Lyophilization Equipment and Services Market Seen Soaring 8.1% Growth to Reach USD 9.5 Billion by 2030, Projects Univdatos Market Insights
- Vikas Kumar
- November 17, 2023
- HEALTHCARE, NEWS
- Lyophilization Equipment and Services, Lyophilization Equipment and Services Market, Lyophilization Equipment and Services Market analysis, Lyophilization Equipment and Services Market forecast, Lyophilization Equipment and Services Market growth, Lyophilization Equipment and Services Market share, Lyophilization Equipment and Services Market trends
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Key Highlights of the Report:
- Growing demand on the industrial scale: The lyophilization equipment and services market is experiencing significant growth due to increasing demand in the pharmaceutical and food industries, driven by growing concerns over contamination and food spoilage.
- Rise in lyophilization equipment and services: There has been growing demand for lyophilization equipment and services owing to increased pharmaceutical production.
- Major investments in lyophilization equipment: Pharmaceutical companies have adopted collaborative strategies to develop improved methods of lyophilization equipment and services.
According to a new report by Univdatos Market Insights, the lyophilization equipment and services Market is expected to reach USD 9.5 Billion in 2030 by growing at a CAGR of 8.1%. Lyophilization equipment and services are being used in the pharmaceutical and food industries to store substances safely for a longer duration of time. Lyophilization equipment and services have a major application in limiting biological and chemical reactions at a particular storage temperature. Several factors are responsible for leading this market, prominently the initiatives for research and development activities, promising product pipeline, and technological advancements driving the growth of the market during the forecast period. The rising prevalence of pharmaceutical drug manufacturing and increasing demand for packaged food globally represents one of the key factors driving the market. For instance, in 2020, the International Federation of Pharmaceutical Manufacturers and Associations Facts and Figures reported that there were nearly 2,740 cancer drugs, 1,535 immunology drugs, 1,498 neurology drugs, and 1,213 infectious disease drugs in development in 2020. Also, in February 2022, food maker Pol’s handed GEA Group Aktiengesellschaft its 3rd contract to install and RAY freeze-drying equipment at the firms of 4,000 m2 vegetable & fruit freeze-drying factory in Ermenek, Turkey, and Karaman, which will significantly increase the manufacturing of freeze-drying from 200 tonnes to 300 tonnes annually.
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The report suggests that the Rise in Demand for Pharmaceutical Drugs is one of the major factors driving the growth of lyophilization equipment and services in the market. Apart from this many factors, like the surge in healthcare expenditure, growing demand and approvals for lyophilized drugs, and continuous investment by leading companies in research and development activities are propelling this segment. For instance, in October 2021, Dr. Reddy’s Laboratories Ltd. Got approval of carmustine for injection, USP, by the U.S. FDA. This carmustine for injection USP is a lyophilized powder that comes in a package with a single-dose vial having 100 mg of the medication and 3 mL of sterile diluent. Lyophilization equipment is a cost-effective and easy-to-use device, which helped it gain traction in the market.
Another trend seen in the lyophilization equipment and services market is collaborations between pharmaceutical organizations to promote the production of innovative treatment therapies. Apart from this, growing investment and initiatives by governments about the importance of good quality refrigeration equipment will also have a positive impact on the lyophilization equipment and services market growth during the forecast period. For instance, the Pan American Health Organization (PAHO) office in Suriname, in collaboration with the United States Government (USG), procured cold chain equipment for the National Immunization Program at the Bureau of Public Health (BOG) in Suriname in September 2022.
Food Processing and Packaging Leading the Pharmaceutical Industry
Lyophilization equipment and services involve appropriate storage of food sensitive to contamination and spoilage. They have applications in food processing and packaging, pharmaceutical and biotech manufacturing, and many other facilities. Here are some key points to understand why lyophilization equipment and services are gaining momentum in the pharmaceutical market:
Effective Storage for a Longer Duration of Time: Lyophilization can ensure the storage of food for 25 years or more while drugs for up to 10 years or more. This kind of aseptic storage increases their shelf life significantly.
Pocket-friendly and Effective means: Lyophilization equipment is easy to use, easy on the pocket, and delivers efficient results, which ultimately offers improved survival rates and a better quality of life for people.
Conclusion
The global lyophilization equipment and services market is a rapidly growing field, with advancements in its equipment leading to improved outcomes for industries like pharmaceutical and food. Lyophilization equipment and services are a storage procedure in aseptic conditions. The global lyophilization equipment and services market is expected to continue to grow in the forthcoming years with advancements in pharmaceutical technologies continuously being improvised to improve patient results.. Overall, the global lyophilization equipment and services market represents a significant opportunity for companies and professionals in the field of pharmaceuticals. With continued research and development, it is likely that even more effective and safer options for long-term storage will become available in the future.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2023−2030
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Modality, Scope of Operation, Application, and Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors