(MENAFN- EIN Presswire)
CHICAGO, UNITED STATES, November 1, 2022 / / -- The size was US$ 2,081.24 million in 2021, which will grow to US$ 3,061.82 million by 2027 by registering a compound annual growth rate (CAGR) of 6.65% during the forecast period 2022-2027. In terms of volume, the global cryostats market is expected to grow at a CAGR of 5.27% over the forecast period.
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A cryostat is a chamber, wherein devices and products, are kept in lo-temperature. A cryostat majorly finds applications in medical laboratories in order to maintain the low temperature of the frozen tissue samples throughout the process of slicing the tissue into thin fragments through microtome. The healthcare industry is experiencing a significant change, with the increasing involvement of technologies on a regular basis. Reflecting on the growing technological era, healthcare spaces are adopting cryostats, which will spark unprecedented growth in the cryostats market. Along with that, the growing chemical, shipping, agriculture, and food processing industries will add up opportunities for the cryostat market.
In terms of type, the continuous-flow cryostats segment is maintaining its lead and will grow at the highest CAGR in the global cryostats market. In terms of application, the medical field segment leads in the cryostat market and will record promising growth in the coming years. On the basis of region, North America leads in the cryostats market, owing to the presence of some of the widely-recognized cryostats companies, such as Janis Research Company, LLC, Thermofisher Scientific Inc., and others. Meanwhile, the Asia-Pacific cryostats market will also make a significant contribution by registering the highest growth rate in the global market.
Factors Influencing the Market
Drivers
The global cryostats market is expected to witness a significant jump in revenue due to the upsurging demand for cryostats from the healthcare industry, accompanied by its rising use in the frozen tissue sections, magnetic resonance imaging (MRI), X-ray, spectroscopy, and other medical applications. Pathologists utilize slices in order to ensure the presence of cancer, which is done by freezing tissue samples. Therefore, the healthcare industry is one of the major end-users of cryostats and the potential drivers of the global cryostats market.
Restraints
Cryostats require high power consumption, which may restrict the growth of the market during the analysis period. Closed-cycle cryostats, for instance, require a high amount of electricity, which adds up to the high cost of the entire process. Additionally, temperature inconstancy and operational time constraints are the other backdrops that may fluctuate the growth curve. The temperature of the cryostat should be constant for accurate diagnosis, and to achieve low temperatures, numerous chilling technologies, such as helium baths with liquid helium or liquid nitrogen, are used that need high electricity, thereby limiting the overall market growth.
Trend
Quantum Computing is expected to reach new milestones in the coming years, which will present attractive prospects for the cryostat market. Various ongoing projects in quantum computing are expected to benefit the cryostat as they will help develop advanced new machines with capabilities surpassing the existing powerful supercomputers. Moreover, quantum computers are too large like the size of a room, which would require a cooling device like cryostat to keep the temperature of the device low, nearly 10 milliKelvin, thereby opening doors of opportunities for the cryostats market.
Global Cryostats Market: Regional Analysis
North America Cryostats Market-
In the North America cryostats market, the US is maintaining its lead in terms of revenue and is expected to maintain the same foothold in the cryostats market by exhibiting the highest CAGR. The growing US cryostat market is due to the presence of various large players, such as Janis Research Company, LLC, Thermofisher Scientific Inc., and others. The North America healthcare industry is highly advanced and is known for its contribution to technological advancements. Therefore, the high adoption of technologies in the region's healthcare industry will present attractive prospects for the growth of the cryostat market. Additionally, governments in the region have introduced several federal policies and programs to sustain the healthcare sector in gaining new heights, which will present attractive prospects for the cryostats market.
Europe Cryostats Market-
In the Europe cryostats market, the UK will exhibit the highest CAGR, while Germany maintained its dominance in the cryostats market in 2021. The growth of the UK cryostats market is because of the reasons like the high focus of authorities on renewable energy projects. Additionally, the governments have initiated a wide range of initiatives for the individual level, such as government subsidies specifically designed for the citizens who cannot afford insurance coverage, which is outlining the scope of the cryostats market. On the basis of type, continuous-flow cryostats lead with the highest share in the Europe cryostats market.
Asia Pacific Cryostats Market-
In the Asia-Pacific cryostats market, China leads with the maximum share, while India will exhibit the highest growth rate due to the fact that APAC is the significant pioneer in the import of natural gases, which will positively affect the trade of cryostats. Moreover, the fact that the Asia-Pacific cryostats market is in its growing phase and will present high opportunities for the cryostats market will drive the focus of the industry giants in the region.
Latin America Cryostats Market-
In the Latin America cryostats market, Mexico will lead with the highest CAGR, while Brazil is maintaining its dominance with the highest market share. The low cost of healthcare services, majorly in Mexico, Columbia and Panama, along with the outstanding services, drives the growth of the cryostats market. On the basis of application, the medical field leads with the highest share in the Latin America cryostats market.
Middle East & Africa Cryostats Market-
In the Middle East & Africa cryostats market, the rest of MEA is maintaining its lead in the base year 2021 and will maintain its dominance throughout the forecast period, i.e., 2022-2027. The Middle East & Africa cryostats market is expected to witness the high contribution of the healthcare and renewable energy sector, whereas, on the basis of application, the medical field segment will dominate the cryostats market and will also exhibit the highest growth rate.
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Competitive Insight
Some of the key industry giants present in the cryostats market include Bright Instruments and Leica Biosystem Nussloch GmbH, Advanced Research Systems, LEE medical GmbH, Janis Research Company, LLC, Montana Instruments Corporation, Jinhua Yidi Medical Equipment Co., Ltd., Thermofisher Scientific Inc., Cryomech Inc., and others.
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:
Bath Cryostats
Closed-Cycle Cryostats
Multistage Cryostats
Continuous-Flow Cryostats
By Application:
Medical Field
Research Laboratories
Industrial
By Region:
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
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