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Liquid nitrogen has a wide range of applications in the pharmaceuticals & healthcare industry. Cryogenic liquid nitrogen is used to regulate temperature in reactor cooling applications, lyophilization, and biological sample storage. It is widely being used in cryotherapies and cryosurgeries of skin that help in removing the diseased skin and skin lesions. Moreover, liquid nitrogen is also used in the transportation and storage of temperature-sensitive medicines. Further, liquid nitrogen is used in cryopreservation of biological samples such as genetical samples, sperms, and eggs.

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The global pharmaceuticals and healthcare industry is developing at a tremendous pace. Technological advancements are emerging continuously across the industry making it lucrative. Medical practitioners and doctors are using advance technologies to provide effective treatments to their patients. Thus, the growth of pharmaceuticals & healthcare industry coupled with rising demand for liquid nitrogen from the industry are projected to significantly drive the growth of liquid nitrogen market in the coming years.

Rising Demand from the Pharmaceuticals & Healthcare Industry to Drive the Liquid Nitrogen Market

Key Recent Developments: Liquid Nitrogen Market

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Regional Insights: Liquid Nitrogen Market

Asia Pacific is expected to register the highest growth in the global liquid nitrogen market. China is one of the largest producers of liquid nitrogen in Asia Pacific. The growth of Asia Pacific liquid nitrogen market is mainly attributed to rapidly developing automotive & aerospace, food & beverage, and pharmaceuticals & healthcare industries. The food & beverages industry in the region is growing at a rapid pace with rising demand for packaged food and beverages. The rising population and increasing purchasing power of consumers are the key factors driving the demand for packaged food and beverages in the region. The manufacturers of processed food and beverages in the region have advanced manufacturing, packaging, transportation, and storage infrastructure to cater to the rising demand and growing concerns regarding food safety and quality. This factor is boosting the demand for liquid nitrogen across the Asia Pacific food & beverages industry, which is thereby driving the market growth.

Impact of COVID-19 Pandemic on Liquid Nitrogen Market

The COVID-19 pandemic brought unprecedented challenges for many industries, including the chemicals & materials industry. Lockdowns, border restrictions, travel bans, plant shutdowns, and other government-led safety protocols disturbed the operations of manufacturing companies. The COVID-19 pandemic also created a shortfall in production due to raw material and labor shortages, which hampered the market shares of small-scale and large-scale manufacturers across different geographies. Moreover, due to the pandemic-induced economic recession, the purchasing power of consumers reduced significantly which hampered the growth of various industries such as automotive, electronics, and food & beverage. Thus, the slowdown in the growth of these industries also hampered the growth of liquid nitrogen market. However, strong demand for liquid nitrogen from the pharmaceuticals & healthcare sector boosted the market during the outbreak. Moreover, in 2021, the manufacturers were permitted to operate with full or partial capacity which helped them to overcome the production shortfall. Moreover, as governments relaxed their restrictions, supply chain improved. This helped the manufacturers in overcoming the supply chain gaps. This positively impacted the growth of liquid nitrogen market.

The report segments the global liquid nitrogen market as follows

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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