The projected revenue for the cryostat market is anticipated to reach USD 2,205.4 million by the conclusion of 2023. A steady compound annual growth rate (CAGR) of 5.0% is expected from 2024 to 2030, leading to an estimated total revenue of USD 3,047.8 million by the year 2030.
The development of this industry can be credited to the improvements in numerous medicinal fields, like MRI and tissue sampling. Basically, the need for cryostats is increasing because of the low temps they form, quicker turnaround for sample freezing, and better protection of protein antigenicity.
Cryostats are extensively utilized in healthcare, like in MRI machines and for keeping tissue samples. In MRI devices, they are utilized to preserve a cryogen, particularly helium, in a liquid state with little evaporation loss. In the time of technical improvements in the world of healthcare, contemporary MRI cryostats utilize a mechanical refrigerator to re-condense the helium gas and back it to a bath, to uphold the cryogenic condition and preserve the gas.
In 2023, the Dewars category holds the largest share of revenue, constituting 25%, and is anticipated to sustain its leading position throughout the forecast period. Dewars, a crucial component of cryostats, play a vital role in storing solid and liquid cryogens. Constructed from materials such as glass, stainless steel, or aluminum, Dewars adhere to established safety standards. As an integral part of a cryostat, the Dewar serves as the internal component from which cryogens flow. Typically featuring one or more reservoirs, it is enveloped by a vacuum jacket, safeguarding these reservoirs from exposure to room temperature.
In 2023, the helium category generated the larger revenue share, of 70%, and the category is also projected to dominate the market in the future as well. This can be credited to its superfluidity and lesser boiling point. The increasing need for helium in its liquid form in cryostats is because of its capability to ionize and low functioning temperature and pressure. The market for cryostats is propelled by the growing healthcare and aerospace sectors.
