Press release
Freeze-Drying Equipment Market: Competition to Intensify with Further Investments from Manufacturers
Lured by the promise of growth, which is in part due to the dearth of stifling rules and regulations, manufacturers are investing heavily in the industry. This is slated to further up the competition in the near future. On account of being a capital intensive industry, aspiring players find it difficult to enter the market. However, existing players from substitute markets such as air dryer equipment manufacturers may find it easy to tap into the market’s potential.
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The global market for freeze-drying equipment generated a revenue of US$20.048 bn in 2015. The amount is slated to reach US$30.098 bn in 2019.
North America Dominates Market due to Robust Industrial Activities
Product-wise, the industrial freeze-drying equipment has accounted for almost half of the market share so far and going forward, it is slated to retain its stronghold despite losing its share marginally. The product segment generated a revenue of US$8.92 bn in 2015. The next two highest grossers are laboratory freeze-dyers and benchtop freeze-dryers. They have raked in significant revenues due to their rising applications in biological research and development activities. They are slated to hold on to their market share in the foreseeable future too.
Geographically, North America holds a dominant position in the global freeze-drying equipment market due to it being a hotbed of industrial activities. It is predicted to hold on to its market share in the upcoming years too. In 2015, the North America market was worth US$6.92 bn. Europe comes in the second position followed by Asia-Pacific and the Rest of the World. In the near future, Asia Pacific is anticipated to up its market share slightly on account of the swift pace of industrial development in the region and major market players investing in it.
Steep Cost of Deploying Free Drying Equipment Hinders Growth
Freeze-drying finds application in removing water from products so that they can be preserved with least chances of damage. This is particularly helpful for pharmaceutical products with a short self-life. Medications, antibiotics, sera, vaccines, diagnostics, and protein containing products are a few pharmaceutical products that are freeze-dried for longer shelf-life. So far, the burgeoning pharmaceutical industry has been at the forefront of driving demand in the global freeze-drying equipment market. Another factor driving growth in the market is the pressing need for preserving food over longer time periods of time.
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Countering the growth in the global market for freeze-drying equipment is the comparatively high setup cost which has negatively impacted the demand from certain application segments. “Modern freeze-dryers utilize microprocessor controls, display units, PLC controls, manifolds, shelves and external condensers which are costly, making the equipment relatively more expensive than their conventional counterparts. Hence, freeze-dried food and pharmaceutical products are indirectly affected and their final pricing is ultimately higher than products dried using conventional techniques,” explains the analyst of the report.
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