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Lyophilization Equipment and Services Market is set to garner staggering revenues by 2024
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The lyophilization market is estimated to grow from a value of US$2.7 Bn in 2013 to US$4.8 Bn by 2020. Developing healthcare sector in emerging economies and introduction of new technologies is projected to boost the market at an 8.50% CAGR from 2014 to 2020.Lyophilization equipment includes tray lyophilizers, freeze drying microscopes, bench-top lyophilizers, and rotary lyophilizers. Accounting for a share of over 45.0% in 2013, tray lyophilizers dominated the market driven by long-term stability of pharmaceutical products and growing use in large-scale production systems. Lyophilization services include aseptic filling, cycle development, and bulk lyophilization. Bulk lyophilization is the largest and the most rapidly developing service segment and is projected to expand at a 6.50% CAGR from 2014 to 2020.
Lyophilization equipment and services find application in several industries including biopharmaceuticals, nutraceuticals, pharmaceuticals, and diagnostics. The demand for lyophilization equipment and services from the pharmaceutical industry was the highest in 2013 owing to its significant role in the manufacturing division.
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The worldwide market for lyophilization equipment and services is segmented on the basis of geography into North America, Latin America, Europe, Asia Pacific, the Middle East, and Rest of the World. Europe dominated the global market in 2013, driven by a number of factors such as increase in number of clinical trials, presence of skilled workforce, and development of advanced technologies to enhance product portfolio.
Asia Pacific, on the other hand, is anticipated to be the fastest developing regional segment of the lyophilization equipment and services market. The rapid growth in the region can be attributed to rising adoption of novel technologies, favorable government policies, fast-growing consumer market, presence of skilled labor, and growing scope of contract manufacturing activities in countries such as India, Thailand, China, Malaysia, and Vietnam.
The vendor landscape of the lyophilization equipment and services market is immensely fragmented owing to the presence of several emerging and established biopharmaceutical companies. The leading players contributing towards the growth of the global lyophilization equipment and services market include Irvine Pharmaceutical Services, Biopharma Technology, Ltd., Lyophilization Technology, Inc., Azbil Telstar, S.L., ZIRBUS Technology GmbH, W.L. Gore & Associates, Inc., Aseptic Technologies, BioPharma Solutions, SP Scientific, LSNE Contract Manufacturing, and Thermo Fisher Scientific, Inc. These vendors are analyzed on the basis of company overview, financial standing, recent developments, business strategies, and product portfolio.
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