Freeze drying equipment: Key market research findings
- APAC dominates the market geographically
- Tray style freeze dryers account for a majority of the market’s revenue
- Key vendors – Cuddon Freeze Dry, GEA Group, Millrock Technology, and SP Industries
Market research analysts at Technavio predict the global market for freeze drying equipment to grow at a CAGR of around 7% between 2016 and 2020. The growth of the market is fueled by the augmented demand for contract manufacturing in the pharmaceutical industry. Rising health problems across the globe are prompting governments to invest heavily in the healthcare sector, leading to substantial growth of the pharmaceutical sector. The global freeze drying equipment market was dominated by APAC in 2015 by accounting for more than 33% of the overall market revenue. Rising disposable incomes in emerging economies in the region will aid in the growth of the freeze drying equipment market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the freeze drying equipment market based on the product type.
“The introduction of smart freeze dryers are among the latest developments in the freeze drying equipment market. These dryers offer increased reliability and affordability and are also cost-effective. Smart freeze dryers are capable of facilitating, planning, validation, and documentation, apart from significantly reducing delivery times. GEA and SP Scientific are some of the vendors in market who currently supply smart freeze dryers in the market,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
During 2015, the tray style freeze dryer segment accounted for almost 53% of the overall market share to become the dominant shareholder in the global freeze drying equipment market. Tray style freeze dryers are used to produce the driest products for long-term storage. This type of dryer freezes the product in place through the facilitation of both primary and secondary freeze drying to produce the driest possible end-product. These dryers can be used to dry products in bulk, vials, or other containers.
The key vendors in the global freeze drying equipment market include Cuddon Freeze Dry, GEA Group, Millrock Technology, and SP Industries. Corporations and businesses are able to venture into the freeze dryer equipment market without having to meet too many stringent standards and regulations. The high initial cost and overall expense involved in the freeze drying process are some of the key challenges faced by manufacturers. This has created opportunities for the coexistence of a parallel market for refurbished equipment. A sizeable market with several vendors offering pre-owned equipment for refurbished freeze drying equipment is currently existent.
A more detailed analysis is available in the Technavio report, Global Freeze Drying Equipment Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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