Freeze-Drying Equipment Research Report: by Type (Bench Top, Laboratory, Mobile, Others), by Application (Biotechnology, Pharmaceuticals, Surgical Procedures, Others), by End User (Pharmaceutical Companies, Hospitals, Others)—Forecast Till 2024
Market Highlights
The Global Freeze Drying Equipment Market held a market value of USD 2.2 billion in 2018 and is projected to grow at a CAGR of 8.9% over the forecast period.
Freeze dryers are widely used for the prevention of heat-sensitive biological materials, pharmaceuticals, and food, among others. Nowadays, 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 market during the forecast period. Moreover, the rising usage of freeze drying equipment in surgical procedures.
However, high set up & maintenance cost and increasing demand for refurbished systems from various biotechnology & pharmaceutical companies are likely to restrain the growth of the market.
Regional Analysis
On a regional basis, the Americas is anticipated to dominate the global freeze drying equipment market owing to the innovative product development and increasing investment in research and development for innovation in the region.
Europe is expected to hold the second largest position in the global freeze drying equipment market owing to the presence of strong academic & research base and availability of funding for research in the European countries. Asia-Pacific is anticipated to be the fastest growing region in the global freeze drying equipment market owing to the shift of pharmaceutical companies to countries such as India and China, which are low-cost manufacturing regions. The Middle East & Africa has the least share of the global freeze drying equipment market. Moreover, the major market share of the region is expected to be held by the Middle East region owing to the growing government initiatives for the healthcare sector.
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Segmentation
The global freeze drying equipment market has been segmented into type, application, and end user.
By type, the market has been segmented into benchtop freeze dryers, laboratory freeze dryers, mobile freeze dryers, general purpose freeze dryers, industrial freeze dryers, and others.
Based on application, the market has been segmented into biotechnology, pharmaceuticals, surgical procedures, and others.
The market, by end user, has been segmented into pharmaceutical companies, biotechnology companies, hospitals, and others.
Key Players
Some of the prominent players in the global freeze drying equipment market are Tofflon, GEA Group Aktiengesellschaft, Labconco, Azbil Corporation, Biopharma Process Systems Ltd, Cuddon Freeze Dry, Hosokawa Micron Group, Freeze Drying Systems Pvt. Ltd, Thermo Fisher Scientific Inc., Millrock Technology, Inc., ZIRBUS technology GmbH, SP Scientific, LTE Scientific Ltd, Hitachi, Ltd, MechaTech Systems Ltd, and others.
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