The freeze-drying technique is commonly used to stabilize degradable substances including micro-organisms, pharmaceutical products, and biological substances. It has several advantages over conventional methods, and it helps to stabilize the heat-sensitive, delicate products without damaging its physical structure and chemical properties. Factors that drive the market growth are the rapid expansion of the pharmaceutical and biopharmaceutical industries, raising awareness and technological advancements in freeze-drying technology, and increasing adoption of freeze-drying equipment in the food processing industry. However, increasing utilization of alternative drying techniques in the pharmaceutical and biotechnology industry and the growing preference of pharmaceutical companies for refurbished freeze-drying equipment market are hampering the growth of the market.