Cryostat Market

Cryostat Market Outlook (2022-2032)

Worldwide sales of cryostats are anticipated to rise at a modest 5% CAGR from 2022 to 2032. Currently, the global cryostat market is valued at US$ 2.4 billion and is extrapolated to transcend to a sales valuation of US$ 3.5 billion by the end of 2032.

A cryostat is a device that is capable of storing things at extremely low temperatures for several applications. They are majorly used in healthcare applications to preserve tissue samples. Increasing investments in research and development and growing focus on healthcare across the world have resulted in higher demand for cryostats in research centers and clinical laboratories. Sales of cryostat microtome equipment are also expected to increase in the future.

The market is also expected to benefit from the rising demand for tissue sampling and cryopreservation in the healthcare research industry. Cryostats are also widely used in Magnetic Resonance Imaging (MRI), an imaging technique that is expected to gain momentum across the world owing to the rising use of medical imaging in the diagnosis and treatment of several diseases.

Cryostats are crucial functional elements in superconducting devices and systems and the use of these systems is witnessing a hike in computing and energy industries, which is expected to drive sales of cryostats.

Companies manufacturing cryostats are creating novel products for specific applications and expanding their business scope in the global marketplace to drive revenue generation.

• Bluefors, a Finland-based leading cryostat provider for quantum computers, has been revolutionizing the use of cryogenic technology in quantum computing applications. The company produces custom cryostats as per the requirements listed by clients and emerges as a leading low-temperature cryostat provider on a global level.

Moreover, the expanding scope of application of cryostats owing to rapid advancements in technology is expected to drive demand in end-use industries such as aerospace, energy & power, metallurgy, etc. On the contrary, the high power consumed by cryostats for their operation is anticipated to be a major restraint for overall market development in the future.

European countries such as the United Kingdom and Germany are expected to be attractive markets for cryostat manufacturers owing to increasing investments in healthcare and aerospace industries. Shipments of cryostats in Germany are anticipated to increase at a CAGR of around 4.6% through 2032.

Report Attributes	Details
Cryostat Market Size (2022)	US$ 2.4 Billion
Projected Market Value (2032F)	US$ 3.9 billion
Global Market Growth Rate (2022-2032)	5% CAGR
United States Market Value (2022)	US$ 750 Million
Continuous-flow Segment Growth Rate (2022-2032)	6.5% CAGR
China Market Growth Rate (2022-2032)	4.9% CAGR
Bath Segment Growth Rate (2022-2032)	5.4% CAGR
Key Companies Profiled	Boeckeler Instruments Inc. Lake Shore Cryotronics Leica Biosystems Cryomech Inc. Jinhua YIDI Medical Appliance Co. Ltd. Medimeas SLEE Medical GmbH Advanced Research Systems Epredia Amos Scientific MEDITE SM Scientific Instruments Bright Instruments Dakewe Medical Hacker Instruments & Industries

High Power Consumption of Cryostats to Obstruct Market Progress

Cryostats have been observed to draw loads of power depending on their capacity and thermal efficiency. The high power consumption for large cryostats is expected to constrain market expansion over the coming years. Other factors such as increasing demand for energy across the world, shortage of clean energy, and environmental impact on high power consumption are also expected to indirectly inhibit cryostat sales in the future.

Start-ups Focusing on Product Innovation to Disrupt Industry

Aspiring cryostat companies have plenty of opportunities to explore in the marketplace since there is a continual demand for more efficient cryostats for several applications. Quantum computing applications are expected to provide the most attractive growth opportunities for new market players.

• QphoX, a Dutch start-up working on revolutionizing modern quantum computing raised US$ 1.95 million to connect quantum computers via a proposed “quantum modem”. The start-up aims to acquire this connectivity by leveraging its unique microwave to optical conversion technology that can be routed to cryostat through optical fibers.

New companies can focus on developing advanced cryostats and explore their scope of application in various industries to create novel cryogenic solutions and stand out in the global marketplace.

Market for Cryostats in Asia Pacific to Evolve at Robust Pace

Demand for cryostat in the Asia Pacific region is anticipated to progress at the fastest CAGR of all regions and this can be primarily ascribed to increasing investments in healthcare and energy industries in this region. Rapid industrialization and urbanization in this region owing to robust economic growth of countries such as China, Japan, and India are also expected to favor market potential throughout the forecast period.

Rising demand for energy, supportive government initiatives, increasing investments in healthcare infrastructure development, technological advancements, and the growing availability of cryogenics are other factors that are expected to govern market growth in this region through 2032.

The market for cryostat in China is anticipated to be a prime one in this region and is projected to exhibit evolution at a 4.9% CAGR over the next ten years to accumulate a valuation of US$ 625 million by the end of the forecast period.

The markets in India and Korea are also expected to witness notable growth in the near future owing to rising investments in the energy & power industry.

A complete and comprehensive account of all trends, opportunities, restraints, and challenges affecting market evolution on a regional level has been listed in this new cryostat industry research survey by Fact.MR, a market research and competitive intelligence provider.

Country-wise Insights

Rapid Adoption of Advanced Cryogenic Technologies & High Investments in R&D in the U.S.

The market for cryostats in the United States is anticipated to be one of the most lucrative ones in the world owing to the rapid adoption of novel technologies and robust investments in the research and development sector. At present, sales of cryostats in the United States raked in a sales revenue valuation of US$ 750 million.

Increasing demand for advanced medical equipment, rising investments in the aerospace industry, rapid adoption of advanced cryogenic technologies, presence of key cryostat companies, and supportive government initiatives are other actors that crucially shape cryostat demand in the country.

Import of Natural Gas & Technological Advancements in Japan

Japan is known to be the largest importer of natural gas in the Asia Pacific region and this makes it a highly attractive market for cryostats since they are largely being used in the energy & power industry. Japan is also known for its technological advancements, which are way ahead of the rest of the world and this makes opens up the scope of application for cryogenic technologies.

Investments in the development of quantum computing technology and the use of cryostats to create superconducting systems are also expected to offer lucrative business opportunities for cryostat suppliers in Japan through 2032. The market for cryostats in Japan is set to exhibit evolution at a CAGR of 5.2% over the next ten years.

Category-wise Insights

Flourishing Aerospace Industry Offers Attractive Growth Scope

Based on end-use industry, the market for cryostats is segmented into healthcare, energy & power, aerospace, metallurgy, biotechnology, forensic science, marine biology, and other industries.

The race between major economies to expand their space fleet has led to a significant increase in investments in the aerospace sector, which is anticipated to be a key industry for the cryosystem market over the forthcoming years. Use of cryostats in various astronomical applications and advanced space equipment is expected to bolster shipments of cryostats in the aerospace industry throughout the forecast period.

Increasing investments in creating long-life cryostats that can sustain long astronomical studies are expected to uplift sales of cryostats going forward.

Competitive Landscape

Key players in the cryostat market are expected to focus on the expansion of their business scope through acquisitions, mergers, and collaborations.

• In August 2022, Atlas Copco, a leading provider of sustainable productivity solutions announced its agreement to buy Montana Instruments Corporation, a United States-based cryostat service provider. Atlas aims to expand its business scope in the cryogenic technology market through this acquisition.
• In August 2020, Janis Research’s Laboratory Cryogenics Business was acquired by Lake Shore Cryotronics, a leading name in advanced scientific research. Lake Shore acquired the business for low-temperature research applications and created an extensive portfolio for the same through this acquisition.

Key Segments in Cryostat Industry Research

• By Type :

  • Closed-cycle 
  • Continuous-flow 
  • Bath 
  • Multi-stage 

• By System Component :

  • Dewars
  • Transfer Tubes
  • Gas Flow Pumps
  • Temperature Controllers
  • High Vacuum Pumps
  • Microtome Blades

• By Cryogen :

  • Cryogenic Helium
  • Cryogenic Nitrogen

• By End-use Industry :

  • Healthcare
  • Energy & Power
  • Aerospace
  • Metallurgy
  • Biotechnology
  • Forensic Science
  • Marine Biology
  • Other Industries

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA