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Freeze Drying Equipment Market Is Expected To Demonstrate A High Cagr Between 2019-2023
Freeze Drying Equipment Market Insights
Market reports associated with healthcare has been presented by Market Research Future, which states that the global freeze drying equipment market has recorded a CAGR of 8.9% for its growth in the forecast period. The market held a valuation of USD 2.2 billion in 2018 and is now projected to increase in the coming years.
The freeze-drying equipment is widely used for the prevention of heat-sensitive biological materials, pharmaceuticals, food, and others. The market has been on the verge of expansion due to factors such as the rapid increase of the food processing and pharmaceutical industries, rising awareness about various benefits of the product, such as enhanced efficiency about desiccant drying and air-drying has bolstered the growth of the market remarkably.
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Market Drivers & Trends
The driving factors for the global freeze drying equipment market growth are increasing awareness regarding various benefits of the freeze-dried product, such as enhances efficiency regarding desiccant drying. Apart from this, the rising usage of freeze-drying equipment in surgical procedures is also positively affecting the development of the market during the forecast period.
The global freeze drying equipment market growth is also expected to observe a significant increase over the assessment period owes to its surge in the use of leather preservation as well as flower preservation. In addition to this, the freeze-drying equipment is also found in the increasing usage of food processing due to the growing preference of consumers towards the custom-built food industry. Furthermore, other factors such as growing urbanization and surging consumption of preserved food are also fueling the demand for freeze-drying equipment, which in turn is, emphasizing to the growth of the global freeze drying equipment market rapidly.
Currently, freeze-drying is the standard procedure that is used in the biotechnology and pharmaceutical industries to stabilize and store drug products efficiently. Furthermore, freeze dryers in the medical industries are also being used extensively to lower the temperature of products. They involve the process of applying a high-pressure vacuum for extracting water in the form of vapor. These factors are possibly catering to the development of the market substantially and are expected to go ahead mainly in the foreseen period.
Freeze Drying Equipment Market Key Market Players
Tofflon, GEA Group Aktiengesellschaft, Labconco, Azbil Corporation, Biopharma Process Systems Ltd, Cuddon Freeze Dry, Hosokawa Micron Group, Freeze Drying Systems Pvt. Ltd, Thermo Fisher Scientific Inc., Millrock Technology, Inc., ZIRBUS technology GmbH, SP Scientific, LTE Scientific Ltd, Hitachi, Ltd, MechaTech Systems Ltd are some of the well-known players in the global freeze drying equipment market.
Freeze Drying Equipment Market Segmentation
The segmentation process for the global freeze drying equipment market has been done by type, application, and end-user.
By type: Benchtop freeze dryers, laboratory freeze dryers, mobile freeze dryers, general-purpose freeze dryers, industrial freeze dryers, and others are the segments.
By application: Biotechnology, pharmaceuticals, surgical procedures, and others are the segments.
By end-user: Pharmaceutical companies, biotechnology companies, hospitals, and others are the segments.
Freeze Drying Equipment Market Regional Outlook
Regionally, the global freeze drying equipment market has covered the regions into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas has been anticipated to lead the global freeze drying equipment market due to the new product development and mounting investment in research and development for innovation in the region.
Europe is next expected to be the second-largest position in the global freeze drying equipment market attributed to the incidence of strong academic & research base and availability of funding for research in the European countries. On this context, the European Research Council (ERC) grants for technological and scientific research conducted within the European Union (EU).
On the other hand, the freeze-drying equipment market in Asia-Pacific region is also labeled to be the fastest-growing due to countries like China, Japan, Republic of Korea, India, Australia, and Rest of Asia-Pacific. These countries have observed a shift of pharmaceutical companies to countries such as India and China, which are low-cost manufacturing regions. In the last, the Middle East & Africa has the lowest share of the global freeze drying equipment market. However, with the time, the Middle East region is observing a steady growth in the market due to the escalating government initiatives for the healthcare sector.
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