Freeze-Drying Equipment Market Growing at a CAGR of 8.2% – Global Growth Dynamics, Future Forecasts

PUNE, India, 2020-Nov-26 — /EPR Network/ —

This study involved four major activities for estimating the current size of the freeze –drying market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets. The next step focused on validating these findings, assumptions, and sizing with industry experts across the value chain through primary research.

According MarketsandMarkets Research – The Global Freeze-Drying Equipment Market is projected to reach USD 7.3 billion by 2025 from USD 4.9 billion in 2020, at a CAGR of 8.2% from 2020 to 2025.

The Key Factors Who will Drives the Market Growth?

• Increasing demand for food preservation
• Rising demand for lyophilized products in the pharmaceutical and biotechnology industries
• Rapid growth in contract manufacturing and lyophilization services across the world
• Technological advancements in lyophilization methods

Freeze-Drying Equipment Market Growth Opportunities: Loss of patent protection of several biologics;

The biologics market is one of the major contributors to the growth of the freeze-drying market in the healthcare industry. Biosimilars are expected to drive the growth of the biotechnology industry in the next decade. This is because several key biologics are expected to lose their patent in the coming years.

An increasing number of biosimilars are being developed in the market as a cost-effective alternative for biopharmaceutical medications for chronic disorders. The growing R&D and emergence of biosimilars will drive the market for the lyophilization of biologics and biopharmaceutical products. In recent years, over 30% of US FDA-approved parenterals were lyophilized drugs. Soon, more than half of all injectable drugs will require lyophilization, which will further create the demand for lyophilization solutions in the pharmaceutical industry.

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Leading Key Players in the Worldwide Industry:

Some of the prominent players in this market are GEA Group (Germany), Azbil Corporation (Japan), Shanghai Tofflon Science Technology Co., Ltd. (China), IMA S.p.A. (Italy), SP Industries, Inc. (US), HOF Enterprise Group (Germany), Labconco Corporation (US), Martin Christ Gefriertrocknungsanlagen GmbH (Germany), Millrock Technology, Inc. (US), and OPTIMA Packaging Group GmbH (Germany).

Geographical Regions Mapped in Report:

The lyophilization equipment market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2019, the Asia Pacific accounted for the largest share of 34.6% of the market and is projected to register the highest CAGR of 10.4% during the forecast period. The large share of the Asia Pacific regional segment can be attributed to the rising number of investments in this region, growth in R&D expenditure, and geographic expansion of lyophilization equipment companies in this region. Moreover, the presence of major players in the market in the APAC region and the expansion of the manufacturing units of leading pharma companies in this region is expected to boost the market growth in this region in the forecast period.

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Market Segmentation in Detailed:

Based on type, the freeze-drying/lyophilization market is classified into tray-style freeze dryers, manifold freeze dryers, and shell (rotary) freeze dryers. In 2019, the tray-style freeze dryers segment accounted for the largest share of 72.1%. This segment is also estimated to grow at the highest CAGR of 8.2% during the forecast period. Growth in this market is largely driven by factors such as the increasing demand for contract manufacturing and contract lyophilization services in the pharmaceutical industry, the growing commercialization of labile drugs, and the rising demand for freeze-dried food products.

Based on application, the Freeze-Drying Equipment Market is segmented into food processing and packaging, pharmaceutical and biotechnology manufacturing, medical applications, and other applications. The food processing and packaging segment accounted for the largest share of 36.3% in 2019. Lyophilization is widely used as a preservation technique for food products, as it retains the nutritional value and flavor of the food. This is a major factor driving market growth.