The Global Cryostat Market was at US$ 2 Billion in 2023 and is growing to approx US$ 3.1 Billion by 2030, with a CAGR growth of 5% between 2023 and 2030.

AUSTIN, TEXAS, UNITED STATES, May 23, 2023/EINPresswire.com/ -- According to the study, The Global Cryostat Market was estimated at USD 2 Billion in 2023 and is anticipated to reach around USD 3.1 Billion by 2030, growing at a CAGR of roughly 5% between 2023 and 2030.

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Global Cryostat Market: Overview

By thermally insulating them from the ambient temperature, cryostats maintain a very low temperature for tissue samples. Vacuum insulation, radiation shields, superinsulation to limit radiation heat transfer, and low thermal conductivity between ambient and cryogenic temperatures are used in combination to achieve this.

Cryostats can also be used to avoid contamination from outside substances and bacteria. The demand for cryostats has expanded dramatically as a result of the rapid advancements in medical research and technology, which will support the market’s expansion during the upcoming years. It is anticipated that important changes in a number of industry sectors would have a significant impact on the market. A further expectation for the foreseeable period is that technological improvement in the sector would create chances.

Global Cryostat Market: Growth Drivers

Growing medical research is one of the main reasons for boosting the global cryostat market. The NLM claimed that there were almost 16,000 active clinical studies happening in the US as of November 2019. One of the top five causes of death in the world for all age groups is cancer. As a result, businesses are creating medicines to combat cancer and lower the death toll.

The number of cancer-targeting medications under investigation has increased from 421 in 2000 to 1,489 trials in 2021, an almost four-fold increase. The amount Pfizer Inc. (Pfizer) will spend on R&D in 2021 has climbed by 47% to $13.8 billion. The largest investor in pharmaceutical R&D, F. Hoffmann-La Roche AG (Roche), spent $16.1 billion on research and development in 2020. Johnson and Johnson also increased their R&D spending by 21% between the years 2020 and 2021, from a projected $14.7 billion to $19.7 billion. During the forecast period, these variables will drive cryostat demand.

Further, the cryostat market is rising mostly due to the expansion of medical research, yet market expansion may be hampered by issues, including the high cost of helium.

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Key Insights:

A) As per the analysis shared by our research analyst, the Global Cryostat market is estimated to grow annually at a CAGR of around 5% over the forecast period (2023-2030).
B) In terms of revenue, the Global Cryostat market size was valued at around USD 2 Billion in 2023 and is projected to reach USD 3.1 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) Cryostats are devices used to sustain very low temperatures. Cryostats are used in medical laboratories and pathology to preserve frozen tissue samples. Microtomes, a sharp cutting tool positioned within the cryostats, slice the tissues into pieces small enough to be viewed under a microscope. Healthcare, aerospace, energy & power, metallurgy, forensic science, and biotechnology are just a few of the industries where cryostats are used.
D) During the projected period, the market for aerospace applications is anticipated to develop at the greatest CAGR. However, concerns, including cryogen gas leakage, which may pose significant environmental risks, can negatively impact market growth.
E) In the metallurgy and refractory sectors, cryostats are frequently used to study the properties of materials at very low temperatures. For samples being examined at extremely high temperatures, they enable accurate temperature control. These devices help engineers, researchers, scientists, and technicians who are working on thermal expansion issues in metallurgy by evaluating metal-crystal formations.

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Regional Landscape

In 2021, North America had the largest market share worldwide. The advanced healthcare and aerospace applications in this region make the North American cryostat market ripe with opportunity. There are several uses for cryostats in the medical field, including MRI, frozen sectioning, exploratory surgery, X-ray, and spectroscopy. Cryostats are used in the satellite and space industries to chill various infrared sensors. A 2-stage solid hydrogen dewar is used in the Wide-field Infrared Survey Explorer (WISE) cryostat of the National Aeronautics and Space Administration (NASA) to cool the WISE optics and detectors. In 2021, North America accounted for 34% of the total global cryostat market.

The healthcare and aerospace industries in North America are the main drivers of the industry. The market for cryostats in this region is expanding as a result of rising demand for them from MRI machines, biopsies, frozen section diagnoses, pathology, and clinical labs. Another factor propelling the expansion of the cryostat market in this region is the rising demand for cryostats in the aerospace sector. A 2-stage solid hydrogen dewar is used in the Wide-field Infrared Survey Explorer (WISE) cryostat of the National Aeronautics and Space Administration (NASA) to cool the WISE optics and detectors.

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Key Players

Cryomech Inc
Bright Instruments
Advanced Medical and Optical Systems
Jinhua YIDI Medical Appliance Co. Ltd
SLEE Medical GmbH
Janis Research Company LLC
Thermo Fisher Scientific Inc
Amos Scientific Pty Ltd
Medimeas
Atico Medical Pvt. Ltd.
Advanced Research Systems Inc
Hacker Instruments & Industries Inc.
Histo-Line Laboratories
Boeckeler Instruments Inc
Lupetec – Tecnologia Aplicada
SCILAB Co Ltd

The Global Cryostat Market is segmented as follows:

By Type

Closed-Cycle cryostats
Bath cryostats
Multistage cryostats
Continuous-flow cryostats

By Cryogen

Nitrogen
Helium
Others

By System Component

Dewars
Gas Flow pumps
Microtome blades
Transfer tubes
Temperature controllers
High vacuum pumps
Others

By Application

Healthcare
Aerospace
Forensic science
Energy & power
Metallurgy
Biotechnology
Marine biology
Others

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
Global India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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