Freeze-drying equipment are used for freeze-drying process which involves freezing the product and then reducing the surrounding pressure to allow the frozen water in the product to sublimate directly from the solid phase to the gas phase. Freeze-drying equipment are majorly used in pharmaceutical and food processing industries for drying heat-sensitive materials and to increase the shelf life of products. The need for freeze-drying equipment in pharmaceutical industry is growing owing to its advantage of retaining the shape, size and texture of heat-sensitive drugs in their freeze-dried form.
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 Opportunity:
One major opportunity driving the growth of freeze-drying equipment market is reducing wastage in pharmaceutical industry. Freeze-drying helps in retaining the stability and quality of pharmaceutical products for longer time. This reduces the amount of wastage caused due to degradation of active ingredients over storage period. With growing generics market worldwide, freeze-drying has become more important for bulk production of drugs. The ability of freeze-drying to extend shelf life of drugs can help pharmaceutical companies reduce loss of unsold stocks, thereby improving profitability. This rising need to optimize production processes is acting as a key growth driver for freeze-drying equipment market.
Porter’s Analysis
Threat of new entrants: New entrants in the freeze-drying equipment market need to make significant investments in R&D, manufacturing facilities and supply chain infrastructure to develop advanced freeze dryers. Additionally, established players have strong brand reputation and customer loyalty which poses barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have few alternatives to freeze-drying equipment for enhancing shelf life of heat sensitive products like foods and biologics. However, buyers can negotiate on pricing and demand value added services.
Bargaining power of suppliers: There are many suppliers for raw materials and components used in freeze dryers like pumps, condensers and glass vials. Hence, suppliers have low bargaining power.
Threat of new substitutes: There are limited substitutes for freeze-drying as it offers unique advantages over other drying methods in terms of retaining product quality and integrity.
Competitive rivalry: The freeze-drying equipment market witnesses intense competition among global players due to continuous product innovations, expansions and mergers & acquisitions.
SWOT Analysis
Strength: Freeze-drying offers superior product quality, long shelf life and stability. It is widely used in pharmaceutical and food industries.
Weakness: Freeze-drying is a complex and costly process requiring significant investments and technical expertise to operate equipment.
Opportunity: Growing biopharmaceutical industry and rise in number of patients suffering from chronic diseases boost demand for lyophilized drugs and vaccines. Increasing focus on minimally processed foods also fuels market growth.
Threats: High capital cost of equipment and operating parameters affects return on investments. Strong competition from alternative preservation methods poses challenges.
Key Takeaways
The Global Freeze-Drying Equipment Market Growth is expected to witness high over the forecast period 2023-2030.
Regional analysis- Asia Pacific is expected to witness the fastest growth during the projected period supported by expanding biotech and pharmaceutical industries in China, India and other emerging nations. Increasing outsourcing of drug manufacturing to Asia Pacific will further propel demand.
Key players related content comprises - 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. Key players are focusing on new product launches, collaborations and geographic expansions to strengthen their market position and cater to rising demand globally.
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