Global Cryostats Market [NEWS] 2022 Top Key Players, Industry Size, Growth, Analysis and Forecast 2030

The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the global cryostats market from US$ 2,081.24 Million in 2021 to US$ 3,061.82 Million by 2027. The market is anticipated to grow at a CAGR of 6.65% during the forecast period 2022-2027. In terms of volume, the market is anticipated to grow at a CAGR of 5.27% during the forecast period 2022-2027.

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A cryostat is a chamber that can keep temperatures extremely low. A cryostat is used in medical laboratories to keep frozen tissue samples frozen while a microtome, a sharp cutting device positioned within cryostats, cuts the tissue into thin enough fragments to be seen under a microscope. The chopped portion must be practically translucent in appearance. Moreover, development in healthcare, aerospace and biotechnology are other key market drivers for the industry. Higher demand for cryostat is the result of increased investment coupled with rising demand for end-products. Furthermore, cryogenic equipment will observe a substantial growth on account of the growing demand for natural gas along with positive outlook toward healthcare, chemical and food processing industries. Additionally, ongoing technological advancements coupled with rapid industrialization will positively complement product penetration. Also, increasing storage demand for cryogenic gases across shipping, agriculture and metal industries will propel the cryostats industry scenario.

On the basis of type, the continuous-flow cryostats segment is estimated to project the largest market share and highest CAGR in the global cryostats market over the forecast period. Moreover, by application, the medical field dominated the cryostats market in 2021 and is also projected to grow at the highest CAGR over the forecast period as the cryostat market is majorly driven by the healthcare industry. Furthermore, by regional outlook, North America is anticipated to hold the largest share in the global cryostats market over the forecast period owing to the presence of leading companies and strong demand for cryostats in the medical field. Also, Asia Pacific is expected to project the highest CAGR during the forecast period.

Market Dynamics and Trends

Drivers

The rising demand from healthcare industry will boost the global cryostats market during the forecast period. The increasing usage of cryostats in various medical applications such as magnetic resonance imaging (MRI), frozen tissue sections, X-ray, spectroscopy and other pathological experiments attributed to the growth of the cryostats market. Pathologists examine the slice to confirm or rule out the existence of a disease, such as cancer. By using frozen tissue samples, doctors are able to study and diagnose tissue more quickly than they could if it had been preserved without freezing. The rising demand from healthcare sector is one of the major driving factors in the cryostats market. The custom-designed structure will allow the cryogenics sector to continue to grow and innovate.

Restraints

High power consumption is a restraining factor which inhibits the growth of the cryostats market during the forecast period. Closed-cycle cryostats use a large amount of electricity for its functioning. However, they don’t need to be replenished with helium and can run for an unlimited period. Because of the cryostat’s high input power consumption, the market for cryostats is predicted to decline and fluctuate in growth rate. The global cryostats market is restrained by temperature inconstancy and operational time constraints. Moreover, a cryostat uses a freezing chamber and cryogenic gas to keep its temperature constant. To achieve very low temperatures, cryostats use a variety of chilling technologies, including helium baths with liquid helium or liquid nitrogen which consumes high amount of power.

Trend

The increasing number of projects in the quantum computing are analyzed to create a significant growth opportunity for the cryostats market. Quantum computing has the potential to produce new machines with capabilities far exceeding those of current powerful supercomputers. The continued development of quantum computers will result in the emergence of a new class of data processing facility that will be considerably different from current enterprise and cloud data centers in many ways. A modest quantum computer is about the size of a room and includes a cryostat that keeps the quantum processor at a super-cold temperature of about 10 milliKelvin, in order to ensure the proper functioning of the system.

Global Cryostats Market Country Wise Insights

• North America Cryostats Market-

US holds the major share in terms of revenue in the North America cryostats market in 2021 and is also projected to grow with the highest CAGR during the forecast period owing to the presence of many large players in the region. The North America healthcare industry is exhibiting transformation from volume-based to value-based business. Improved quality healthcare, fraud detection, reduced length-of-stay in hospitals and prevention of novel diseases are the main demands put forth by payers and providers. Moreover, many federal policies, programs and actions are being initiated by the governments of the North American region, to experience progress in healthcare services.

• Europe Cryostats Market-

UK is expected to project the highest CAGR in the Europe cryostats market during the forecast period. Whereas, Germany dominated the Europe cryostats market in 2021 owing to numerous renewable energy projects being initiated in the region. Moreover, healthcare in Europe is provided through a wide range of different systems run at individual national levels. Most European countries have a system of tightly regulated, competing private health insurance companies, with government subsidies available for citizens who cannot afford coverage. Furthermore, in terms of type, continuous-flow cryostats hold the largest share in Europe cryostats market in 2021.

• Asia Pacific Cryostats Market-

China is the highest share holder region in the Asia Pacific cryostats market in 2021. Whereas, India is expected to project the highest CAGR during the forecast period due to the increasing demand for cryostats in the country. In addition, several countries in APAC import natural gases, which is boosting the trade as well as the growth of the market for cryogenics in the region. The market in APAC is at its growth stage, and the ongoing development in this region makes it a lucrative and high-potential market for cryostats.

• Latin America Cryostats Market-

Mexico is projected to grow with the highest CAGR in the Latin America cryostats market over the forecast period. While, Brazil holds the largest share in the Latin America cryostats market in 2021. The cost of healthcare services in places such as Mexico, Columbia and Panama are significantly less than in the US, despite offering excellent quality of care. Moreover, with the major end user striving to boost their sales post covid outbreak, the demand for cryostats in Latin America will surge in the coming years. Furthermore, based on application, medical field is anticipated to hold the largest share in the Latin America cryostats market over the forecast period.

• Middle East & Africa Cryostats Market-

Rest of MEA is the highest share holder in 2021 and is also projected to grow with the highest CAGR during the forecast period. The market for cryostats in Middle East & Africa will have steady growth in the coming years as the end-user such as healthcare and renewable energy gain momentum. Moreover, in terms of application, medical field dominated the MEA cryostats market in 2021 and is also projected to grow at the highest CAGR over the forecast period as the cryostat market is majorly driven by the healthcare industry.

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Competitive Insight

Global Cryostats Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global cryostats market include Janis Research Company, LLC, Jinhua Yidi Medical Equipment Co., Ltd., SLEE medical GmbH, Amos Scientific Pty Ltd, Advanced Research Systems, Thermofisher Scientific Inc., Montana Instruments Corporation, Cryomech Inc., Bright Instruments and Leica Biosystem Nussloch GmbH among others.