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MarketsandMarkets Article on Lyophilization Equipment Market Features in Innovations in Pharmaceutical Technology (IPT) Magazine
Innovations in Pharmaceutical Technology (IPT) Magazine recently cited MnM for market trends in an article on lyophilization equipment market.
Lyophilization, also known as freeze drying is a process of removing water from a product, especially perishable products, for convenience during its transport. It is the most common formulation strategy used in pharmaceutical industry. It ensures stability, proper storage, and high shelf-life of the product. The value of the worldwide market for lyophilization equipment is estimated to reach $5.47 Billion by the end of 2020, growing at a CAGR of 7.4% over the forecast period, with APAC being the major market, followed by North America and Europe. The significant growth of this market can be attributed to the growing demand for lyophilized products and preserved food, advancements in technology, and increasing focus of pharma companies towards the development of biological molecules.
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Report mentioned in the above news is,
Lyophilization Equipment Market by Technology (Manifold, Rotary), by Application (Food Processing and Packaging, Medical Applications, Pharma and Biotechnology), by Accessories (Vacuum Systems, Manifolds, Drying Systems) - Global Forecast to 2020