Cryostat is a device used for maintaining samples or specimens at low cryogenic temperatures by thermally isolating them from the outside with the help of cryogenic fluids such as liquid helium or liquid nitrogen. Cryostats find wide usage in healthcare applications such as spectroscopy, frozen tissues sections, X-ray, and magnetic resonance imaging (MRI). Apart from healthcare, they are increasingly being adopted in the energy & power and aerospace sectors, thereby further boosting the growth of the overall cryostat market.
How is the cryostat market progressing globally?
The global cryostat market is expected to be valued at USD 2.90 Billion by 2022, registering a CAGR of 6.0% during the forecast period from 2016 to 2022.
Based on system component, dewars took up the largest share of the market in 2015, and is expected to continue its dominance over the market in the near future as well. Among types, continuous-flow cryostats are the most widely used cryostats, especially in applications like high-resolution spectrographs and multiple detector systems. Based on cryogens, helium is popularly used in cryostats
Among industries, the healthcare industry contributes majorly towards the global cryostat market, since they are widely used in various applications such as MRI, frozen tissue sections, X-ray, spectroscopy, and others. Among these, MRI held the largest market share in 2015, and is expected continue showing this trend over the coming years as well. However, over the coming years, the aerospace industry is expected to witness the highest growth, since these devices are mainly used for cooling infrared sensors during various astronomical studies.
Geographical growth scenario of the market
Among regions, North America is expected to account for the largest share of the overall market, whereas the cryostat market in Asia-Pacific is projected to witness the highest growth over the coming years. The growth of the market in APAC region can be majorly contributed to the increased demand for cryostats in the countries such as China, Japan, and others. In addition, many countries in this region import natural gas, which is further boosting the market for cryogenics in this region. Although the market in this region is at a growing phase, the continuous developments are expected to offer lucrative opportunities for the growth of the global cryostats market.
Factors driving and restraining the market growth
The worldwide cryostats market is experiencing significant growth, mainly owing to the increased demand for cryostats in healthcare services, especially in developing nations. These cryostats are used for cooling infrared sensors in different healthcare machines, in research centers, and in the energy & power and aerospace industries, thereby giving a boost to the market growth. In addition, increased production of liquefied natural gas is expected to further drive this market towards growth.
However, high input power consumption by these devices is expected to act as a major deterrent for the growth of this market. Moreover, leakage tendency of cryogen gases poses a major challenge in front of this market.
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Key players and strategies adopted
Leica Biosystems Nussloch GmbH (Germany), Cryomech, Inc. (U.S.), Advanced Medical and Optical Systems (Belgium), Bright Instruments (U.K.), Jinhua YIDI Medical Appliance Co., Ltd. (China), SLEE Medical GmbH (Germany), Thermo Fisher Scientific Inc. (U.S.), Janis Research Company, LLC (U.S.), and Amos Scientific Pty Ltd. (Australia) among others are the major companies operating in the global market for cryostats. Leica Biosystems, which has operations worldwide, was the leading player in 2015. It collaborated with Mayo Clinic (U.S.) for developing the next-generation cytogenics imaging software.
Following it was Thermo Fisher Scientific Inc. (U.S.), which acquired Affymetrix Inc. (U.S.) in January 2016 for strengthening its leadership in biosciences and creating an array of growth opportunities in the field of genetic analysis. New product developments, partnerships, acquisitions, collaborations, and business expansions are the key strategies being adopted by these players in order to enhance their global presence in the market. Among these, new product development has been the key strategy adopted by the market players to gain a stronger hold on the market.