According to Market Research Future (MRFR), the global freeze-drying equipment market is expected to procure the market value of USD 3,831.91 million, thriving at a CAGR of 11.82% by 2027.
The freeze-drying equipment is likely to gain prominence in the food and pharmaceutical industries due to its ability to maintain a product's physical and chemical properties, which can fuel the freeze-drying equipment market 2020. The demand for extended shelf-life for food is expected to increase the prominence of freeze-drying equipment and augment the market in the forecast period. Furthermore, increased food transport is projected to grow the requirement of food preservation, which is anticipated to surge the demand for the equipment and expand the market during the forecast period. Apart from these, the military and defense sector is likely to increase the demand for freeze-dried equipment owing to the rising usage of freeze-dried plasma in the battlefield, which can augment the market.
On the other hand, the growing utilization of alternative drying techniques in the pharmaceutical and biotechnology industries can impede the Freeze-Drying Equipment market size. Nonetheless, the increasing technological development along with prior stated factors, are projected to counter the restraining factors and boost the market.
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Key Players
Some of the renowned players of the global market for freeze-drying equipment market are Hosokawa Micron B.V. (Netherlands), Azbil Telstar, S.L.U. (Spain), Industria Macchine Automatiche S.P.A. (Italy),Millrock Technology, Inc. (U.S.), Tofflon (China), S.P. Scientific (U.S.), and ZIRBUS Technology GmbH (Germany).
Market Segmentation
The segmental analysis of the global freeze-drying equipment market is done by type, product, and application.
The type-based segments of the global freeze-drying equipment market are industrial, laboratory, and general-purpose freeze dryers.
The product-based segments of the global freeze-drying equipment market are benchtop freeze dryers and mobile freeze dryers.
The application-based segments of the global freeze-drying equipment market are biotechnology, pharmaceuticals, food processing, surgical procedures, and others. Among all segments, the biotechnology segment is anticipated to acquire the largest market share during the forecast period owing to the increasing opportunities in the biotechnology industry along with the rising number of fatal diseases across the world.
Regional Analysis
Based on the region, the global freeze-drying equipment market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
As per the assessment, the global market for global freeze-drying equipment is anticipated to be dominated by the North Americas owing to the significant role played by the well-renowned pharmaceutical sector. Furthermore, the rising demand for processed food is likely to play an important role in expanding the regional market during the review period. Strong economies like the U.S. and Canada are anticipated to play a salient role in developing the regional market.
Europe market is anticipated to be the second-largest market during the forecast period owing to the presence of the lucrative pharmaceutical industry booming in the region. The majority of the market share is held by countries such as the UK, France, and Germany. Germany is anticipated to dominate the regional market during the forecast period.
The APAC region is likely to witness substantial market share during the forecast period owing to the prospering food industry. Further, the increasing demand for food preservation is anticipated to further underpin the market in the coming period. The presence of evolving economies like India and China are predicted to play an important role in developing the market due to the rapid rise in population.
The M.E.A. region is anticipated to witness steady growth during the review period. The Middle East countries are likely to dominate the region owing to the on-going development like industrialization.
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