(PharmaNewsWire.Com, November 30, 2021 ) MarketsandMarkets Research Report’s View on Revenue Impact?
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.
Factors Responsible for Growth and In-Depth Analysis?
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 this 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.
Some of the prominent players in Freeze-Drying 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 Analysis in Detailed?
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.
The industrial-scale lyophilization equipment segment accounted for the largest market share in 2019.
Based on scale of operation, the freeze-drying market is segmented into industrial-scale lyophilization equipment, pilot-scale lyophilization equipment, and laboratory-scale lyophilization equipment. In 2019, the industrial-scale lyophilization equipment segment accounted for the largest share of 68.2% of the market. The large share of this market segment can be attributed to the high standard of quality provided by industrial-scale lyophilization equipment. Industrial-scale lyophilization equipment can also be customized as per process requirements.
The food processing and packaging segment accounted for the largest lyophilization equipment market share in 2019.
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. Food ingredients are also freeze-dried to increase their shelf life, which is further propelling the use of this technology in food processing.
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