February 25, 2024

Rising adoption of freeze-drying process in pharmaceutical industry to drive growth of freeze-drying equipment market

The global 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 or lyophilization is a process of preserving thermolabile materials by removing water content from it after freezing. Freeze-drying equipment is used in this process for dehydrating product with the help of low temperatures and vacuum pressure. The process is majorly adopted in pharmaceutical and biotech industries for stabilizing temperature-sensitive drugs and vaccines without compromising on their efficacy. Freeze-drying gives long term stability to the product by preventing hydrolysis and oxidation reactions. It also helps in retaining the appearance, texture, taste and potency of the product.

Market key trends:
One of the major trends in freeze-drying equipment market is the increasing adoption of modular equipment. Modular freeze-dryers allow addition of components as per requirement which provides increased flexibility and scalability to the pharmaceutical manufacturers. Companies are focusing on launching technologically advanced modular platforms to cater growing demand from pharmaceutical industry players. For instance, Millrock Technology offers modular freeze-dryers that can be scaled up by combining multiple modules as per process requirements.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established supply networks create low barriers to entry in this market. However, major players have significantly large installed bases and supply chain partnerships.

Bargaining power of buyers: Buyers have moderate to high bargaining power due to the availability of substitutes and undifferentiated products. Their price sensitivity and demand for quality influence suppliers.

Bargaining power of suppliers: Key components suppliers have moderate bargaining power due to the availability of substitutes and less differentiation in components. Suppliers face low switching costs.

Threat of new substitutes: Threat of substitutes is moderate as food and pharmaceutical industries have adopted alternative preservation techniques like refrigeration and aseptic processing.

Competitive rivalry: The market is highly competitive with major global players having wide geographic presence. Players focus on new product launches and technological innovations.

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 freeze-drying from food & beverage and pharmaceutical industries.

Regional analysis: North America dominates the market and is expected to continue its dominance during the forecast period owing to presence of major players in US and focus on R&D. Asia Pacific exhibits highest growth rate due to increasing production of medicines and food products in China and India.

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 DARA,and other prominent players. Key players focus on enhancing their product portfolios and expanding regional presence through collaborations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it