The lyophilization equipment market was valued at US$13.475 billion in 2018 and is expected to grow at a CAGR of 8.34% over the forecast period to reach a total market size of US$21.792 billion in 2024. Lyophilization is a process of removal of water from a product by sublimation. The frozen product is placed under a vacuum so that ice can change directly from solid to vapor. Lyophilization equipment is a tool that facilitates the process. This process is used to store heat-sensitive materials such as tissues, microbes, and plasma. It is used for the storage of vaccines, blood samples, purified proteins, and other materials. The lyophilization equipment market is driven by increasing demand for lyophilization products. Technological advancements in the equipment will further uplift the market. Increasing demand for aseptic packaging and preservation coupled with increasing production of protein-based drugs is expected to propel the market. Geographically, Asia-Pacific is expected to have a significant market share on account of increasing expenditure in R&D and the presence of key manufacturers. North America is also expected to have a significant market share in the global lyophilization equipment market owing to increasing R&D activities and government approval and authorization in the region.
High installation costs and maintenance of equipment can hamper the growth of the market. Also, government regulations regarding lyophilization products may restrain the growth of the market. However, the lyophilization equipment market is expected to grow on account of the increase in the drug development process coupled with biopharmaceutical research. The market is expected to propel with rapid growth in lyophilization services and technological advancements.
The Lyophilization Equipment Market – Forecasts from 2019 to 2024 is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key markets, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by technology, accessories, application, and geography.
The lyophilization equipment market on segmented based on technology, accessories, application, and geography. Based on technology the market has been segmented into manifold, rotary, and others. Based on accessories the market has been segmented into vacuum systems, manifolds, drying systems, clean-in-peace (CIP) systems, and others. Based on application the market has been classified into food processing and packaging, pharmaceutical and biotechnology, and others.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the lyophilization equipment market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the lyophilization equipment market.
Frequently Asked Questions (FAQs)