The global freeze drying equipment market size is estimated to reach USD 2.77 billion, by the end of 2025, and is projected to grow at a CAGR of 8.7% over the forecast years, 2019 to 2025. The launch of new biological drugs and injectable formulations coupled with rising demand from the food industry is boosting the market growth. In addition, growing biotechnology sector and rising focus on emerging market by pharmaceutical companies are also supporting market growth.
Furthermore, the increasing focus of biotechnology participants on drying equipment across Latin America, and Asia Pacific is driving market growth. In addition, the development of vaccine & bio similar product in developed and developing countries is projected to positively impact on market growth. Key players in the global market engage in the strategic acquisition of small manufacturers to gain an edge over their competitors.
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Mobile freeze dryers are projected to register significant growth over the next few years mainly due to easy portability options. Moreover, this equipment helps to maintain the quality structure of the product over a longer duration. Thus, increasing need for storage applications in the biotechnology sector is expected to offer potential growth opportunities for growth of the freeze-drying equipment market. In the food industry, drying equipment help in food preservation and extending the shelf life of food.
However, high maintenance & set up costs may restrain market growth. Moreover, the rising demand for refurbished systems in the pharmaceutical industry is also expected to hamper the market growth. On the other hand, key manufacturers focus on launching new products through technological innovation to capture a larger market share.
Further key findings from the report suggest:
• Based on product, mobile freeze type dryers are estimated to grow at a fastest CAGR over the forecasted period.
• Biotechnology application segment is projected to foster the demand for freeze-drying equipment over the forecasted period. This growth is contributed by factors such as product stabilization, high temperature tolerance.
• Asia Pacific is anticipated to expand at the fastest CAGR of over 11.5% from 2019 to 2025.
COVID-19 Impact Analysis
The outbreak of COVID-19 has negatively impacted the global freeze-drying equipment market. Global spread of COVID-19 is projected to hamper the market growth for the short term. Volatility in the supply of raw material and lockdowns have caused a slowdown in the production of drying equipment.
Rising demand from pharmaceutical industries for the preservation of drugs is expected to proliferate the demand for freeze-drying type products in the next few years. Industrial equipment manufacturers are facing challenges owing to supply chain disruption and the shutdown of factories. However, the market is projected to grow at a rapid pace once the coronavirus situation is normalized.
Global Freeze Drying Equipment Market : Key Players
Azbil Corporation, Tofflon Science and Technology Co. ltd, Labconco Corporation, and GEA Group.
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