The global freeze-drying equipment market revenue is expected to expand at a moderate CAGR over the forecast period. Increasing demand for freeze-drying equipment in various applications such as food & beverages, food packaging, pharmaceutical, industrial, etc., is expected to drive growth of the global freeze-drying equipment market over the forecast period.
The global freeze-drying equipment market report has been segmented on the basis of product, application, and region. On the basis of product, the target market is segmented into benchtop freeze dryers, laboratory freeze-dryers, mobile freeze-dryers, general purpose freeze-dryers, and industrial freeze-dryers.
The laboratory freeze-dryer product segment is expected to account for highest share in the target market over the forecast period, owing to increasing usage of freeze-dryers in pharmaceutical industries in laboratories for biological studies. The industrial freeze-drying product segment is expected to account for second-highest share in the target market, owing to rising use of freeze-drying equipment for preserving food products for safe consumption.
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On the basis of application, the target market is segmented into food processing, pharmaceuticals, surgical procedures, biotechnology, and others (leather conservation, flower preservations). The pharmaceuticals and biotechnology application segments are expected to account for highest share in the target market over the forecast period, owing to technological advancements.
Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is estimated to be highest share in terms of revenue over the forecast period, owing to innovative product development and increasing investment in research and development for innovation in this region. The market in Asia Pacific is expected to register highest CAGR in terms of revenue.
Key players operating in the global freeze-drying equipment market include Telstar S.A., Thermo Fisher Scientific Inc., GEA Group, Labconco Corp., Cuddon Freeze Dry, SPX FLOW, Inc., MechaTech Systems Ltd., Freezedry Specialities Inc., Shanghai Tofflon Science and Technology Co., Ltd., and SP Scientific.