The global cryostat market is projected to generate USD3,047.8 million revenue by 2030, advancing at a CAGR of 5.0% during 2024–2030. This can be ascribed to the advancement in the medical sector, which is driving the utilization of cryostats for the detection of cancer, neuromuscular diseases, and other chronic diseases. This is due to their importance in enabling quick and effective diagnoses. Moreover, these systems are being rapidly adopted by the pharmaceutical industry to maintain low temperatures of slides and cut histologic slides.
In this regard, the rise in the interest in research & development in healthcare, surge in the number of laboratories, continuous technical advancements, and increase in the network of helium transporting pipelines drive the global cryostat market.
The healthcare sector dominates the market, with a revenue share of 30%, in 2023, and it is further expected to maintain its position during the forecast period. This is owing to the rapidly rising adoption of these systems for the diagnosis of various infectious diseases and chronic diseases, such as cancer and neuromuscular diseases. The growing geriatric population and changing lifestyles have increased the incidence of chronic diseases, such as cancer, stroke, and diabetes. A cryogenic solution can be used to freeze the diseased tissue, which helps treat these conditions.
Moreover, many laboratories and clinics utilize cryostats to preserve cells and tissues for diagnosing neuromuscular diseases. Their ability to cut and protect tissue samples for the diagnosis of neurological conditions is expected to boost the market growth.
The market in the aerospace industry is expected to grow at the highest CAGR during the forthcoming timeframe. The aerospace industry is an emerging application area for cryostats, where they are widely used for cooling infrared sensors, satellites, and various communication devices.
Geographically, the APAC region will showcase the quickest advance over the forecast period. This will be due to an increase in the investment by the key market players, a large pool of patients with chronic and infectious diseases, government encouragement for research in advanced healthcare areas, and expansion of the healthcare infrastructure. Moreover, the surge in the count of diagnostic laboratories, development in the automotive industry, increase in the demand for energy, and technological advancements in cryostats make the regional market profitable. In the context of industrial applications, the rapid industrialization and urbanization have raised the usage of these machines across China, Japan, and South Korea.
Among all the regional countries, China is leading the APAC market in 2023, owing to the rising demand for cooling infrared sensors, increasing adoption of advanced medical tools, and booming imports of cryostats. Additionally, the rising prevalence of infectious and chronic (including neuromuscular) diseases is driving the adoption of cryostats for the detection and preservation of cells and tissues for diagnosis and treatment in China.
Japan contributes significantly to the APAC market too, as it is witnessing collaborations among various industry participants and other stakeholders. Moreover, the Japanese government is taking significant steps to advance research in the healthcare industry. Japan is well known for the technological advancements in various industries, and it is also a large importer of liquid nitrogen gas, thus complementing the market growth.
Some of the major providers of cryostats are Leica Biosystems Nussloch GmbH, Amos Scientific Pty. Ltd., Advanced Research Systems Inc., Precision Cryogenics Systems Inc., Cryo Scientific Systems Pvt. Ltd., Precision Cryogenics Systems Inc., Jinhua Yidi Medical Equipment Co. Ltd., Bright Instrument Co. Limited, Chase Research Cryogenics Limited, and MEDITE Medical GmbH.