Key Players are Tofflon Science and Technology Co., Ltd.(China), IMA S.p.A.(Italy), GEA Group (Germany), Azbil Corporation (Japan), SP Industries Inc. (U.S.), Labconco Corporation (U.S.), Optima Packaging Group GmbH (Germany)
(PRWEB) February 27, 2015
Lyophilization has important applications in the pharmaceutical and biotechnology industry and is used as a standard process to stabilize, store and increase the shelf life of drug products and other biological molecules such as vaccines, antibodies, proteins, enzymes, hormones, blood plasma and bacteria-derived compounds without affecting their physical structure. The global freeze drying market was valued at $1,969.7 million in 2014 and is expected to reach at $2,655.9 million by 2019 at a CAGR of 6.2% during the forecast period.
Rising demand for freeze dryers in the pharmaceutical and biotechnology industry is backed by the increasing number of vaccines, biosimilars and injectable formulations being developed in the market. Technological advancements such as PLC and PAT based control systems, automated loading and unloading systems are also expected to contribute to the growth of the lyophilization equipment and accessories market in the pharmaceutical and biotechnology industry.
Asia-Pacific accounts for the largest share to the global freeze drying market followed by North America, Europe and RoW. The APAC region is expected to grow at the highest CAGR during the forecast period largely driven by the rapid growth in pharmaceutical and biotech industries.
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