Market Trends of Pharmaceutical Equipment Industry
Lyophilizer Segment is Expected to Hold a Significant Share iin Pharmaceutical Equipment Market Over the Forecast Period
A lyophilizer, also known as a freeze dryer, is a device used in laboratory and pharmaceutical settings to preserve and dehydrate perishable materials. The lyophilization process involves freezing the material and then subjecting it to a high vacuum so that the frozen water in the material sublimes, bypasses the liquid phase, and goes directly from a solid to a gas. This leaves the material in a dry, preserved state that can be stored for long periods without spoilage.
Factors such as increasing collaborations in the pharmaceutical industry coupled with the initiatives by key market players are expected to increase segment growth over the forecast period. For instance, in July 2023, Coriolis Pharma, a service provider in the formulation research and development of biopharmaceutical drugs, partnered with RheaVita, an innovator in continuous freeze-drying technology for biopharmaceuticals. This collaboration aims to advance novel technologies for the development of biological drug products, with a particular focus on innovative modalities in lyophilization technology.
Also, it is anticipated that throughout the course of the forecast period, the utilization of lyophilizer devices in manufacturing facilities will increase. For instance, in July 2023, Berkshire Sterile Manufacturing (BSM) intends to double the lyophilization capacity of its fully automated, isolator-based filling line to accommodate increasing demand. By incorporating a second lyophilizer, BSM plans to enhance the line's capacity to 70,000 10R vials per run. Thus, it is anticipated that such expenditures by leading market players will fuel industry sector expansion.
Therefore, the factors such as rising investments in the pharmaceutical industry and increasing adoption of lyophilization equipment in pharmaceutical industry are anticipated to drive the segment growth over the forecast period.
North America is Anticipated to Hold a Major Share n the Pharmaceutical Equipment Market and Similar is Expected Over the Forecast Period
North America is expected to have a significant share of the market owing to factors such as rising research and development activities, the rising approval of biological products, and the strong presence of industry players in the region.
Investment in the pharmaceutical sector by the government in the region is anticipated to boost the market growth. For instance, as per the press release by the Government of Canada in October 2023, the Canadian government, through its Strategic Innovation Fund, has committed CAD 29.7 million (USD 21.7 million) to support Pharmascience Inc.'s project. This funding will enable Pharmascience to modernize and expand its Candiac facility in Quebec, boosting its production capacity for sterile injectables. Therefore, such strategic investments by Canada in pharmaceuticals are anticipated to increase the adoption of pharmaceutical equipment in the production of injectables, boosting market growth.
Furthermore, the rising expansion of pharmaceutical companies' presence is anticipated to increase the adoption of pharmaceutical equipment for various activities such as packaging, freeze-drying, and manufacturing, thereby boosting market growth. For instance, in April 2023, Roquette, a provider of pharmaceutical and nutraceutical excipients opened its new pharma innovation center in Pennsylvania, United States with a USD 25 million investment. The facility aims to serve as a premier training and collaboration hub for pharmaceutical and nutraceutical manufacturers worldwide.
Thus, increasing initiatives such as pharmaceutical companies expanding their presence and government investments in pharmaceutical sector are expected to increase market growth over the forecast period.
