Global Medical Equipment Cooling Market is expected to grow at a CAGR of 3.89% during the forecast period from 2019-2026
A new research report published by Fior Markets with the title Medical Equipment Cooling Market by Type (Liquid Based, Air Based), Compressor, Configuration, Application, End User, Regions, and Global Forecast 2019-2026.
As per the report, the global medical equipment cooling market is expected to grow from USD 189.43 Million in 2018 to USD 257.12 Million by 2026, at a CAGR of 3.89% during the forecast period from 2019-2026. The North America region led the global demand for the medical equipment cooling with a 46.92% share of market revenue in 2018. However the Asia Pacific region is projected to grow the fastest CAGR of 6.02% over the forecast period.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Major players in the global medical equipment cooling market are Glen Dimplex Group, Legacy Chiller Systems Inc., Filtrine Manufacturing Company, Inc., Laird Technologies, Inc., Cold Shot Chillers, KKT Chillers, General Air Products, Inc., Drake Refrigeration, Inc., Lytron, Inc., Motivair Corporation, American Chillers , Parker Hannifin Corp , Whaley Products Inc., Johnson Thermal Systems, and Haskris, among others. Cooling system is an indispensable part of the medical imaging devices. Thus to effectively serve this segment, Cooltech Applications, S.A.S., in 2016, lunched MRS200. The MRS200 magnetic cooling system utilizes a water coolant instead of a refrigerant gas—a major contributor to climate change—resulting in an eco-friendly solution that consumes minimal energy.
The type segment is divided into liquid-based cooling and air-based cooling. Due to their property for providing consistent & better energy efficiency and uniform cooling capabilities that help in preventing the damage to sensitive equipment, the liquid based cooling segment led the global market with a 58.93% share of market revenue in 2018. The compressor segment is categorized into screw compressor, scroll compressor, centrifugal compressor, and reciprocating compressor. The screw compressor segment is expected to grow at an accelerated CAGR of 5.93% over the forecast period. This increased growth can be attributed to the decreased vibration levels and the lower risk of refrigerant leakage associated with the use of screw compressors. The configuration segment is fragmented into modular, packaged, and split systems. As packaged systems components are assembled at a factory itself, they totally eliminate the need to design and install these systems. Consequently, the packaged system segment led the global medical equipment cooling market with a 41.38% share of market revenue in 2018. The Application segment is divided into medical devices, and analytical & laboratory equipment. Factors such as rising number of diagnostic procedures across the globe coupled with the economic benefits offered by optimal device cooling are anticipated to boost the medical devices segment to grow at the highest CAGR of 5.97% over the forecast period.
Even though the factors such as economic benefits offered by medical equipment cooling, increasing incidence of Cancer and other chronic diseases as well as global increase in the geriatric population are driving the global medical equipment cooling market. The concerns related to the use of environmentally harmful refrigerants and risk of corrosion in the cooling systems are expected to limit the market growth over the forecast period.
About the report:
The global medical equipment cooling market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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