The global freeze drying equipment market size is anticipated to reach USD 2.77 billion by 2025, according to a study conducted by Grand View Research, Inc., progressing at a CAGR of 8.7% during the forecast period. Introduction of new injectable formulations and biologic drugs along with upswing in the demand for custom-built food industry have bolstered market growth. Furthermore, the market is also driven by expansion of the biotechnology industry and growing focus of pharmaceutical manufacturers on emerging markets.
Growing interest of biotechnology industry participants in freeze drying equipment in regions such as Asia Pacific and Latin America is projected to drive the market. Additionally, development of biosimilar and vaccines in developing regions and shift of various biopharmaceuticals manufacturing industries from developed to developing regions is poised to drive the market in these regions. Additionally, various key players are aiming towards marking their market presence by acquiring small scale equipment manufacturers present in developing countries to gain a competitive edge. This is also stoking the growth of the market.
Furthermore, mobile freeze dryers are poised to witness significant growth over the forecast period owing to their portability & ease of use. Additionally, these products maintain original structure & quality of products for prolonged duration. Thus, the market is likely to witness lucrative growth in the biotechnology sector due to increasing demand for storage of umbilical cords which are further used in surgeries. Moreover, food processing is expected to be one of the major application areas since freeze drying equipment preserve & extend shelf life and makes food products convenient to transfer.
However, higher set up & maintenance cost is estimated to hinder market growth. Increasing demand from various biotechnology and pharmaceutical companies for refurbished systems is anticipated to restraint market growth. Additionally, key players are engaged in introducing innovative products in the market to maintain their market presence and shares. Thus, introduction of new technologies and innovations is projected to boost the growth of the market.
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Further key findings from the report suggest:
- Mobile freeze dryers are likely to emerge as the fastest-growing segment over the forecast period owing to their efficiency of reducing moisture
- The biotechnology industry is expected to be the most promising application segment during the forecast period. The growth of the segment can be attributed to benefits offered by the product such as reduced water fraction, high temperature tolerant, and product stabilization
- Asia Pacific is estimated to register the highest CAGR of 11.5% over the forecast period owing to presence of various biotechnological & pharmaceutical industries in countries including India and China
- The market is highly consolidated with presence of several well-established players. Key companies include Tofflon Science and Technology Co., Ltd, GEA Group, Labconco Corporation, and Azbil Corporation. Collaborations and mergers are key growth strategies undertaken by market players to sustain competition