by The freeze-drying equipment market is growing rapidly as the process of lyophilization helps preserve the therapeutic and nutritional values of sensitive products like food, pharmaceuticals, and biologic materials. Freeze-drying equipment involve controlled freezing of the product and subsequent sublimation of ice under vacuum. This process makes the product highly porous yet in powder or cake form making storage and transportation easier without refrigeration and helps extend shelf life up to several years. The dried product can be reconstituted to its approximate original form by addition of appropriate solvent.
Global freeze-drying equipment market is estimated to be valued at US$ 45,313.5 million in 2023 and is expected to exhibit a CAGR of 10.8% during the forecast period (2023-2030).
Key Takeaways
The Freeze-drying Equipment Companies are SP Industries, Azbil Telstar, GEA, IMA, Labconco, Thermo Fisher Scientific, PDFD, Tofflon, HOF Enterprise Group, and MechaTech Systems.
Growth in the pharmaceutical and biotechnology industries is fueling demand for freeze-drying equipment as it allows transportation and storage of temperature and moisture-sensitive drugs and high voltage equipment market and vaccines without refrigeration. The growing demand for convenience food is also propelling the freeze-drying equipment market.
Asia Pacific region represent major opportunities for players as COVID-19 pandemic has accelerated vaccine and drug development activities in the region. Moreover, increasing focus on expanding pharmaceutical manufacturing capabilities by countries like China, India is anticipated to boost regional freeze-drying equipment market.
Market key trends
The growing adoption of single-use Freeze-drying Equipment Market Trend is a key in the market. Single-use freeze-driers are cost-effective and help avoid cross-contamination risks. Pharmaceutical companies are increasingly adopting single-use freeze-driers for manufacturing vaccines and therapeutics. Moreover, manufacturers are focusing on continuous freeze-drying to enhance efficiency and increase production capacity. For example, SP Scientific launched the continuous vacuum belt freeze-dryer to reduce freeze-drying cycles and costs.
Porter’s Analysis
Threat of new entrants: High capital requirement and presence of few well established brands act as entry barriers.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and price sensitivity.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute components.
Threat of new substitutes: Threat is moderate as freeze drying is preferred for heat sensitive products but other preservation methods are used.
Competitive rivalry: Intense competition among key players to gain higher market share by expanding product portfolio and improving product quality.
The United States currently dominates the freeze-drying equipment market in terms of value. This can be attributed to the large food processing industry and availability of advanced manufacturing facilities in the country. The pharmaceutical industry is also a major contributor to market growth in the US.
The Asia Pacific region is expected to witness the fastest growth during the forecast period. This is mainly due to rising pharmaceutical manufacturing in countries such as India and China. Growing health awareness and increasing demand for nutritious and durable food products are supporting the adoption of freeze-drying technology in the Asia Pacific region.
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*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
About Author - Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn
