Freeze Drying Equipment Market Outlook 2031
The global freeze drying equipment market size was valued at USD 5.74 Billion in 2022 and is anticipated to reach USD 11.67 Billion by 2031, expanding at a CAGR of 8.2% during the forecast period, 2023-2031. The growth of the market is attributed to wide use in prevention of heat-sensitive pharmaceuticals, biological materials, and food, among others.
Freeze drying, which is also known as lyophilization is an act of extracting water from perishable materials in order to prolong their shelf life and prepare them for transit. Freeze drying process operates by freezing the substance, then dropping the pressure, and raising the temperature to allow the frozen water in the substance to dissipate.
The COVID-19 pandemic outbreak has brought negative impact on the freeze drying equipment market due to imposed restrictions and enforced lockdowns by respective regulatory bodies, which resulted in disruption in demand and supply chain globally. The market is expected to recover an uptrend operation soon due to subsiding the COVID cases gradually across the globe.
Freeze Drying Equipment Market Trends, Drivers, Restraints, and Opportunities
- Rising adoption of smart technologies that helps remote monitor and control is expected to boost the market growth in the coming years.
- Increasing demand for food preservation is one of the key factors driving the market growth.
- Growing utilization of alternative drying techniques in the pharmaceutical and biotechnology industries is anticipated to hinder the market expansion during the projected period.
- Difficulties in achieving the desired moisture levels and maintaining product quality network present a major challenge. This is anticipated to hamper the market growth in the projected period.
- Loss in patent protection of several biologics is projected to create significant growth opportunities for the market in the near future.
Scope of Freeze Drying Equipment Market Report
The report on the global freeze drying equipment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Freeze Drying Equipment Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Surgical Procedures, Pharmaceuticals, Biotechnology, Food Processing, and Others) and Products (Laboratory Freeze Dryers, General Purpose Freeze Dryers, Mobile Freeze Dryers, Bench Top Freeze Dryers, Industrial Freeze Dryers, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Azbil Corp.; Labconco Corp.; GEA Group; and Tofflon Science and Technology Co., Ltd.
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Freeze Drying Equipment Market Segment Insights
Applications Segment Analysis
Based on applications, the global freeze drying equipment market is divided into surgical procedures, pharmaceuticals, biotechnology, food processing, and others. The biotechnology segment is expected to grow at a rapid pace during the forecast period owing to process as it maintains moisture and reduces pressure of products through sublimation, which is highly preferable for food processing.
However, the pharmaceuticals segment is anticipated to hold a key share of the market in the coming years due to significant usage of freeze drying equipment to preserve biologicals, such as viruses & bacteria, enzymes, proteins, and penicillin.
Products Segment Analysis
On the basis of products, the market is segregated into laboratory freeze dryers, general purpose freeze dryers, mobile freeze dryers, bench top freeze dryers, industrial freeze dryers, and others. The industrial freeze dryers segment is projected to expand at a considerable CAGR during the forecast period attributed to its wide usage in large industries due to its high-performance efficiency.
On the other hand, the mobile freeze dryers segment is anticipated to account for a major market share during the forecast period due to ease of use, their portability, and multi-functionality benefits.
Freeze Drying Equipment Market Regional Analysis
In terms of regions, the global freeze drying equipment market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the presence of major key players in the region.
However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to the increasing establishment of pharmaceutical companies across the region.
Segments
Applications
- Surgical Procedures
- Pharmaceuticals
- Biotechnology
- Food Processing
- Others
Products
- Laboratory Freeze Dryers
- General Purpose Freeze Dryers
- Mobile Freeze Dryers
- Bench Top Freeze Dryers
- Industrial Freeze Dryers
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global freeze drying equipment market are Azbil Corp.; Labconco Corp.; GEA Group; and Tofflon Science and Technology Co., Ltd. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions.
Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.