The Cryocooler Market Poised to Attain Substantial Growth Due to Rising Demand from Healthcare Sector
Cryocoolers are heat pumps that produce low temperatures through a thermodynamic cycle. They are commonly used to chill infrared detectors, laser media, superconducting devices, and other cryogenic payloads. In healthcare applications, cryocoolers are used for cryopreservation of various biological samples like stem cells, sperm/eggs, tissues etc. They find significant usage in applications such as MRI machines, analytical instruments and medical equipment for cooling purposes.
The global cryocooler market is estimated to be valued at US$ 2926.75 Bn in 2023 and is expected to exhibit a CAGR of 34.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The cryocooler market is anticipated to witness substantial growth over the forecast period owing to rising demand from the healthcare sector. With advancements in cryosurgery and cryopreservation techniques, the need for reliable and efficient cryocoolers is increasing rapidly. Another major driver for this market is growing applications of MRI and analytical instruments in hospitals and diagnostic centers. Cryocoolers are crucial components that enable achieving the extremely low temperatures required for superconducting magnets in MRI machines. Moreover, expansion of healthcare infrastructure especially in developing regions will further propel the demand for cryocoolers during the forecast period.
SWOT Analysis
Strength: Cryocooler technology has significantly advanced in the last few years allowing for scaled manufacturing and higher reliability and lifetimes. Cryocooler systems provide precise temperature control which is critical for many scientific and medical applications. They avoid the need for heavy and expensive liquid cryogens making applications more portable.
Weakness: Development costs associated with cryocooler technologies are still high making products expensive for some mainstream uses. Reliability can still be improved to match lifetime requirements of some strategic defense and space applications. Dependence on rare earth elements adds supply chain risks.
Opportunity: Growing demand for superconducting cables and magnets from expanding high speed rail networks and fusion energy research provides an opportunity. Increased use of infrared cameras, UV and spectroscopy devices for scientific research and industrial process control opens new verticals. Adoption in emerging areas like satellite payloads, quantum computing and biobanks could surge.
Threats: Improvements in liquefied gas technologies may reduce need for cryocoolers in some stationary industrial uses. Competition from alternative cooling solutions like magnetocaloric and thermoelectric technologies could capture new niche markets. Economic downturns may delay investments in infrastructure upgrading scope for cryocoolers.
Key Takeaways
Global Cryocooler Market Size is expected to witness high growth over the forecast period driven by expanding applications across numerous industries.
Regional analysis: North America has traditionally led the cryocooler market accounting for over 35% revenue share in 2024 supported by NASA, defense and medical research spending. Europe and Asia Pacific are other major consumers. Asia Pacific is projected to surpass Europe as the second largest market by 2031 growing at over 40% CAGR. This can be attributed to rising manufacturing activity from China, India and Japan catering to both domestic and international demand. Government initiatives are promoting adoption of cryocoolers in rail, healthcare and renewable energy sectors.
Key players: Key players operating in the cryocooler market are CRISPR Therapeutics AG, Editas Medicine, Inc., Intellia Therapeutics, Inc., Sangamo Therapeutics, Inc., Beam Therapeutics Inc., Caribou Biosciences, Inc., Mammoth Biosciences, Precision Biosciences, Inc., Synthego Corporation, GenScript Biotech Corporation, Horizon Discovery Group plc, Lonza Group Ltd., Takara Bio Inc., Merck KGaA, Thermo Fisher Scientific Inc. They are focusing on new product innovations, enhanced reliability and customization to suit application specific performance needs. Several strategic collaborations and acquisitions have also been announced to expand business globally.
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