Global Medical Equipment Cooling Market Anticipated to Value Over USD 210 Million by 2026 End

  • 13 Aug 2019

Global medical equipment cooling market is estimated to value over USD 210 million by 2026 end and register a CAGR of over 3% from the forecast period 2019-2026. 

Various economic benefits given by medical equipment cooling coupled with the latest technological advancements in diagnostic imaging are the factors inflating the medical equipment cooling market. The rising geriatric population and rising prevalence of chronic diseases are driving the market as well. In addition, the expansion of healthcare and increasing healthcare expenditure is positively influencing the market. Furthermore, an increasing number of diagnostic centres is accelerating the demand for medical equipment cooling equipment.
The market is bifurcated into by type, by compressor, by configuration, by application, by end-user and region. Based on configuration, packaged systems are expected to hold a vast share of the market. Packaged systems don't need the hassle of design and deployment, as the components are already assembled at a factory. Owing to this factor, the packaged system is in vast demand from multiple end-users.
In terms of application, medical devices are expected to hold a vast share of the market during the forecast period. The economic benefits offered by optimal device cooling and the rising number of diagnostic procedures are stimulating the market. Technological advancements in computed tomography scanners are driving the market as well. 

In terms of the compressor, scroll is expected to witness significant growth.  Scroll compressors lower the risk of refrigerant and lessen the vibration levels, because of these factors, they are expected to show significant growth over the forecast period 2019-2026. 

In terms of type, liquid-based cooling is anticipated to dominate the market growth. Liquid-based cooling systems offer better energy efficiency and uniform cooling capabilities which safeguards sensitive equipment from damage. 

Based on end-users, hospital laboratories and outpatient clinics are expected to dictate the market growth. The rapid expansion of hospitals alongside a rise in healthcare expenditure has bolstered the market. The growing number of diagnostic imaging procedures has propelled the market growth further. Factors such as better clinical outcomes and technological advancements have positively influenced the market. Increasing usage of imaging systems and lasers to cater to the increasing prevalence of chronic diseases is stimulating the market as well.

In terms of regions, North America is the global leader of the market. Rise of the geriatric population and the emergence of chronic ailments is stimulating the market in the region. In addition, the availability of advanced technologies and the presence of established companies are boosting the presence of the market in the region.

Asia-Pacific region is expected to produce lucrative opportunities for manufacturers owing to the increasing geriatric population in nations like China and Japan. Furthermore, the rising prevalence of chronic diseases alongside increasing health awareness is driving the market in the region. Improving healthcare infrastructure in countries like India and China is fueling the market growth as well.

Major players of the market are Glen Dimplex Group, Drake Refrigeration, Inc., General Air Products, Inc., Filtrine Manufacturing Company, Inc., Legacy Chiller Systems Inc, Parker Hannifin Corp, American Chillers, Haskris, Johnson Thermal Systems, Motivair Corporation, and Whaley Products Inc.

Competitive Landscape: 
●     KKT Chillers established it's new center in China, in order to meet the growing demand of chillers in the Asia-Pacific region 
●     Laird Technologies upgraded its Tunnel Series TEA. Tunnel Series TEA offers a prolonged line of cooling capacities up to 100 watts
 

Global Medical Equipment Cooling Market Segmentation 
By Type 

●     Liquid-based cooling 
●     Air-based cooling 

By Compressor
●     Scroll Compressors
●     Screw Compressors 
●     Centrifugal Compressors 
●     Reciprocating Compressors

By Configuration 
●     Packaged Systems
●     Modular Systems 
●     Split Systems 

 

By Application 
●     Medical Devices
o  Medical Imaging Systems 
▪      Magnetic Resonance Imaging Systems 
▪      Computed Tomography Scanners 
▪      Positron Emission Tomography Scanners 
o  Medical Lasers 
o  Linear Accelerators 

●     Analytical & Laboratory Equipment

By End-User
●     Original Equipment Manufacturers
●     Hospital, Laboratories and Outpatient Clinics
●     Independent Diagnostics & Treatment Centers and Laboratories

By Region
●     North America 
●     Europe
●     Asia Pacific 
●     Latin America 
●     Middle East & Africa
 

FutureWise Key Takeaways
●  Growth Prospects
●  SWOT Analysis
●  Key Trends
●  Key data-points affecting market growth
 

Objectives of the Study:
•  To provide with an exhaustive analysis on the global medical equipment cooling market by type, by compressor, by configuration, by application, by end-user, and by region 
•  To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•  To evaluate and forecast micro-markets and the overall market 
•  To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America and Middle East & Africa
•  To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
•  Profiling of companies to evaluate their market shares, strategies, financial and core competencies

 

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