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Press Release: Freeze-drying Equipment Market to Reach US$ 68,817.1 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Freeze-drying, also known as lyophilization or cryodesiccation, is a low temperature dehydration process that involves freezing the product, lowering pressure, then removing the ice by sublimation. Laboratory freeze-drying equipment, benchtop freeze-dryers, mobile freeze-dryers, industrial freeze-dryers, and general purpose-freeze dryers are some of the types of freeze-drying equipment.
Freeze-drying equipment help to maintain various parameters such as physical state, aroma, and chemical properties. Major application areas of freeze-drying equipment are food preservation, packaging, pharmaceuticals, surgical procedures, and biotechnology.
Statistics:
The global freeze-drying equipment market is estimated to account for US$ 68,817.1 Mn in terms of value by the end of 2027.
Global Freeze-drying Equipment Market: Drivers
Significant growth in the pharmaceutical sector is expected to propel growth of the global freeze-drying equipment market over the forecast period. For instance, according to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019, the pharmaceutical sector in Europe was valued at US$ 139, 287 million in 2000, which increased to US$ 284, 028 million (est.) in 2018.
Moreover, significant investment in development of biologics is also expected to aid in growth of the market. For instance, in April 2020, Pulmobiotics S.L., a Spain-based pre-clinical life sciences company using synthetic biology to develop new treatments and vaccines, raised US$ 2.17 million.
Statistics:
North America held dominant position in the global freeze-drying equipment market in 2019, accounting for 34.1% share in terms of value, followed by Europe and Asia Pacific, respectively
Figure 1: Global Freeze-drying Equipment Market Share (%) Value, By Region, 2019
Global Freeze-drying Equipment Market: Restraints
Freeze-drying is not feasible for all types of foods and is cost-effective for select foods such as fruits and meats. Such scenario is expected to limit the market growth.
Moreover, significant adoption of conventional drying process over freeze-drying in emerging economies is also expected to hinder growth of the market.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 30,979.7 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 10.5% | 2027 Value Projection: | US$ 68,817.1 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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 OPERON |
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Global Freeze-drying Equipment Market: Opportunities
Promession is an emerging process of disposing human remains by way of freeze drying. It is expected to replace the conventional burial method, thereby offering lucrative growth opportunities for players in the global freeze-drying equipment market.
Moreover, increase in adoption of taxidermy, an art of preserving an animal's body, is also expected to aid in growth of the market.
Statistics:
The global freeze-drying equipment market was valued at US 30,979.7 Mn in 2019 and is forecast to reach a value of US$ 68,817.1 Mn by 2027 at a CAGR of 10.5% between 2020 and 2027.
Figure 2: Global Freeze-drying Equipment Market Value (US$ Mn), 2016 – 2027
Market Trends/Key Takeaways
Major players in the market are focused on adopting digital transformation to accelerate its product development. For instance, in May 2020, GEA Group partnered with SAP, an enterprise application software provider, to drive forward the company’s digital transformation and fast-track the development of its product portfolio.
Major players in the market are also focused on launching apps to help product selection. For instance, in April 2018, Labconco Corporation released 5-step freeze dryer configurator web app that breaks the selection process for freeze dryer, drying manifold or tray dryer, vacuum pump, glassware and connectors into five steps.
Global Freeze-drying Equipment Market: Competitive Landscape
Major players operating in the global freeze-drying equipment market include, 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 OPERON.
Global Freeze-drying Equipment Market: Key Developments
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in March 2020, Telstar launched LyoQuest Arctic, a bench-top environmentally friendly lab freeze-dryer, which operates with natural gases composed by R-170 (Ethane) and R-290 (Propane).
Major players in the market are also focused on adopting various marketing strategies to enhance their market share. For instance, in July 2019, IMA Life The Netherlands B.V participated in the 2019 Pre-Filled Syringes & Auto-Injectors Forum in La Jolla, California, U.S.
Freeze-drying Equipment are used maintain physical state, and chemical properties of substances such as pharmaceuticals. Freeze-drying is also defined as lyophilization where low temperature is used for freezing the product. Increasing research and development for production of biologics along with rapidly increasing pharmaceutical sector is expected to propel the growth of the market during the forecast period. Furthermore, increasing product launch and adoption of expansion strategies from major players operating in the market is also expected to assist the market growth..
Key features of the study:
Detailed Segmentation:
*Browse 22 market data tables and 14 figures on “Freeze-drying Equipment Market - Global forecast to 2027”.
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