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(Health-NewsWire.Net, September 03, 2021 ) The Key Growth Elements in Detailed?
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.
Worldwide Growth Opportunities in Terms of Revenue:
The Global Freeze-Drying 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.
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.
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Regional Growth, Development and Demand Analysis:
The freeze-drying/lyophilization equipment market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2019, the Asia Pacific accounted for the largest share of 34.6% of the market and is projected to register the highest CAGR of 10.4% during the forecast period. The large share of the Asia Pacific regional segment can be attributed to the rising number of investments in this region, growth in R&D expenditure, and geographic expansion of lyophilization equipment companies in this region. Moreover, the presence of major players in the lyophilization market in the APAC region and the expansion of the manufacturing units of leading pharma companies in this region is expected to boost the market growth in this region in the forecast period.
Major Key Players Mentioned in the research report are:
Some of the prominent players in the Lyophilization 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).
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Recent Developments in Freeze-Drying Equipment 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.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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