Freeze drying equipment essentially refers to tools or machinery used in the dehydration process of any perishable material in order to preserve it without having to refrigerate it. Also called lyophilization or cryodesiccation, freeze-drying eliminates the moisture content from products, thereby stalling or inhibiting the growth of fungi or bacteria.
The market Freeze Drying Equipment Market has gained momentum chiefly due to rising demands from the food and pharmaceutical industries. With prospects stemming from leather tanning, taxidermy, and eco-friendly burials, the market for freeze dryers is poised for substantial growth.
According to a report by leading market intelligence firm Transparency Market Research, the global freeze drying equipment market was worth US$15.9 billion in 2012 and is forecast to be worth US$30.98 billion by 2019, registering a CAGR of 10.5% from 2013 to 2019.
Let’s take a look at some of the profitable areas of the freeze drying equipment market.
Industrial Freeze Dryer Largest Product Segment
By type of product, the market for freeze drying equipment is categorized into benchtop freeze drying equipment, industrial freeze dryers, laboratory freeze drying equipment, mobile freeze dryers, and general purpose freeze dryers. Of these, industrial freeze dryers held the maximum demand, generating 45% of the total revenue in 2012. This segment is estimated to register a healthy growth rate of 10.3% from 2013 to 2019 owing to strong demand from food processing industries and pharmaceutical companies. Registering a CAGR of 11.1% from 2013 to 2019, mobile freezer dryers are set to be the fastest growing product segment in the next four years.
Use of Freeze Drying Equipment in Food Processing Leads the Market
Freeze drying equipment find applications in numerous industries such as pharmaceuticals, food processing, biotechnology, surgical procedures, flower preservations, and leather conservation. Accounting for a 35% share, the use of freeze drying equipment in food processing was the maximum in 2012 and this segment is projected to lead the market till 2019. With a CAGR of 11.2% from 2012 till 2019, biotechnology is forecast to be the fastest growing application segment in the coming years. The segments of pharmaceuticals and surgical procedures are estimated to witness healthy growth in the near future, thanks to rising demand for freeze drying equipment in capsule packaging and production of antibiotics, and increasing demand for umbilical cords and cryo-storage respectively. Eco-friendly burials and taxidermy are areas where the demand for freeze drying equipment is on the rise, thereby boosting the growth of this market.
North America Leader of Freeze Drying Equipment Market
Europe, North America, Asia Pacific, and Rest of the World are the four chief regions that comprise the global freeze drying equipment market. Of these, North America leads the overall market, holding a 30% share in 2012. Some of the major factors responsible for this growth are thriving markets for pharmaceuticals and food processing, technological advancements, and growing demand for freeze drying equipment in aerospace and military applications. Thanks to surging demand for conservation of leather and food preservation, Europe is the second largest market for freeze drying equipment, accounting for a 28% share in 2012. However, with the highest growth rate of 11.2% from 2013 to 2019, Asia Pacific is projected to be the fastest growing regional market for freeze drying equipment owing to major expansions and new establishments of many industries.
Some of the leading players in the freeze drying equipment market are Telstar, Millrock Technology, Inc., SP Scientific, Freezedry Specialities, Inc., Thermo Fisher Scientific Inc., OPERON, LTE Scientific Ltd, I.M.A. Industria Macchine Automatiche S.p.A., MechaTech Systems Ltd, Shanghai Tofflon Science and Technology Co., Ltd., Cuddon Engineering Ltd., GEA Niro, and Labconco Corporation. Studies reveal that the top six players of the freeze drying equipment market held approximately 25% of the total revenue in 2012.
Browse Market Research report at http://www.transparencymarketresearch.com/freeze-drying-equipment-market.html