Medical Cooling Systems Market is expected to reach $2.8 billion, at a CAGR of 7.5% by 2024
A report into the projected growth of the current medical cooling systems market by Meticulous Research has produced lucrative forecasts for the industry. By 2024, it’s expected to have grown at a CAGR of 7.5%, reaching $2.8 billion.
Future Looks buoyant for medical cooling systems
In a report published today, Meticulous Research has stated that the size of the global medical cooling systems market will reach an impressive $2.8 billion by 2024.
The researchers believe that the growth will be driven by a variety of factors. These include: reliable patient care and economic benefits offered by medical chillers, technological advancements in medical chillers, government initiatives to boost the number of hospitals, and increasing elderly population coupled with growing prevalence of chronic diseases.
Medical cooling systems are used to reduce heat load generated by medical equipment during diagnostic procedures. By doing this, the medical cooling systems are able to maintain life cycle of imaging equipment and helps to achieve the goal of quality patient care.
The report states that the medical cooling equipment accounts for the largest share of the market (by product type) and is expected to grow at a CAGR of 7.8% from 2018 to 2024. Meticulous Research speculated as to why this area is emerging as the largest and fast-growing segment: “High demand from medical imaging system manufacturers and greater sales volume compared to accessories”.
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On the basis of type, water-cooled chillers commanded the largest share due to their advantages such as low compressor cost, greater life span, low noise, suitability for facilities with small space and restricted air flow, and absence of toxic refrigerants. However, air-cooled chillers will grow at the fastest rate due to their increasing efficiency and growing scarcity of water across many parts of the world.
Packaged systems are dominating the medical cooling systems market categorized by type of model. Advantages of packaged systems over other models such as easy installation, cost-effectiveness, and limited space requirements support their largest share. However, the modular systems are expected to grow at the fastest rate.
On the basis of compressor type, scroll compressors commanded the largest share due to their advantages such as higher efficiency in terms of heat rejection capacity and less vibrations & noise compared to other types.
pplication segment comprising MRI, CT, Linear Accelerator, PET, and others accounted for the largest share due to high demand; advancements in imaging technologies; and high prevalence of chronic diseases such as cancer, neurological disorders, and others.
OEMs are the major end users owing to the fact that the medical cooling systems are largely required by them for their diagnostic imaging systems. In addition to this, the ample availability of imaging equipment specific cooling systems from various manufacturers and relatively high purchasing power of OEMs further supports the largest share of OEMs in the medical cooling systems market.
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Medical Cooling Systems Market Geographic Analysis
Geographically, the market is segmented into North America (U.S., and Canada), Europe (Germany, France, the U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and Middle East & Africa. North America commanded the largest share of the global medical cooling systems market, followed by Europe and Asia-Pacific. The large share of this market is mainly attributed to the well-established healthcare system in the region, greater adoption of advanced technologies, growing prevalence of non-communicable diseases, and presence of key players. However, countries in Asia-Pacific and Latin America are expected to witness significant growth during the forecast period due to accelerated economic growth in many countries; growing government focus on healthcare sector; rising prevalence of chronic diseases; increasing number of hospitals & diagnostic centers; and growing geriatric population in the region.
Medical Cooling Systems Market Key Players
The key players profiled in the global medical cooling systems market research report are Lytron Inc. (U.S.), Filtrine Manufacturing Company (U.S.), Carrier Corporation (U.S.), Ecochillers Inc. (U.S.), Parker Hannifin Corporation (U.S.), Legacy Chiller Systems, Inc. (U.S.), Motivair Corporation (U.S.), Cold Shot Chillers (U.S.), American Chiller Service, Inc. (U.S.), General Air Products, Inc. (U.S.), Drake Refrigeration, Inc. (U.S.), KKT chillers, Inc. (U.S.), Glen Dimplex Group (Ireland), Johnson Thermal Systems Inc.(U.S.), and Whaley Products, Inc. (U.S.) among others.
Market Research study, published by Meticulous Research, can be accessed at: https://www.meticulousresearch.com/product/medical-cooling-systems-market/
Key questions answered in Medical Cooling Systems Market report:
Growing penetration of medical cooling systems in developing countries will propel the overall medical cooling systems market
How does the penetration of medical cooling systems in developed regions differ from developing countries like India, and China?
How is the competition between the major global and prominent local players in this market?
Which are the high growth market segments in terms of product types, type, model, compressor type, application, end users, regions, and countries?
Original equipment manufacturers (OEMs) account for the largest share of the medical cooling systems market, globally
What factors contribute to the infrequent usage of overall medical cooling systems in diagnostic imaging centers?
Which geographic segment is expected to experience the fastest growth in the usage of medical cooling systems in OEMs?
How does the penetration of medical cooling systems differ from other end users such as hospitals & clinics and diagnostic imaging centers?
Medical cooling systems market favors both larger and local manufacturers that compete in multiple segments
What are the top competitors in this market and what strategies do they employ to gain shares?
What is driving growth and which market segments have the most potential for revenue expansion over the forecast period?
What strategies should new companies look to enter this market use to compete effectively?
What are the major drivers, restraints and opportunities in the medical aesthetics market?
Who are the major players in various countries and what share of the market do they hold?
What are the geographical trends and high growth regions/ countries?
Recent partnerships, acquisitions, and expansions have taken place in the global medical cooling systems market
What companies have recently merged/acquired and how will these unions affect the competitive landscape of the medical cooling systems market?
What companies have created partnerships and how will these partnerships promote a competitive advantage?
Who are the major players in the global medical cooling systems market and what share of the market do they hold?
What are the local emerging players in the global medical cooling systems market and how do they compete with the global players?
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