(PharmaNewsWire.Com, March 24, 2021 ) The research study involved four major activities for estimating the current size of the Freeze-Drying Equipment 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. Revenue Share Analysis, Parent Market and top-down approaches were employed to estimate the complete market size.
Growth Drivers: Increasing demand for food preservation;
Lyophilization equipment is used for the preservation of various food products, such as fruits and vegetables, meat, fish, herbs and food flavorings, ice creams, and coffee. Freeze-dried foods do not need to be refrigerated or preserved with chemicals and can be reconstituted quickly and easily by adding water. Another major advantage of freeze-drying of food is its ability to produce clean, whole, and nutritious food ingredients with a highly prolonged shelf life (making food products versatile and accessible).
The use of freeze-dried foods is increasing for astronauts and military personnel, as conventional drying methods have major disadvantages. For instance, the high temperatures used can cause chemical or physical changes in food products, and their overall quality is not on par with freeze-dried food products. Considering these advantages, the use of freeze-drying as a food preservation technique is increasing across the globe.
According MarketsandMarkets™ Research – The global freeze-drying 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 increasing demand for food preservation, rapid growth in contract manufacturing and lyophilization services across the world, rising demand for lyophilized products (especially for the manufacturing of new biologic drugs and injectable formulations), and the technological advancements in lyophilization methods are the major factors driving the growth of lyophilization equipment market.
On the other hand, the increasing utilization of alternative drying techniques in the pharmaceutical and biotechnology industries and failure to meet the cGMP regulatory guidelines set by regulatory bodies (resulting in recalls of lyophilized products) are expected to restrain the growth of this market during the forecast period
Geographical Regions Mapped in Report: The freeze-drying/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 lyophilization 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.
Some of the prominent players in Freeze-Drying Equipment 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).
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