Freeze Drying Equipment Market : Latest Innovations, Drivers and Industry Key Events 2018 – 2023

Market Highlights
The Global Freeze Drying Equipment Market held a market value of USD 2.2 billion in 2018 and is projected to grow at a CAGR of 8.9% over the forecast period.  
Freeze dryers are widely used for the prevention of heat-sensitive biological materials, pharmaceuticals, and food, among others. Nowadays, freeze drying has become a standard procedure used in the biotechnology and pharmaceutical companies for stabilizing and storing drug products. This process involves drying delicate biological and heat-sensitive drugs at low temperatures, due to which the physical structure of drugs is maintained. These processed products are used in antibodies and emergency vaccines. Increasing awareness regarding various benefits of the freeze dried product, such as enhanced efficiency related to desiccant drying and air-drying are responsible for the growth of the market during the forecast period. Moreover, the rising usage of freeze drying equipment in surgical procedures.
However, high set up & maintenance cost and increasing demand for refurbished systems from various biotechnology & pharmaceutical companies are likely to restrain the growth of the market.

Regional Analysis
On a regional basis, the Americas is anticipated to dominate the global freeze drying equipment market owing to the innovative product development and increasing investment in research and development for innovation in the region.  
Europe is expected to hold the second largest position in the global freeze drying equipment market owing to the presence of strong academic & research base and availability of funding for research in the European countries. Asia-Pacific is anticipated to be the fastest growing region in the global freeze drying equipment market owing to the shift of pharmaceutical companies to countries such as India and China, which are low-cost manufacturing regions. The Middle East & Africa has the least share of the global freeze drying equipment market.  Moreover, the major market share of the region is expected to be held by the Middle East region owing to the growing government initiatives for the healthcare sector.


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