Portland, OR, Oct. 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global lyophilization equipment market was estimated at $5.01 billion in 2020 and is expected to hit $10.61 billion by 2030, registering a CAGR of 7.80% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in demand for lyophilized products and preserved food, rise in production of protein-based drugs, and injectable and biopharmaceuticals in biopharmaceutical companies drive the growth of the global lyophilization equipment market. On the other hand, surge in utilization of alternative drying techniques, high setup and maintenance cost of freeze-drying equipment, and strict regulatory guidelines along with lack of skilled workforce restrain the growth to some extent. However, rise in contract lyophilization and manufacturing services is expected to create lucrative opportunities in the future.
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Impact of COVID-19 on Lyophilization Equipment Market-
- There’s been a steep increase in demand for lyophilization equipment as lyophilization technique is used by researchers for Sars-CoV-2 virus vaccines such as mRNA-LNP SARS-CoV-2 formulations to improve the stability of the doses.
- This trend is most likely to continue post pandemic as well.
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The global lyophilization equipment market is analyzed across modality, scale of operation, application, and region.
Based on modality, the accessories segment accounted for more than half of the total market share in 2020, and is projected to rule the roost by the end of 2030. The same segment would also cite the fastest CAGR of 8.10% throughout the forecast period.
Based on scale of operation, the industrial segment contributed to more than two-thirds of the total market revenue in 2020, and is expected to lead the trail by 2030. The same segment would also grow at the fastest CAGR of 8.10% from 2021 to 2030.
Based on geography, Asia-Pacific held the major share in 2020, garnering more than one-third of the global lyophilization equipment market. The same region would also cite the fastest CAGR of 9.00% by 2030. The other three provinces discussed in the report include North America, Europe, and LAMEA.
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The key market players analyzed in the global lyophilization equipment market report include Thermo Fisher Scientific, Inc., Azbil Telstar SL (Azbil Corporation), GEA Group, Labconco Corporation, Millrock Technology Inc, Zirbus Technology GmbH, Biopharma Process Systems Ltd., Harbour Group Industries (SP Industries), LTE Scientific Ltd, and Martin Christ Gefriertrocknungsanlagen GmbH. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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