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

 

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The Freeze-drying Equipment Market is estimated to be valued at US$ 8.63 Mn 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 for food preservation and biological material preservation through sublimation. It involves freezing the material and then reducing the surrounding pressure to allow the frozen water in the material to sublime directly from the solid phase to the gas phase. Freeze-drying helps prevent spoilage and increases the shelf life of products which drives its demand across food and pharmaceutical industries.

Market key trends:
One of the key trends spurring growth of the freeze-drying equipment market is rising demand from the pharmaceutical industry. Freeze drying helps preserve the structural integrity of drugs and their pharmacological properties during manufacturing and storage. It allows development of new formulations for stable injectable, oral, and topical drugs while improving patient compliance through easier handling and storage. Furthermore, increasing focus on efficient production processes in the pharmaceutical industry is boosting adoption of high-capacity continuous freeze dryers which will significantly contribute to market growth over the forecast period.

Porter’s Analysis
Threat of new entrants: Low capital requirements and availability of latest technologies have lowered the entry barriers for new players in the freeze-drying equipment market. However, established players have significant brand image and distribution networks.
Bargaining power of buyers: Buyers have high bargaining power due to availability of various product options from key global as well as regional players. They can negotiate on pricing and demand customization of products as per their requirements.
Bargaining power of suppliers: A large number of component suppliers exist, reducing suppliers’ bargaining power. However, suppliers of key components like vacuum systems have some control over pricing.
Threat of new substitutes: No close substitutes exist for freeze drying technology used in pharmaceutical and food industries currently. However, alternative preservation technologies like spray drying offer some competition.
Competitive rivalry: Intense competition exists among key global players due to their global presence and capabilities. Regional small players also compete on pricing.

SWOT Analysis
Strengths: Freeze drying is a proven technology for long-term preservation of foods and pharmaceutical products without refrigeration. It allows retaining texture, color and nutrients of products better than other methods.
Weaknesses: High initial investments and operating costs of freeze dryers limit its use by small manufacturers. Complex process requiring specialized technology and skills.
Opportunities: Rising demand for freeze dried foods and pharmaceuticals owing to better safety, convenience and longer shelf life. Growing markets in Asia Pacific and Latin America offer scope.
Threats: Stricter regulations around freeze drying of pharmaceuticals increase compliance costs. Susceptibility of products to rehydration if packaging and storage conditions are not suitable post freeze drying.

Key Takeaways
The global freeze-drying equipment market is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing demand for long shelf-life and lightweight foods & pharmaceuticals.

Regional analysis: North America dominated the market in 2023, accounting for around 35% share. However, Asia Pacific is expected to grow at the fastest pace during the forecast period owing to expansion of pharmaceutical and food industries, higher investments in research and low-cost manufacturing. Countries like China, India, Japan and South Korea are likely to generate significant revenues for players operating in the freeze-drying equipment market.

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, Biopharma Process Systems Ltd., LTE Scientific Ltd., Martin Christ GmbH, Shanghai Tofflon Science and Technology Co., Ltd., and MAQUINARIA INDUSTRIAL DAR

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