Global Cryostat Market Report and Forecast 2024-2032

Global Cryostat Market Outlook

The global cryostat market size was valued at USD 2.4 billion in 2023, driven by the rising number of research and development activities across the globe. The market is expected to grow at a CAGR of 5.6% during the forecast period of 2024-2032, with the values likely to rise from USD 2.5 billion in 2024 to USD 3.9 billion by 2032.

Global Cryostat Market Overview

Cryostat is a device that maintains low cryogenic temperatures (-150°C to -273°C)  by using refrigeration methods. It uses liquid cryogens like Helium or Nitrogen to keep the devices or samples mounted within the system at low temperatures. A cryostat is an essential tool to preserve biological tissues and enable quick findings in research labs, histology, pathology, etc. Low temperatures in a cryogenic environment allow freezing and preservation of tissues, which can be sectioned using a microtome.

Rapid developments in advanced medical imaging techniques such as magnetic resonance imaging (MRI) and microscopic examination of tissue samples are propelling the cryostat market demand. MRI machines need Cryostats to hold a cryogen, mainly helium, in a liquid state with minimal evaporation. Around 30 million MRI  scans are performed by medical professionals in the United States every year to detect, diagnose, and monitor various medical conditions such as brain tumors, stroke, dementia, and multiple sclerosis. Thus, the increased application of cryostats in diagnostic, biological, and industrial sectors is expected to drive market growth in the forecast period.

Intensive Research and Development Activities

Cryostat finds its utilization in various research and development initiatives including material science, medical research, and diagnostics. The increased adoption of cryostats in research activities is the key factor driving the expansion of the cryostats market share. In October 2023 , a project at the University of Maine, funded by the Natural Science Foundation employed a new cryostat machine to slice fish samples effectively and find potential treatments for several diseases by studying a family of genes found in fish. Using the new gene present in the fish cell membrane, the researchers plan to develop a deeper understanding of diseases including diabetes, schizophrenia, and autism spectrum disorder.

Novel Innovations Driving the Cryostat Market Growth

Major players in the cryostat device market are actively involved in the manufacturing of technologically advanced cryostat machines that not only show overall efficiency but also work on reduced power input. In April 2023, INOXCVA , a leading Indian cryogenic engineering company, announced the manufacturing of a 4K Helium cryostat with zero-boil-off for an MRI magnet system. Designed by a team of Indian scientists and engineers, the fabrication of this technology is anticipated to lower MRI costs and make the Indian healthcare system more affordable.

Global Cryostat Market Segmentation

Market Breakup by Type

• Closed Cycle Cryostats

• Continuous Cycle Cryostats

• Bath Cryostats

• Multistage Cryostats

Market Breakup by Components

• Dewars

• Transfer Tubes

• Gas Flow Pumps

• Temperature Controllers

• Microtomes Blades

• Other System Components

Market Breakup by Cryostat

• Nitrogen

• Helium

• Others

Market Breakup by Applications

• Healthcare and Medical

• Research and Development

• Semiconductor Manufacturing

• Aerospace and Defense

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Cryostat Market Regional Analysis

North America holds the largest share of the cryostat market owing to the technological advancements in cryostat equipment in the region. With its applications in a wide range of sectors such as aerospace, immunohistochemical experiments, and engineering, the cryostat market demand is growing notably. In May 2023,  a team of researchers from the Ames National Laboratory in the United States developed an innovative scanning probe microscope with a custom cryogenic insert. The ultralow temperature terahertz microscope can take imaging data on materials exposed to extreme magnetic and cryogenic environments (below 4.2 Kelvins or -452 degrees Fahrenheit). The terahertz microscope is expected to foster a better understanding of topological and superconducting materials, enabling integration of the quantum technology as well.

The Asia Pacific region also holds a significant cryostat market share. The rising investments in the healthcare sector have strikingly fuelled the demand for cryogenic technologies. Moreover, the presence of several cryogenic tank suppliers in the region is bolstering the market growth. With the growing impetus of the government to improve healthcare facilities, developing economies such as India are expected to offer lucrative growth opportunities for the key cryostat market players in the coming years.

Global Cryostat Market: Competitor Landscape

One of the significant trends witnessed in the cryostat market is the increased funding and investments which are elevating the market value significantly. In December 2023 , Inox India Ltd., a manufacturer of cryogenic tanks secured INR 438 crore from anchor investors. Further, the leading supplier of cryogenic equipment plans to raise INR 1460  crore. The funds will help the company in the expansion of its offerings for cryogenic conditions and can reduce the dependency on import content substantially.

The key features of the cryostat market report include patent analysis, grants analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Biosystems

• Cryomech Inc.

• Amos Scientific

• MEDITE

• Bright Instruments

• Dakewe Medical

• Jinhua YIDI Medical Appliance Co., Ltd.

• SLEE Medical GmbH

• Advanced Research Systems

• Lake Shore Cryotronics

• Epredia

• SM Scientific Instruments

• Medimeas

• Hacker Instruments & Industries

• Boeckeler Instruments Inc.

• Histo-line Laboratories

• Lupetec

• SciLab Co. Ltd.

• Cryofab, Inc.

• Precision Cryogenics

• AMETEK Scientific Instruments

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report