The cryocooler is a closed-cycle refrigeration system that produces cooling power at cryogenic temperatures. Cryocoolers find wide application in various end-use industries such as energy, medical, military, semiconductor & telecommunications, and space. Advancements in cryopreservation techniques to safely store biomaterials like stem cells, sperms, eggs, tissues, and organs have increased the need for efficient cryocoolers. The global cryocooler market is estimated to be valued at US$ 2540.58 Mn in 2023 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for cryopreserved biomaterials is a key trend driving the growth of the cryocooler market. Cryopreservation is touted as an important technique for long-term storage of biomaterials and stem cells as it helps maintain their viability and functionality. In recent years, advances in regenerative medicine have increased the use of stem cells for treating various chronic and genetic diseases. This has propelled the demand for cryocoolers from stem cell banks and biobanks globally. Efforts to develop public and private stem cell banks are expected to further stimulate the requirement for efficient cryocoolers across the world.
Segment Analysis
The global cryocooler market is dominated by the Gifford-McMahon cryocoolers segment. This segment held more than 30% share of the global market revenue in 2023 owing to its widespread application in military, scientific research, medical applications. It provides reliable cooling at temperatures ranging from 10K to 300K making it useful for infrared detectors, superconducting devices, space applications.
Key Takeaways
The global Cryocooler Market Growth is expected to witness high growth during the forecast period of 2023 to 2030. The market is projected to reach a size of US$ 2540.58 Mn by 2030, expanding at a CAGR of around 34% during the forecast timeline.
Regional analysis
North America dominated the global cryocooler market and held over 30% share in 2023. This can be attributed to significant investments in the region from government and private organizations towards space research, cold storage, medical equipment. Asia Pacific is expected to be the fastest growing market during the forecast period owing to rising government funding for space programs in emerging economies such as India and China.
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.
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