Freeze Drying Equipment Market 2021 Growth Opportunities, Driving Factors by Manufacturers, Regions, Type and Application, Forecast Analysis to 2030

Market Introduction

The global freeze drying equipment market held a market value of USD 1,945.60 Million in 2020 and is forecasted to reach USD 3,356.08 Million by the year 2027. The market is anticipated to register a CAGR of 8.1% over the projected period. The market volume is projected to reach about 575,750 Units by 2027.

Freeze drying equipment also known as lyophilization equipment helps in the water removal process, typically adopted for the preservation of perishable goods. It extends the shelf life and prepares material for transportation. The market is anticipated to be driven by the rising demand for freeze-drying of new biologic drugs and injectable formulations. Furthermore, the increasing contract manufacturing & lyophilization services, coupled with the rising adoption of freeze-drying technology for delicate and sensitive materials of high value are also expected to boost the market growth. 

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The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while otherI private revenues accounted for 7.5%.

This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth. 

Despite the driving factors, stringent government regulations & policies coupled with the high cost of the freeze-drying technique are estimated to negatively hamper the market growth. The rising utilization of alternative drying techniques, especially in the pharma and biotech sector is also expected to restrain the market growth. During the COVID-19 pandemic, the market experienced a negative impact due to challenges in the supply chain and manufacturing. 

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Growth Influencers:

Increasing demand for freeze-drying of new biologic drugs and injectable formulations

Biologics are complex and need to be processed as well as stored under strict quality control guidelines. They need specialized conditions for preserving the integrity of the drugs activity. According to an article by PCI Synthesis, as of August 2019, about 16% of the top 100 drugs are lyophilized. As per the same source, the percentage of lyophilized biological drugs is more than 35%. Such rising demand for freeze-drying of new biologic drugs and injectable formulations is expected to boost market growth.

Increasing contract manufacturing and lyophilization services

Lyophilization services are adopted by biopharmaceutical companies for keeping their APIs and drugs sterile. Also, these companies adopt 2 ways for bringing their drugs to market. One of these ways is contract manufacturing. Contract manufacturing organizations require freeze-drying equipment for the transportation of the drugs. Therefore, the rising adoption of lyophilization services and contract manufacturing organizations is expected to boost market growth.

Segments Overview:

The global freeze drying equipment market is segmented the equipment type (form factor), scale of operation, capacity, and application.

By Equipment Type (Form Factor),
Bench-top freeze-dryers
Tray-style freeze dryers
Manifold freeze dryers
Rotary freeze dryers
Mobile freeze dryers
Parts & Accessories
The tray-style freeze dryers segment is anticipated to hold the largest share of about 37% owing to the increasing demand for contract lyophilization and manufacturing services. The parts & accessories segment is expected to grow at the fastest CAGR of around 8.2%.

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By Scale of Operation,
Industrial freeze dryers
Commercial freeze dryers
Laboratory freeze dryers
Pilot-scale freeze dryers
The industrial freeze dryers segment is expected to hold the largest market share and is expected to surpass a volume of 314,000 units by 2025. This is because of the high standard of quality provided by the industrial-scale lyophilization equipment. The laboratory freeze dryers segment is estimated to witness the fastest growth rate of around 9.1% during the forecast period.

By Capacity,
1000 kg
The

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This release was published on openPR.