Freeze-drying Equipment Is Estimated To Witness High Growth Owing To Growing Pharmaceutical Industry

 

freeze-drying equipment market

The freeze-drying equipment market is estimated to be valued at US$ 8.63 Bn in 2023 and is expected to exhibit a CAGR of 16. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Freeze-drying equipment is used to remove water from materials such as food, pharmaceuticals, and biopharmaceutical products by sublimation. It helps in preserving heat-sensitive materials without any loss of quality, texture or nutrient content. Freeze-drying equipment has applications in food processing, pharmaceuticals manufacturing, and biotechnology among others.

Market Dynamics:
The growth of the freeze-drying equipment market is majorly driven by the expanding pharmaceutical industry globally. Pharmaceutical manufacturers prefer freeze-drying to preserve heat-sensitive drugs, vaccines and biological products. Freeze-drying helps in easy transportation and longer shelf life of products. Additionally, growing demand for thermolabile drugs and biologics is also fueling the demand for freeze-drying equipment. Furthermore, rising R&D investment in cell and gene therapy field is creating opportunities for freeze-drying equipment manufacturers. However, high installation and maintenance cost of freeze-drying equipment may hamper the market growth over the forecast period.

SWOT Analysis

Strength: Freeze-drying equipment are highly effective in preserving heat-sensitive materials like medicines, food, and biological products by sublimating the moisture content. They offer better shelf life and product stability compared to other preservation techniques. Freeze-drying equipment reduce transportation and storage costs by producing lightweight and compact final products.

Weakness: High initial investments are required for purchasing freeze-drying equipment and building freeze-drying facilities. The freeze-drying process is also time-consuming.

Opportunity: Increasing demand for heat-sensitive pharmaceutical products and vaccines is driving the adoption of freeze-drying equipment globally. Rapid growth in biologics and biosimilars offer lucrative opportunities.

Threats: Fluctuations in raw material prices can increase production costs. Stringent regulatory approvals and quality standards pose challenges.

Key Takeaways

The global freeze-drying equipment market is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing demand for heat-sensitive pharmaceutical formulations.

Regional analysis

North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This can be attributed to presence of prominent players and rising adoption of lyophilization in pharmaceutical and biotech industries in the US. Asia Pacific is expected to witness the fastest growth due to expansion of pharmaceutical industry and increasing R&D investments in countries like China, Japan and India.

Key players

Key players operating in the freeze-drying equipment market are Cuddon Engineering Ltd., Freezedry Specialties, Inc., GEA Group, IMA Life The Netherlands B.V., Labconco Corporation, SP Industries, Inc., Telstar, Thermo Fisher Scientific Inc., MechaTech Systems Ltd., Millrock Technology Inc., Zirbus Technology GmbH, and other prominent players. They are focusing on new product launches and strategic partnerships to strengthen their market position.