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(Health-NewsWire.Net, April 13, 2021 ) The study involved four major activities for estimating the current size of the Freeze-Drying Equipment Market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets. The next step focused on validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Revenue Share Analysis, Parent Market and top-down approaches were employed to estimate the complete market size.
According to the new market research report “Freeze-Drying/ Lyophilization Market by Type (Tray, Shell, Manifold), Scale of operation (Industrial, Lab, Pilot), Application (Food, Pharma & Biotech), Accessories (Loading & Unloading, Monitoring, Vacuum Systems, Drying Chambers) – Global Forecast to 2025” published by MarketsandMarkets™, the global lyophilization equipment market is projected to reach USD 7.3 billion by 2025 from USD 4.9 billion in 2020, at a CAGR of 8.2% from 2020 to 2025.
The increasing demand for food preservation, rapid growth in contract manufacturing and lyophilization services across the world, rising demand for lyophilized products (especially for the manufacturing of new biologic drugs and injectable formulations), and the technological advancements in lyophilization methods are the major factors driving the growth of this market. On the other hand, the increasing utilization of alternative drying techniques in the pharmaceutical and biotechnology industries and failure to meet the cGMP regulatory guidelines set by regulatory bodies (resulting in recalls of lyophilized products) are expected to restrain the growth of this market during the forecast period
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Growth Opportunities: Loss of patent protection of several biologics;
The biologics market is one of the major contributors to the growth of the freeze-drying market in the healthcare industry. Biosimilars are expected to drive the growth of the biotechnology industry in the next decade. This is because several key biologics are expected to lose their patent in the coming years.
An increasing number of biosimilars are being developed in the market as a cost-effective alternative for biopharmaceutical medications for chronic disorders. The growing R&D and emergence of biosimilars will drive the market for the lyophilization of biologics and biopharmaceutical products. In recent years, over 30% of US FDA-approved parenterals were lyophilized drugs. Soon, more than half of all injectable drugs will require lyophilization, which will further create the demand for lyophilization solutions in the pharmaceutical industry.
Leading Key-Players:
Some of the prominent players in Freeze-Drying Equipment Market are GEA Group (Germany), Azbil Corporation (Japan), Shanghai Tofflon Science Technology Co., Ltd. (China), IMA S.p.A. (Italy), SP Industries, Inc. (US), HOF Enterprise Group (Germany), Labconco Corporation (US), Martin Christ Gefriertrocknungsanlagen GmbH (Germany), Millrock Technology, Inc. (US), and OPTIMA Packaging Group GmbH (Germany).
IMA S.p.A. (Italy) was the leading player in the global lyophilization equipment market. IMA is a global leader in the freeze-drying sector and has maintained its leading position in the market through a strong distribution network across North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company offers an exhaustive product portfolio, which includes laboratory-scale, pilot-scale, and production-scale freeze dryers, as well as loading and unloading systems and other accessories.
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Recent Developments in Freeze-Drying Market:
- In 2020, Azbil Corporation (Japan) announced the launch of Bench-top laboratory freeze dryer—Lyoquest Arctic.
- In 2020, Martin Christ Gefriertrocknungsanlagen GmbH (Germany) entered into a collaboration with Elementar Americas (US). In this collaboration, Martin Christ will be the sales, service, and support partner of Elementar Americas and provide its product portfolio throughout the US.
- In 2019 , SP Industries (US) announced the launch of freeze drueres series named LyoConstellation.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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