Albany, NY -- (SBWIRE) -- 10/11/2017 -- A recently released report from Transparency Market Research (TMR) forecasts that the global freeze drying equipment market will expand at a CAGR of 10.50% from 2013 to 2019. According to TMR, a market intelligence firm, the global freeze drying equipment market, which in 2012 stood at US$15.9 bn, is anticipated to reach US$30.98 bn by the end of the forecast period. The report, titled 'Freeze Drying Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019', is available for sale on the company website.According to this market research report, the global freeze drying equipment market is fueled by the pressing need for food preservation over longer periods and surging demand from the global pharmaceuticals market.
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The higher quality of freeze drying equipment over air drying and desiccant drying makes it widely preferred choices across various industries. The technique of drying a food product of all its moisture content is known as freeze drying. Most pharmaceutical and food processing industries today are investing hugely in installing freeze dryers with varying capacities and high level of performance. Freeze dryers are mostly used in large scale industries that are characterized by production lines that are installed in line to freeze drying equipment.
This TMR report segments the global freeze drying equipment market on the basis of product, application, and geography. On the basis of product, this market is segmented into general purpose freeze dryers, industrial freeze dryers, mobile freeze dryers, benchtop freeze dryers, and laboratory freeze dryers. In 2012, the industrial freeze dryers segment held the highest share of the overall market.
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The segment for laboratory freeze dryers is a rapidly growing segment and is anticipated to expand robustly during the forecast period. The surging demand for mobile freeze dryers can be attributed to the flexibility and ease of operation exhibited by these. Application-wise, the global freeze drying equipment market is segmented into biotechnology, surgical procedures, pharmaceuticals, and food processing. Growing demand for freeze drying equipment from the food packaging market is expected to fuel this market during the forecast period. The biotechnology segment is projected to expand at a healthy CAGR of 11.20% from 2013 to 2019. The pharmaceuticals market uses freeze drying equipment for capsule packaging and antibiotics.
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Geographically, this market research study segments the global freeze drying equipment market into Asia Pacific, Europe, North America, and Rest of the World. In terms of product sales, the global freeze drying equipment market is led by North America, which holds approximately one third share of the overall freeze drying equipment market. The Asia Pacific freeze drying equipment market is expected to witness the fastest growth in the years to come. High installation costs is a glaring restraint in the global freeze drying equipment market. This report identifies the following companies in the global freeze drying equipment market: LTE Scientific Ltd., Millrock Technology Inc., OPERON, MechaTech Systems Ltd., Thermo Fisher Scientific Inc., and Telstar amongst others.