The global lyophilizer market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The advancements in lyophilization technology, along with the growing demand for lyophilized products globally, are expected to fuel the growth of this market. Lyophilization effectively increases the shelf life of the products by removing the water from them without excessive heating and enhances their stability in a dry state. This results in rapid and easy dissolution of the reconstituted product, which is projected to contribute significantly to the adoption of this technology on a global scale. The growth of the market can also be attributed to factors, such as, the increasing awareness about healthy products among consumers, and the rising need for longer shelf life and higher stability of products. With the growth in the processed food industry, there is a rising need for products with enhanced shelf life while maintaining their nutrient level at the same time. Lyophilization is increasingly being preferred for dehydration of products, on the back of the preservation of quality and characteristics of food, such as, aroma and bioactivity through this process. The high food expenditure backed by the growing population, is expected to directly increase the expenditure on lyophilized food products. According to the data collected from the U.S. Department of Agriculture, USD 1.7 trillion was spent on total food expenditures in the U.S. in 2018, up USD 78.2 billion from the previous year. In 2019, the total expenditure on food by final purchasers increased by approximately 4% over the previous year. Additionally, lyophilization is also used for production of biomedical and pharmaceutical products, which is expected to boost the demand for lyophilizer.
The market is segmented on the basis of equipment type into tray-style freeze dryers, manifold freeze dryers, and rotary freeze dryers, out of which the tray-style freeze dryers’ segment is anticipated to grab the largest share by the end of 2021 on account of its wide use in pharmaceutical and food industries. Moreover, the growing emphasis on contract manufacturing and increase in demand for lyophilized food products are also projected to contribute to the growth of the segment during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of end-user, the food processing & packaging segment in the global lyophilizer market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the rising demand for lyophilized food along with the rapid development of contract food manufacturing and processing industries.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing investments in lyophilizer technological infrastructure, and the rise in income levels of the population in the region. Furthermore, in 2021, the market in North America region is evaluated to occupy the largest share in terms of revenue, owing to the growing adoption of advanced lyophilization technologies in vaccine development by pharmaceutical companies, accompanied by the increased awareness about lyophilized products in the region. Along with this, the presence of well-established pharmaceutical & biotech industry is also expected to contribute to the market growth in the region.
The global lyophilizer market is further classified on the basis of region as follows:
Our in-depth analysis of the global lyophilizer market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The advancements in lyophilization technology and the growing demand for lyophilized products globally are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
The high set up and maintenance cost of lyophilizer and stringent regulatory guidelines, are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing investments in lyophilizer technological infrastructure and the rise in income levels of the population in the region.
The major players dominating the lyophilizers market are Azbil Corporation, Azbil Telstar, S.L.U., GEA Group AG, and SP Industries, Inc. among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by equipment type, end-user, and by region.
With respect to end-user, the food processing and packaging segment is anticipated to hold the largest market share owing to the rising demand for lyophilized food along with the rapid development of food processing industries.
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