Major Players - 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.)
(PRWEB) December 14, 2014
The global freeze drying market is poised to grow at a moderate CAGR of 6.2% from 2014 to 2019. Factors such as increasing demand for lyophilization, technological advancements are some of the major growth drivers of this market. However, the market also faces certain challenges in terms of rising preference for refurbished freeze drying systems by pharmaceutical companies for cost-cutting activities, emergence and increasing utilization of alternative drying techniques in the pharmaceutical and biotechnology industries. These challenges may hamper the growth of the freeze drying equipment market in the coming years.
The global freeze drying market is estimated to be worth $1,969.7 million by the end of 2014 and is expected to reach $2,655.9 million by 2019, at a CAGR of 6.2% from 2014 to 2019.
Based on the scale of operations, industrial-scale freeze dryers accounted for more than 50% of the global freeze drying equipment market in 2013. However, the pilot-scale freeze dryers market is expected to grow at the fastest CAGR of 6.3% during the forecast period of 2014 to 2019. A majority of the growth in this segment is attributed to rising demand for these systems from pharmaceutical and biotechnology companies owing to strong pipeline of biological formulation sin the industry.
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This is also the fastest growing freeze drying equipment market by technology. Tray-style freeze dryers are priced higher than the manifold and rotary freeze dryers. This, along with several advantages of tray-style freeze dryers over other types has led to its greater market share and robust growth rate during the forecast period.
Automation has been the key trend in the freeze drying equipment and accessories market in the past few years. Today, the freeze drying accessories market is largely driven by the growing uptake of automated loading and unloading systems and PAT and PLC based control and monitoring systems. In the freeze drying accessories market, the loading and unloading systems segment is expected to grow at a fastest CAGR of 8% to 9% during the forecast period.
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