Albany, New York, Jan. 21, 2015 (GLOBE NEWSWIRE) -- A study published by Transparency Market Research titled, "Freeze Drying Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019". According to the report, global freeze drying equipment market was valued at US$15.9 billion in 2012 and is expected to reach US$30.98 billion by 2019 at a CAGR of 10.5% during 2013-2019 forecast period.
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Global Freeze drying equipment market is driven by factors such as rising demand from pharmaceutical industry, growing necessity for food preservation, better properties and quality, huge potential in taxidermy and eco-friendly burials, and demand for leather and flowers. Relatively higher setup cost for applications will restrain the freeze drying equipment market.
According to the product types, the freeze drying equipment market is segmented into laboratory, bench-top, general purpose, industrial and mobile freeze-dryers. Industrial freeze dryer showed the highest demand and was estimated as the largest product segment with 45% of the total revenue market in 2012. Due to support from ever-growing pharmaceutical and food processing industries, industrial freeze dryer segment is expected to be a leading product segment at a CAGR of 10.3% during the forecast period. Mobile freeze dryer demonstrated a huge demand in the past few years and is expected to be the fastest growing segment with a CAGR of 11.1% during 2013-2019 forecast period. Laboratory, general purpose, and bench-top freeze dryers were the major product segments in the past year and will display growth in the near future.
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The global freeze drying equipment market by application is segmented into pharmaceuticals, food processing, surgical procedures, biotechnology, and others. Food processing segment was the leading application segment with a 35% of the total market share in 2012 and is expected to show a substantial growth in the next few years. Biotechnology is expected to be the fastest growing application at a CAGR of 11.2% between 2012 and 2019. Pharmaceuticals will be another growing application in the next few years due to increasing demand for production in antibiotics and capsule packaging. Rising demand for umbilical cords and other techniques from cryo-storage is projected to fuel the surgical procedure application segment in near future. In addition, taxidermy and eco-friendly burials are expected to show a considerable growth in the coming years. Other application segments such as floral decorations, leather preservation, book and record preservation are also expected to show a decent growth during 2013-2019 forecast period.
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Region-wise, the Global Freeze Drying Equipment Market is segmented into North America, Europe, Asia Pacific, and Rest of the world (RoW). North America dominated the global freeze drying market with 30% of the global revenue market share in 2012. Rising demand for military and aerospace applications and technological advancement has made North America a leading market for food preservation and pharmaceuticals. Europe was the second leading market with 28% of total market share in 2012. Due to rising demand for leather conservation and food, the European market is expected to hold a significant market share globally in the next few years. New plan establishment and extensive expansions in Asia Pacific is expected to show the highest growth at a CAGR of 11.2% during 2013 - 2019 forecast period.
Other Published Reports by Transparency Market Research:
Bottled Water Market: http://www.transparencymarketresearch.com/bottled-water-market.html
Food Service Equipment Market: http://www.transparencymarketresearch.com/food-service-equipment.html
The major players in the freeze drying equipment market are GEA Niro, Telstar S.A., Thermo Fisher Scientific Inc., I.M.A. S.p.A, SP Industries Inc., Labconco Corp., and others.
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Source:Transparency Market Research