NEWARK, Del, Jan. 04, 2023 (GLOBE NEWSWIRE) -- According to a recent FMI report, the global freeze drying equipment market is expected to grow at a CAGR of 7.1% from 2023 to 2033. The freeze drying equipment market size is projected to grow from US$ 4,331.0 Mn in 2023 to US$ 8,599.7 Mn by the end of 2033.
One of the key factors that is most likely to boost the market during the anticipated period is the growing use of freeze drying equipment in surgical procedures, leather preservation, and flower preservation. Increased consumer demand for custom-made food products has also fueled a boom in the use of freeze drying equipment in the food processing sector. Rapid urbanisation and a rise in the popularity of preserved foods are also driving a demand for freeze drying equipment.
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Freeze-drying has evolved into the industry standard for pharmaceutical preservation and storage in both the biotechnology and pharmaceutical industries. Additionally, freeze dryers are used in the pharmaceutical industries to cool a variety of items. They require a high-pressure vacuum in order to remove water vapor.
Furthermore, since sensitive pharmaceuticals and delicate biological products are dried at moderate temperatures during this process, the physical structure of the medications is preserved. These processed materials are also used to create antibodies and immunisations for emergencies.
The military and defence sector is expected to use freeze drying equipment extensively. On the battlefield, freeze-dried plasma is becoming more and more common. Military medical personnel utilized conventional blood products in the past to treat injured personnel during emergencies. It took a long time since extra equipment like refrigerators was needed. Plasma, on the other hand, can be utilized easily to heal wounds prior to evacuation since it is frozen.
Key Takeaways from the Freeze Drying Equipment Market Study:
- During the historical period from 2018-2022, the global freeze drying equipment market exhibited steady growth at a CAGR of 5.4%.
- The freeze drying equipment market in the U.S. is estimated to be worth about US$ 1,060.2 Mn and hold nearly 68% of share in North America during 2023-2033.
- In the next ten years, it is expected that the U.K. will create an absolute dollar opportunity of US$ 366.8 Mn in the Europe freeze drying equipment market.
- China freeze drying equipment market is set to be worth over US$ 304.9 Mn, accounting for 32% of the Asia Pacific market share by 2033.
- The freeze drying equipment market is expected to rise at a CAGR of 7.1% during the forecast period.
“Increasing need for lyophilization and contract manufacturing services across the globe is projected to bode well for the global freeze drying equipment market in the next ten years. Besides, demand for lyophilized products is set to grow at a fast pace in the next decade as these are extensively used for the manufacturing of new injectable formulations and biologic drugs,” says a lead analyst at Future Market Insights.
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Competitive Landscape: Freeze Drying Equipment Market
Key players operating in the global freeze drying equipment market are ROKK Processing Ltd, Tetra Pak Processing Equipment Clextral, GEA Group, Buhler AG, N.P. & Company, Inc., and Kiremko B.V. among others.
North America currently holds the largest market share, and this region is expected to continue to expand during the projection period. This can primarily be attributed to the region's growing population and rising disposable income levels of consumers. Furthermore, the North America freeze drying equipment market is expected to grow at a fast pace in the next ten years due to the presence of a favorable legal and regulatory environment.
Get Valuable Insights into Freeze Drying Equipment Market
FMI, in its new offering, provides an unbiased analysis of the freeze drying equipment market presenting historical demand data (2018-2022) and forecast statistics for the period from (2023-2033). The study divulges compelling insights on the demand for freeze drying equipment market based on product type (bench top freeze dryers, laboratory freeze dryers, mobile freeze dryers, general purpose freeze dryers, industrial freeze dryers, others), application (biotechnology, pharmaceuticals, food processing, surgical procedures, others), and regions.
Freeze Drying Equipment Market Outlook by Category
By Product Type:
- Bench Top Freeze Dryers
- Laboratory Freeze Dryers
- Mobile Freeze Dryers
- General Purpose Freeze Dryers
- Industrial Freeze Dryers
- Others
By Application:
- Biotechnology
- Pharmaceuticals
- Food Processing
- Surgical Procedures
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Product launches & Recent Developments
3.4. Product Life Cycle Analysis
3.5. Value Chain Analysis
3.6. Global Market - Pricing Analysis
3.7. Forecast Factors - Relevance & Impact
3.8. Regulatory Landscape
3.9. Regional Parent Market Outlook
3.10. Consumers Survey Analysis
3.11. Macro-Economic Factors
3.12. Product Claims & Nutritional Information Scan by Buyers
4. Global Market Analysis 2018-2022 and Forecast, 2023-2033
4.1. Historical Market Size Value (US$ Mn) & Volume (MT) Analysis, 2018-2022
4.2. Current and Future Market Size Value (US$ Mn) & Volume (MT) Projections, 2023-2033
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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