Lyophilization or free drying is a commonly used method to preserve perishable products. It is a kind of dehydration method that reduces the surrounding pressure of the products and allows the water from the substances to sublimate. In this process, the water from the products directly turns into gas phase. Increasing applications of lyophilization process are creating strong demand in the global freeze drying market. Apart from food packaging and this process is attracting numerous applications from different other industries like pharmaceuticals and healthcare have created business opportunities in the market. According to the experts, the overall market is set to witness steady growth across different parts of the world, in the years to come.
4 Market Drivers
Growth in demand from around the world is considered to be vital driving factor for the overall market. Rising demand for packaged food and instant food and beverages from around the world is signifying the rising demand in this industry. According to the latest research reports, freeze drying market is steadily driven by four major driving factors. These factors include growth in demand from pharmaceutical industry. This growth is triggered by rising manufacturing of new injectable formulations and biologic drugs. Rising demand from contract manufacturing industries around the world is also projected to drive the overall growth in the market. Strong adoption rate of the technologies like Process Analytical Technology or PAT to optimize the freezing cycle is also expected to be a strong element driving growth in the market. Technological advancements and rapid growth across emerging markets are also some of the major factors influencing the growth in this industry.
Researchers segment the global freeze drying market on the basis of the types of technologies, scales, accessories, and demand across different geographic regions. The technologies are sub-categorized into manifold, tray-style, rotary, and implementation dryer services. The scales include lab-scale, pilot-scale and industrial-scale. Accessories in the market are categorized into manifolds, loading and unloading systems, clean-in-place, vacuum, control and monitoring, drying chambers, lyophilization shelves and trays and others. Geographic regions in the lyophilization equipment market is categorized and sub-categorized on the basis of the major geographic regions and countries. These regions include (Canada and US), Asia Pacific (India, China, Japan and rest of APAC), Europe (France, Germany, Spain, UK, Italy, and rest of Europe) and rest of the world region, which includes analysis of the regions like Latin America, Middle East and Africa.
According to the experts, the global freeze drying market is expected to maintain a steady CAGR of over 6% from 2014 to 2019. At this rate, the market is set to become worth $2,655.9 million by 2019, which is currently estimated to be worth $1,969.7 million. Increasing demand and high-volume formulations in the industries like biotechnology and pharmaceuticals are expected to create potential growth opportunities for the industry in the year to come.