LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global cryogenic vaporizer market to grow at a CAGR of above 6% during the forecast period, according to their latest report.
This market research report segments the global cryogenic vaporizer market into the following four major end-users (chemical and petrochemical, metallurgy, power, and electronics) and three major regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the top market drivers that are contributing to the growth of the global cryogenic vaporizer market:
- Increasing popularity of cryogenics in the life sciences industry
- Natural gas set to surpass coal in primary energy mix in coal-dominant economies
Increasing popularity of cryogenics in the life sciences industry
In areas such as immunotherapy, vaccinations, regenerative medicines, and biopharmaceuticals, the global life sciences industry is constantly experiencing technological advances and innovations. For storage, preservation, and treatment applications, these areas require cryogenic temperatures. For instance, in immunotherapies such as chimeric antigen receptor (CAR) T-cell therapy, immune cells named T-cells are collected from the patient’s blood and are genetically engineered to produce special receptors on the surface known as chimeric antigen receptors. Before being infused into the patient, these CAR-T cells proliferate to billions in number. The T-cells then multiply in the patient’s body and kill the cancer cells with the guidance of an engineered receptor.
Cryogenic systems play a crucial role in storage and activation of CAR-T cells. Biological storage of bone marrow, stem cells, cord blood, human tissues, and other highly sensitive pharmaceutical and biological applications use cryogenic freezers.
According to a senior analyst at Technavio for unit operations, “One of the emerging areas in logistics is cold chain logistics, it has a large demand from end-user segments such as regenerative medicine, stem therapy, immunotherapy, cellular medicine, and CAR-T cell therapy. Many players are offering cold logistics services to various end-users. For example, UPS, which is a healthcare logistics company, provides cryogenic shipping services in Europe.”
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Global cryogenic vaporizer market segmentation
Of the four major end-users, the chemical and petrochemical segment held the largest market share in 2017, accounting for nearly 40%. However, the market share for this application is expected to decrease by 2022.
APAC was the leading region for the global cryogenic vaporizer market in 2017, accounting for a market share of 36%, and the region will continue its dominance through 2022. Both EMEA and the Americas are expected to decline in terms of market share during the forecast period.
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