“The medical equipment cooling market is projected to grow at a CAGR of 3.8% during the forecast period.”
The global medical equipment cooling market is projected to reach USD 233 million by 2024 from USD 193 million in 2019, at a CAGR of 3.8%. Growth in this market is largely driven by factors such as the economic benefits offered by cooling systems, technological advancements in diagnostic imaging modalities, growing geriatric population, and rising incidence of cancer. However, the risk of corrosion in cooling systems is a major factor that is expected to challenge the growth of this market during the forecast period.
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“The air-based cooling segment is to witness higher growth in the medical equipment cooling market during the forecast period.”
Based on type, the medical equipment cooling market is segmented into liquid-based cooling, (liquid-liquid configuration, liquid-air heat transfer configuration, and compressor-based recirculating configuration) and air-based cooling (direct-air configuration and air-to-air configuration). The air-based cooling segment of the medical equipment cooling market is expected to grow at a higher CAGR during the forecast period. The high growth of this segment can be attributed to its lower cost and the risk of failure associated with air-based cooling.
“The OEMs segment accounted for the largest share of the medical equipment cooling market in 2018.”
Based on end user, the medical equipment cooling market is segmented into original equipment manufacturers (OEMs); hospitals, laboratories, and outpatient clinics; independent diagnostic & treatment centers and laboratories, and other end users. The OEMs segment accounted for the largest share of the global medical equipment cooling market in 2018. The large share of this segment can be attributed to the increasing usage and demand of devices such as diagnostic imaging systems, lasers, and LINAC to meet the increasing prevalence of chronic diseases. Furthermore, the availability of custom cooling solutions by manufacturers to suit the specific requirement of medical equipment manufacturers is adding significant growth opportunities to this end-user segment.
“Europe accounted for the second-largest share of the global market in 2018.”
Based on region, the medical equipment cooling market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. Europe accounted for the second-largest share of the global medical equipment cooling market in 2018. The increasing incidence of cancer, growing geriatric population, the growing healthcare expenditure, the need for early diagnosis, and the increased adoption of advanced systems are the major factors propelling the demand for medical equipment cooling in Europe.
Breakdown of supply-side primary interviews:
- By Company Type: Tier 1 - 25%, Tier 2 - 30%, and Tier 3 - 45%
- By Designation: C-level - 26%, Director-level - 30%, and Others - 44%
- By Region: North America - 34%, Europe -26%, APAC - 23%, and the RoW -17%
The major players in the market include Glen Dimplex Group (Ireland), Legacy Chiller Systems Inc. (US), and Filtrine Manufacturing Company, Inc. (US), Laird Technologies, Inc. (US), Cold Shot Chillers (US), KKT Chillers (Germany), General Air Products, Inc. (US), Drake Refrigeration, Inc. (US), Lytron, Inc. (US), Motivair Corporation (US), American Chillers (US), Parker Hannifin Corp (US), Whaley Products Inc. (US), Johnson Thermal Systems (US), and Haskris (US), among others.
- This report studies the medical equipment cooling market based on type, compressor, configuration, application, end user, and region.
- The report also studies factors such as drivers, restraints, and challenges that affect market growth. It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders.
- Furthermore, the report analyzes micromarkets with respect to individual growth trends and forecasts the revenue of the market segments with respect to four main regions and the respective countries in these regions.
Key Benefits of Buying the Report
- This report focuses on various levels of analysis industry trends, market shares of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the medical equipment cooling market, and high-growth regions along with their drivers, restraints, challenges, and opportunities.
- This report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.