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Global Cryostats Market is estimated to witness a rise in revenue from US$ 2,081.24 Mn in 2021 to US$ 3,061.82 Mn by 2027. The market is registering a CAGR of 6.65% during the forecast period 2022-2027. In terms of volume, the market is registering a CAGR of 5.27% over the forecast period.
A cryostat is an artificial chamber that can keep temperatures extremely low and therefore, preserves the object stored in it. The low temperature maintained within the chamber freezes the content and keeps it secure and intact. Furthermore, in the sphere of medical applications such as MRI, frozen tissue sections, X-ray, spectroscopy and other pathological experiments can be attributed to the increasing demand of cryostats.
Consumer demand for cryostats has increased over the years and as a result, it has presented dealerships with both opportunities and problems to consider as they aim to meet this growing customer need. Overall, cryostats are meant to provide users with improved visibility, accurate inventory management and seasonal cryostats reports, all of which aid in customer retention and up-selling. 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.
Increasing demand of cryostats is key factor influencing the overall growth of the global cryostats market. 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 rising demand from healthcare sector is one of the major driving factors for the market. Moreover, the usage of cryostats in energy sector for cooling applications creates a significant opportunity for the cryostats market during the forecast period as cryostat provides a high vacuum, ultra-cool environment for the vacuum vessel and superconducting magnets because of its large vacuum containment vessel. However, high power consumption is the major restraining factor in the cryostats market. The global cryostats market is restrained by temperature inconstancy and operational time constraints.
COVID -19 impact on the Global Cryostats Market
COVID-19 has shocked the entire world in different perspectives. The coronavirus pandemic boosted the adoption of the cryostat in healthcare and forensic science industries. With the outbreak of the virus, medical research institutes indulged themselves in developing cures and vaccines in order to fight with COVID-19. The research included increasing the adoption of advanced technology that yields better results. This included the adoption of enhanced cryostat technology for superior storage and observation of the tissues and virus. Moreover, increased medical testing of patients led to higher adoption of cryostat technology. Furthermore, technological enhancement in these industries is expected to increase the scope of the cryostat market. Also, the safety regulations and mobility restrictions also disrupted supply chains and temporarily delayed the construction of renewable energy installations.
The study of the Global Cryostats Market considers various market determinants, industry value chain analysis and competitor analysis of the market. The report discusses the analysis of the cryostats industry for the period 2016-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the global cryostats market across 8 Chapters and 156 pages. The report includes data presentation across 34 tables and 85 statistical figures.
The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein bargaining power of buyers is low and competitive rivalry is high.
The subsequent section provides details of the market analysis based on different segments such as type, application and region. The report includes detailed study of value chain of the industry. It includes raw material, manufacturing, supply and distribution and end-users. The report also covers extensively about the key competitors in the market for cryostats.
Key Takeaways from the Global Cryostats Market Report
The key players in the Global Cryostats Market are 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. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip of emerging market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
Global Cryostats Market is segmented based on type, application and region. The industry trends in the global cryostats market are sub-divided into different categories in order to get a holistic view of the global marketplace.
Following are the different segments of the Global Cryostats Market:
By Type segment of the Global Cryostats Market is sub-segmented into:
By Application segment of the Global Cryostats Market is sub-segmented into:
By Region segment of the Global Cryostats Market is sub-segmented into:
|Market Size Value in 2021||US$ 2,081.24 Mn|
|Expected Revenue in 2027||US$ 3,061.82 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Type, By Application, By Region|
|Key Companies||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.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
A cryostat is an artificial chamber that can keep temperature extremely low and therefore, preserves the object stored in it. The low temperature maintained within the chamber freezes the content and keeps it secure and intact.
The preservation of cell density and tissue architecture is one of the advantages of cryostat frozen section which are important in the diagnosis of neurosurgical materials.
Dewar is an essential insulated container system of a cryostat from which liquid cryogen is drawn.
In the sphere of medical applications, Magnetic Resonance Imaging (MRI), frozen tissue sections, X-ray, spectroscopy and other pathological studies are few of the applications for cryostats in the healthcare sector.
The growth rate of the global cryostats market is 6.65%, with an estimated value of US$ 3,061.82 Million by 2027.
North America held the major share in terms of revenue, in the global cryostats market in 2021.
Factors such as rising demand from healthcare industry drives the growth in the global cryostats market over the forecast period.
High power consumption is a restraining factor which inhibits the growth of the cryostats market during the forecast period.
The medical field segment is expected to project the highest CAGR over the forecast period as the cryostat market is majorly driven by the healthcare industry.
Germany held the major share in the Europe cryostats market in 2021.
The increasing number of projects in the quantum computing are analysed to create a significant growth opportunity for the cryostats market.
COVID-19 has significantly impacted positively on the cryostats market. The effects of the covid-19 have been analysed with the employment of the cryostats. This included the adoption of enhanced cryostat technology for superior storage and observation of the tissues and virus.
Type and application are the segments to invest in over the assessment period in the global cryostats market.
The key players operating in the 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.