Cryostat Global Market Report 2024

The cryostat market size has grown strongly in recent years. It will grow from $2.48 billion in 2023 to $2.63 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth observed in the historical period can be attributed to the expansion of biomedical research, the rise of cryo-electron microscopy (cryo-EM), the development of biobanking and biorepository facilities, advancements in cancer research and diagnostics, progress in drug discovery and development, advancements in tissue engineering, and an increase in cryonics services.

The cryostat market size is expected to see strong growth in the next few years. It will grow to $3.42 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period can be attributed to an expanding role in drug manufacturing, the increasing importance of genomic research, the global expansion of biobanking activities, a focus on quality control in pharmaceuticals, a shift towards point-of-care diagnostics, and advancements in cryogenic storage systems. Significant trends expected in the forecast period include advancements in cryogenic technologies, technological innovations in imaging, integration with artificial intelligence, collaborative efforts for research and development, and applications in nanotechnology.

The anticipated surge in neuromuscular diseases is poised to be a driving force behind the expansion of the cryostat market. Neuromuscular ailments encompass conditions affecting the peripheral nervous system, often resulting in progressive muscle weakness. Cryostats play a pivotal role in swiftly diagnosing various illnesses, including neuromuscular disorders, thereby amplifying the demand for these diagnostic tools. For instance, as per The State of Musculoskeletal Health 2021 report by Versus Arthritis, over 20 million individuals in the UK grapple with musculoskeletal disorders such as arthritis, with a staggering one in three people affected, half of whom experience daily pain. Consequently, the escalating prevalence of neuromuscular diseases is propelling the growth trajectory of the cryostat market.

The upsurge in infectious diseases is significantly contributing to the upward trajectory of the cryostat market. Infectious diseases, stemming from various pathogens such as viruses, bacteria, fungi, or parasites, are increasingly common. The utilization of cryostats in managing infectious diseases is crucial due to the potential risks associated with handling such agents. Tissue samples often contain infectious agents, necessitating specialized handling, particularly for samples from individuals positive for certain diseases. For instance, statistics from the Office for National Statistics in the UK indicated an escalating infection rate by the week ending December 9, 2022, notably reaching 1.92% among individuals aged 35 to 69 years and 1.25% in school years 12 to 24. Hence, the mounting prevalence of infectious diseases is anticipated to fuel the expansion of the cryostat market.

Technological advancements represent a prominent trend gaining momentum in the cryostat market. Leading companies within this sector are deeply engaged in developing innovative technological solutions to fortify their market position. Notably, in September 2021, Montana Instruments, a US-based cryogenic equipment developer, unveiled CryoAdvance - a pioneering, high-precision, fully automated optical cryostat equipped with a touchscreen interface and intuitive control technology. This product is tailor-made for variable temperature environments, boasting low vibration levels, a fully integrated control architecture, and complete configurability to ensure rapid and top-quality experimental outcomes. With its encompassing control electronics and vacuum pumps, the cryostat streamlines temperature control across the entire range, exemplifying the forefront of technological progress in this domain.

Prominent players in the cryostat market are prioritizing product advancements, notably focusing on innovations such as cryogen-free systems, to fortify their market standing. Cryogen-free systems are designed to achieve cryogenic temperatures without relying on liquid cryogens such as liquid nitrogen or liquid helium. An illustrative example is Montana Instruments Corporation's introduction of CryoAdvance in September 2021. This cutting-edge, low-vibration cryogen-free system enables users to attain cryogenic temperatures within either a 50mm (3.2K-350K) or 100mm (3.4K-350K) sample chamber. Representing a step up from the entry-level CryoCore, CryoAdvance not only achieves lower temperatures and reduced vibrations but also offers enhanced customization options.

In August 2022, Atlas Copco, a multinational industrial company based in Sweden, completed the acquisition of Montana Instruments Corporation for an undisclosed sum. This strategic acquisition is expected to significantly expand Atlas Copco's existing footprint in the cryogenic markets and strengthen its relationships with research and development customers. Moreover, it provides an additional avenue for Atlas Copco to penetrate emerging quantum technology-related markets, where commercial applications are progressively gaining traction. Montana Instruments Corporation, renowned for its expertise in cryostat manufacturing, became a part of Atlas Copco's portfolio through this acquisition.

Major companies operating in the cryostat market report are Lake Shore Cryotronics Inc, Cryomech Inc, Epredia, Hacker Instruments & Industries Inc, Histo-Line Laboratories Srl, Jinhua YIDI Medical Appliance Co Ltd, SLEE Medical GmbH, Leica Biosystems, Lupetec Technologies, MEDITE Medical GmbH, Boeckeler Instruments Inc, Bright Instruments Ltd, Precision Cryogenics Systems Inc, Atico Medical Pvt Ltd, Biobase Biodusty Co Ltd, Cryofab Inc., Amos Scientific, Thermo Fisher Scientific Inc., Oxford Instruments, Star Cryoelectronics, Infrared laboratories, Attocube Systems, Montana Instruments, Quantum Design, ICE Oxford, Cryogenic Limited, Bluefors, Cryoquip, CryoMAgnetics, Vacree Technologies.

North America was the largest region in the cryostat market in 2023. Asia-Pacific is expected to be the fastest-growing region in the cryostat market during the forecast period. The regions covered in the cryostat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cryostat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The major types of cryostats include closed-cycle cryostats, continuous-flow cryostats, bath cryostats, and multistage cryostats. Closed-cycle cryostats are helium-free systems that enable cooling down to liquid helium temperatures without the use of traditional cryogens. The components of the system include dewars, transfer tubes, gas flow pumps, temperature controllers, high vacuum pumps, and microtone blades, with various cryogens such as helium and nitrogen. Cryostats find applications in various industries, including healthcare, energy and power, aeronautics, metallurgy, biotechnology, forensic science, and marine biology.

The cryostats market research report is one of a series of new reports that provides cryostats optical components market statistics, including cryostats optical components industry global market size, regional shares, competitors with a cryostats optical components market share, detailed cryostats optical components market segments, market trends and opportunities, and any further data you may need to thrive in the cryostats optical components industry. The cryostats optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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