According to Custom Market Insights (CMI), The Global Cryostat Market size was estimated at USD 2 Billion in 2021 and is expected to hit around USD 3.1 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 5% from 2022 to 2030.
Our research report offers a 4.5-degree view of the Cryostat market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Cryostat market.
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.
Browse the full “Cryostat Market Size, Trends and Insights 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), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032 “ report at https://www.custommarketinsights.com/report/cryostat-market/
Growth Factors
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.
Segmental Overview
The market for Cryostat is segmented into type, cryostat, system component, and application. Based on type, the continuous-flow cryogen segment is anticipated to hold the largest market share in 2021. Liquid cryogens from the storage dewars, such as liquid helium or liquid nitrogen, are used to cool continuous-flow cryostats. A steady flow of cryogen from the storage dewar continuously refills the cryostat as it boils inside of it.
The cryogen flow rate into the cryostat is typically controlled in order to maintain the desired sample temperature. In the majority of these systems, power supplied electrically to a heater close to the sample balances the cooling power available from cryogen flows, for instance, liquid helium or liquid nitrogen. In terms of market share for continuous-flow cryostats, helium held the largest position (51%) in 2021. Cryogen helium is frequently used in cryostats to sustain extremely low temperatures, and it is commercially generated to suit the enormous demand.
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Regional Overview
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.
Key Players Insights
One of the significant cryostat market trends anticipated to favor the industry throughout the forecast period is using strategic alliances and partnerships to increase commercial prospects. For instance, to speed up drug development, Schrodinger, Inc. and Thermo Fisher Scientific Inc. entered into a strategic partnership in June 2020 to expand cryo-EM use in conjunction with silicon compound screening. Similarly, in February 2021, German company SLEE medical GmbH and Solmedia Limited entered into an agreement, giving Solmedia UK exclusive access to SLEE’s top-notch, highly accurate line pathological equipment comprising cryostats. In the upcoming years, market growth is anticipated to be supported by these alliances and collaborations.
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
Table of Contents: https://www.custommarketinsights.com/report/cryostat-market/#table-of-contents
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