The cryocooler market is estimated to be USD 2.3 billion in 2020 and is projected to reach USD 3.1 billion by 2025, at a CAGR of 6.0%. The rising adoption of cryocoolers in the semiconductor industry, superconducting magnets, and power systems, along with the surging adoption of cryocoolers in MRI, NMR equipment, and proton therapy in the healthcare sector are major factors driving the growth of the cryocooler market globally. The other key factors driving the growth of the market include the increasing demand for cryocoolers in space applications and the development of cryocoolers for microsatellite military applications. Cryocoolers are used in medical and healthcare industries to achieve temperatures as low as −150 degrees Celsius for cooling superconducting magnets. Currently, cryocoolers are used in various medical applications, such as MRI, NMR equipment, and proton therapy.