Global Freeze-drying Equipment Market, by product type (laboratory freeze-drying equipment (benchtop freeze-dryers, mobile freeze-dryers, industrial freeze-dryers), by application (food processing, pharmaceuticals, and surgical procedures, biotechnology, others(including Leather Conversation, Flower Preservation etc.)), and by region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 45,313.5 Million in 2023 and is expected to exhibit a CAGR of 10.8% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing inorganic strategies such as product launches by the key market players is expected to drive the market over the forecast period. For instance, in March 2022, GEA Group Aktiengesellschaft, a food & bevarages manufacuturing corporation, announced the launch of spiral freezer ProEdge Drive at International trade fair for the meat industry, in Frankfurt (IFFA), Germany.
Global Freeze-drying Equipment Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic impacted the entire supply chain of the healthcare industry, mainly due to strict lockdowns in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic. For instance, in April 2021, a news published by Labmate Online., a multi media publisher and events organizer, stated that 2020 was a challenging year in the field of freeze drying/lyophilisation, due to the increase in demand and timelines required to get products to the market, which was specifically prevalent across the diagnostic and pharmaceutical, vaccine, antibody, and blood product sectors etc.
Furthermore, healthcare providers were facing challenges such as lack of additional manpower, equipment, consumables, and other resources that were required to ensure safety in hospitals, and to provide treatment to patients with other diseases. This negatively impacted the overall healthcare market.
During the COVID-19 pandemic, global freeze-drying equipment market was significantly impacted due to increasing demand of drugs in the market. Furthermore, with the sudden outbreak of the coronavirus disease (COVID-19), and the urgency of testing, which incrases demand of freeze-drying equipment to encounter the demand for diagnostic kits, and others.
Global Freeze-drying Equipment Market: Key Developments
Key market players are adopting strategies such as product launch for fulfilling the needs of its customer. For instance, in March 2022, ZIRBUS technology GmbH, one of the freeze-drying equipment manufacturing company, launched four large plants for a customer in Italy, which are the first of 4 freeze dryers Sublimator 500-22, which is about to commissioned.
Increasing demand in the food and beverages in the market is expected to grow the global freeze-drying equipment market over the forecast period, for instance, in March 2021, a news posted in the Bell Publishing., an independent, family-owned company, which used to publish international magazines and organising events, stated that Diana Morris, country manager for European Freeze Dry, which provides range of freeze-dried products and services, said that the vegan market is rapidly expanding as more people are seeing the benefits of following a plant-based diet, which increasing the dried food demand.
Browse 22 Market Data Tables and 18 Figures spread through 178 Pages and in-depth TOC on “Global Freeze-drying Equipment Market”- Forecast to 2030, by Product type (Laboratory Freeze-drying equipment, benchtop freeze-dryers, mobile freeze-dryers, industrial freeze-dryers, general pupose freeze-dryers) by Application (Food Processing, Pharmaceuticals, Surgical Procedures, Biotechnology, others(including Leather Conversation, Flower Preservation etc.)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/freeze-drying-equipment-market-1876
Key Takeaways of the Global Freeze-drying Equipment Market:
- Increasing healthcare expenditure, and the emergence of biologics & biosimilars is expected to drive the market growth. According to the European Union (EU), France (12.2%) and Germany (12.8%) had the greatest healthcare expenditure relative to GDP in 2020, among EU Member States. Furthermore, the presence of a favorable regulatory environment, and reimbursement policies are projected to promote pharmaceutical product demand, that leads to the expansion of the global freeze-drying equipment market.
- Among region, North America is expected to be the dominant region in the global freeze-drying equipment market, owing to increasing technological advancement by key market players, in order to expand their product portfolio and strengthen their market presence, and this is expected to drive the market growth over the forecast period. For instance, in May 2021, SP Industries, a life science equipment manufacturer announced one of the largest simultaneous installation of commercial lyophilizers, which is going to used in the production of diagnostic tests.
- Major players operating in the global freeze-drying equipment market include, 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, SL, and other prominent players
