PUNE, India -- According to a new market research report "Cryostat Market by Type (Closed-Cycle, Continuous-Flow, Bath, Multistage), System Component (Dewars, Transfer Tubes, Gas Flow Pumps, Temperature Controllers, High Vacuum Pumps, Microtome Blades), Cryogen, Industry, & Geography - Global Forecast to 2022" published by MarketsandMarkets, the global market is expected to reach USD 2.90 Billion by 2022, at a CAGR of 6% during the forecast period.
Increasing demand for cryostats for cooling infrared sensors in various healthcare machines, in research centers, and in the energy & power and aerospace industries is expected to drive the growth of the market for cryostats.
Healthcare industry dominates the cryostats market
The healthcare industry contributes the maximum toward the cryostats market. The devices are used in various healthcare applications such as magnetic resonance imaging (MRI), frozen tissue sections, X-ray, spectroscopy, and other pathological experiments. MRI is one of the significant application areas of cryostats in the field of medicines. The cryostats in the MRI machines keep the superconducting magnets' bobbins of superconductive wires in their superconductive state. For the healthcare industry, MRI applications held the largest share of the cryostats market in 2015 and are expected to exhibit the same trend in the coming years as well.
Market for Dewars expected to have the largest market size during the forecast period
Dewar is an integral part of a cryostat from which liquid cryogen is drawn. These storage vessels are open-necked, non-pressurized, and portable double-walled containers. Dewars that meet the prescribed safety standards are generally used in cryostats; physical inspection of these dewars should be carried out in a regular interval to check the external surface integrity. Dewars held the largest share of the overall market in 2015 and are expected to continue the same trend during the forecast period.
The cryostats market in APAC is expected to grow at the highest CAGR during the forecast period
This market is majorly driven by developed economies such as China and Japan, followed by India, South Korea, and the Rest of APAC. Investments in the healthcare and energy sectors have grown considerably in the past few years, creating a significant demand for the cryogenic technology in the region.
The key players operating in the cryostats market include 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.
The report analyzes the market trends for each of the segments and their respective growth rate. Apart from the market segmentation, the report also covers Porter's five forces analysis, value chain analysis with a detailed process flow diagram, and market dynamics such as drivers, restraints, opportunities, and challenges for the market. The report also provides a qualitative and quantitative description of the segments of the market. It also gives a detailed view of the market across four geographic regions: North America, Europe, APAC, and RoW. North America is the largest market for cryostats, while the market in APAC is expected to grow at the highest rate during the forecast period.
Browse 68 market data Tables and 61 Figures spread through 156 Pages and in-depth TOC on "Cryostat Market" at http://www.marketsandmarkets.com/Market-Reports/cryostat-market-13123464.html?utm_source=PRnewswire&utm_medium=Referral&utm_campaign=PaidPR
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