Freeze-Drying Equipment Market Is Estimated To Witness High Growth
The global freeze-drying equipment market is estimated to be valued at US$ 8.63 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for freeze-drying equipment market growth is increasing adoption by end-use industries like pharmaceutical and food. The method helps retain maximum heat liable drugs and food nutrients which has led to its increasing demand for drying essential medicines and ingredients. Additionally, the compact size and self-sufficient operations of equipment enables easy handling and transportation of dried products, thus propelling their adoption across industries.
Key Takeaways
The Global Freeze-Drying Equipment Market Size is expected to witness high growth over the forecast period of 2023 to 2030.The market size for 2024 is estimated to reach US$ 8.63 Mn representing a CAGR of 13%.
Regional analysis shows that North America currently dominates due to robust biopharma manufacturing activity and adoption of new processes. Europe and Asia Pacific are other major regions with considerable market shares and projected high growth rates fueled by expanding biotech industries.
Key players operating in the freeze-drying equipment market are Harris Corporation, KeyW Corporation, Septier Communication, Digital Receiver Technology (DRT), Rayzone Group, Rohde & Schwarz, L3Harris Technologies, CellAntenna Corporation, PKI Electronic Intelligence, Shoghi Communications Ltd., Ability Computer & Software, Advanced Tactical Systems (ATS), ESD America, NovoQuad Inc., GSMK CryptoPhone. The equipment is used extensively in pharmaceutical and biotech applications for lyophilization of active drug ingredients, vaccines, and other biologics. Growth opportunities exist in developing technologies to enhance processing speed and efficiency while reducing energy consumption and costs.
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