This study involved four major activities in estimating the current size of the medical equipment cooling market. Exhaustive secondary research was done to collect information on the market and its different sub segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the size of the segments and sub segments.
What the Market Looks Like?
The medical equipment cooling market is projected to grow from an estimated USD 233 million in 2024 to USD 193 million by 2019, at a CAGR of 3.8% during the forecast period.
- In 2018, Laird Technologies (US) enhanced its Tunnel Series TEA which offers an expanded line of cooling capacities ranging up to 100 watts.
- In 2016, KKT Chillers (Germany) established a new service center in Shanghai, China, to meet the increasing demand for chillers in the region.
Key questions addressed by the report:
- What are the growth opportunities related to the adoption of medical equipment cooling across major regions in the future?
- Emerging countries have immense opportunities for the growth and adoption of medical equipment cooling modalities. Will this scenario continue in the next five years?
- Where will all the advancements in products offered by various companies take the industry in the mid- to long-term?
By type, the liquid-based cooling segment was the largest contributor to the medical equipment cooling market in 2018.
By compressor, the screw compressor segment is expected to grow at the highest CAGR in the medical equipment cooling market during the forecast period.
The packaged systems segment was the largest contributor to the medical equipment cooling market, by configuration in 2018
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What Drives the Market?
The growth of the global Medical Equipment Cooling Market is primarily influenced by the following factors:
- Economic Benefits Offered By Medical Equipment Cooling
- Technological Advancements in Diagnostic Imaging Modalities
- Growing Global Prevalence of Cancer
- Increasing Geriatric Population and Disease Incidence
- Growing Number of Diagnostic Centers and Hospitals
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Asia Pacific to register highest growth in the medical equipment cooling market during the forecast period
The medical equipment cooling market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific region is expected to register highest growth during the forecast period. The increasing awareness of optimal thermal management of medical equipment, increase in healthcare expenditure, and rising geriatric population are some of the major factors driving the growth of the medical equipment cooling market in Asia Pacific.
Leading market players and strategies adopted
The major players operating in the medical equipment cooling market include Glen Dimplex Group (Ireland), Legacy Chiller Systems Inc. (US), 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).
An analysis of the market developments between 2016 and 2018 revealed that several growth strategies such as product enhancements and expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the medical equipment cooling market.