iCrowd Newswire – Jul 9, 2020
Freeze-Drying Equipment Market Size, Growth and Share Analysis by Type (Bench Top, Laboratory, Mobile), Application (Biotechnology, Pharmaceuticals, Surgical Procedures), End User, Forecast To 2024
Freeze Drying Equipment Market Analysis
Freeze drying has become a standard procedure used in the biotechnology and pharmaceutical companies for stabilizing and storing drug products. This process involves drying delicate biological and heat-sensitive drugs at low temperatures, due to which the physical structure of drugs is maintained. These processed products are used in antibodies and emergency vaccines. Increasing awareness regarding various benefits of the freeze dried product, such as enhanced efficiency related to desiccant drying and air-drying are responsible for the growth of the freeze drying equipment market during the forecast period. Moreover, the rising usage of freeze drying equipment in surgical procedures.
The Global Freeze-Drying Equipment Market size was valued USD 2.2 billion in 2018 and is likely to develop at an 8.9% CAGR between 2019- 2024, according to the recent Market Research Future (MRFR) report. A freeze-drying equipment, simply put, is an equipment that is widely utilized to prevent heat-sensitive biological materials, food, pharmaceuticals, and others. Industrial freeze dryers, general purpose freeze dryers, mobile freeze dryers, laboratory freeze dryers, benchtop freeze dryers, and others are the different types of freeze drying equipment.
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On the contrary, higher setup cost, high maintenance cost, increasing use of alternate drying techniques in the biotechnology and pharmaceutical industry, and increasing preference for refurbished lyophilization systems to cut down cost are factors that may limit the freeze-drying equipment market growth over the forecast period.
Various factors are adding to the global freeze drying equipment market growth. These factors, as per the new MRFR report, include increasing use in surgical procedures, growing awareness about its benefits such as improved efficiency associated with air drying and desiccant drying, booming pharmaceutical and food processing industries, increasing use in flower preservation and leather preservation, increasing use in the food processing industry for the burgeoning demand for the custom-built food industry, the increasing consumption of preserved food, and the growing urbanization.
Freeze Drying Equipment Market Regional Analysis
Based on the region, the global freeze drying equipment market covers the recent trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), Latin America, & the Middle East & Africa (MEA).
The Europe freeze drying equipment market is predicted to hold the second-largest share over the forecast period for the availability of funds for research and the presence of strong research and academic base.
Among these, the Americas will dominate the market over the forecast period for the rising investment in R&D for innovation and innovative product development.
The global freeze-drying equipment market in the APAC region is predicted to grow at a quick rate over the forecast period for the shift of pharmaceutical companies to China & India that are low-cost manufacturing regions.
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The MEA freeze drying equipment market in the is predicted to have the smallest share over the forecast period. Meanwhile, the freeze drying equipment market in the Middle East is predicted to have steady growth for the growing initiatives undertaken by the government for the healthcare sector.
Freeze Drying Equipment Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global freeze drying equipment market based on end user, type, and application.
By application, the freeze drying equipment market is segmented into surgical procedures, pharmaceuticals, biotechnology, and others. Of these, the biotechnology segment will dominate the market over the forecast period.
By type, the freeze drying equipment market is segmented into industrial freeze dryers, general purpose freeze dryers, mobile freeze dryers, laboratory freeze dryers, benchtop freeze dryers, and others. Of these, the industrial freeze dryers segment will lead the market over the forecast period as this is widely used in the food processing market for its high-performance efficiency. This will be followed by the mobile freeze dryers, which is likely to grow at a quick pace for its multi-functionality benefits, ease of use, and portability.
By end user, the freeze drying equipment market is segmented into hospitals, biotechnology companies, pharmaceutical companies, and others.
Freeze Drying Equipment Market Key Players
Eminent players profiled in the global freeze drying equipment market report include MechaTech Systems Ltd, Hitachi, Ltd, LTE Scientific Ltd, SP Scientific, ZIRBUS Technology GmbH, Millrock Technology, Inc., Thermo Fisher Scientific Inc., Freeze Drying Systems Pvt. Ltd, Hosokawa Micron Group, Cuddon Freeze Dry, Biopharma Process Systems Ltd, Azbil Corporation, Labconco, GEA Group Aktiengesellschaft, and Tofflon.
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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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