Cryostats Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

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. 

Market Snapshot

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.

Market Dynamics

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.

Report Summary

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

• Based on 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. Continuous-flow cryostats are commonly employed in high-resolution spectrographs and multiple detector systems, among other applications.
• In terms of 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. Moreover, MRI applications accounted for the largest share of the cryostat market and is also projected to continue its growth in the future years.
• By region, North America is expected to project the largest share in the global cryostats market over the forecast period owing to the increasing adoption of cryogenic systems for cooling in multiple industrial sectors such as energy and aerospace.

Company Profile

• Jinhua YIDI Medical Appliance Co., Ltd is a manufacturer engaged in research & development, production and sale of histology equipment and consumables. The products covering microtome, tissue processor, embedding center, cryostats, tissue floatation processor, tissue barking processor and all kinds of histology consumables. Moreover, YIDI products have high quality, high performance and feature excellent after sale service and are extensively used for scientific research and in the fields of biomedicine, education, epidemic prevention, farming and veterinary science.
• Advanced Research Systems, Inc. manufactures the cryogenic equipment's. The Company offers cryogenic equipment for low temperature applications and experiments, including nanoscience, quantum optics and optical spectroscopy. Advanced Research Systems serves customers on the worldwide basis. Moreover, the company also provides a complete cryogenic solution for low temperature material characterization.
• Montana Instruments manufactures high-precision electrical, optical, and cryogenic products for quantum computing, quantum education, quantum networking and quantum materials research. The company provides essential cryogenic tools for quantum creators. Moreover, Montana Instruments is part of the navigational, measuring, electromedical and control instruments manufacturing industry.

Competitive Landscape

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.

Segmentation Overview 

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:

• Bath Cryostats
• Closed-Cycle Cryostats
• Multistage Cryostats
• Continuous-Flow Cryostats

By Application segment of the Global Cryostats Market is sub-segmented into:

• Medical Field
• Research Laboratories
• Industrial

By Region segment of the Global Cryostats Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Taiwan
  • Malaysia
  • Indonesia
  • Thailand
  • Philippines
  • Vietnam
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • Turkey
  • Saudi Arabia
  • UAE
  • Rest of MEA