. The growth of this market is attributed to the increasing awareness about freeze-drying equipment and ongoing industrialization Countries such as Qatar, the UAE, and Saudi Arabia.
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