The major factors that drive the market growth include economic benefits offered by medical chillers, technological advancements that help maintain the equipment in good working condition and achieve the healthcare organization’s objective of quality patient care, and rise in prevalence of chronic diseases. In addition, increasing usage of diagnostic devices, laser treatment, and imaging system is estimated to propel the market growth of medical cooling system in the near future. However, high cost of medical imaging systems hinders the growth of this market.
The medical cooling system market is segmented on the basis type, application, and end user. By type, it is bifurcated into liquid based cooling and air-based cooling. By application, it is segmented into medical imaging systems, medical lasers, analytical & laboratory equipment, and others. On the basis of end user, it is categorized into original equipment manufacturer (OEMs), hospitals and clinics, diagnostic imaging centers, and others end users. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the market along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers a quantitative analysis from 2018 to 2026, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- Key players are profiled, and their strategies are analyzed thoroughly to understand the competitive outlook of the global market.
KEY MARKET SEGMENTS
By Type
- Liquid based cooling
- Air based cooling
By Application
- Medical imaging system
- Medical lasers
- Analytical and laboratory equipment
- Others
By End-user
- Original equipment manufacturer (OEMs)
- Hospitals and clinics
- Diagnostic imaging centers
- Other end users
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Middle East
- Africa
- Rest of LAMEA
LIST OF KEY PLAYERS PROFILED IN THE REPORT
- American Chillers
- Cold Shot Chillers
- Drake Refrigeration, Inc.
- Filtrine Manufacturing Company
- General Air Types, Inc.
- Parker Hannifin Corp.
- Johnson Thermal Systems
- KKT Chillers
- Glen Dimplex Group
- Lytron Inc.
Table of Contents
Executive Summary
According to the report titled, 'Medical Cooling System Market by Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026', the global medical cooling system market size is expected to reach $828 million by 2026, registering a CAGR of 3.9% from 2019 to 2026, in terms of value.Medical cooling systems serve the purpose of condensing the heat load produced by different medical equipment such as medical lasers, imaging systems, and others. These systems enhance the life cycle of the equipment by reducing their heat load. Further, these devices are being utilized by various hospitals, clinics, and diagnostic centers. The main benefits of these devices include reduction of device surface temperature for patient contacting surfaces, increased life span of medical equipment, and faster thermal cycling. In addition, medical cooling system is an important equipment for clinical applications. Ensuring temperature-sensitive medical devices are appropriately safeguarded is necessary to maintain patient safety, support regulatory compliance, and prevent economic loss.
The major factors driving the medical cooling systems market growth include surge in number of hospitals and diagnostic centers in the developing nations and increase in usage of these devices in medical fields to cool down the sensitive instruments such as MRI, lasers and others. However, increased risk of corrosion in medical cooling system and high cost of these devices is anticipated to hamper the market growth. Moreover, significant focus by the governments of developing economies toward improvement in healthcare infrastructure is predicted to create lucrative opportunities in the near future. With increase in medical tourism in developing economies the usage of medical equipment has also increased significantly. In addition, with increase in affordability in developing countries, there is an increase in preference toward a better quality of life. This leads to an increased penetration rate of medical cooling systems in the developing countries, such as India and China.
By type, the liquid-based cooling segment dominated the medical equipment cooling market trend in 2018 and is anticipated to maintain its dominance during the forecast period. This is attributed to the advantages offered by these systems including consistent energy efficiency and better cooling abilities that help avoid damage to the medical equipment.
Based on medical cooling system market analysis, by application, the medical imaging systems segment dominated the market in 2018 and is anticipated to maintain its dominance during the forecast period. This is attributed to the increased usage of these devices in medical imaging systems such as MRI, CT scan, and others.
North America accounted for the majority of the global medical cooling system market share in 2018 and is anticipated remain dominant during the forecast period. This is attributed to surge in use and ease of availability of these systems in this region. However, Asia-Pacific is anticipated to grow at the fastest rate during the forecast period, owing to increased disposable income in developing economies such as India, China, and rise in awareness regarding medical laser technology.
Key Finding of The Medical Cooling System Market:
By type, the liquid-based technology segment accounted for the highest market share of 77% in 2018 and is anticipated to grow at the fastest rate during the forecast period.
By region, North America was the major shareholder and accounted for the highest share of 38% in 2018.
Based on application, the medical imaging system segment is expected to grow at a CAGR of 4.5% during the forecast period.
The report provides an extensive competitive analysis and profiles of the key market players such as American Chillers, Cold Shot Chillers, Drake Refrigeration, Inc., Filtrine Manufacturing Company, General Air Types, Inc., Parker Hannifin Corp, Johnson Thermal Systems, KKT Chillers, Glen Dimplex Group and Lytron Inc.
Companies Mentioned
- American Chillers
- Cold Shot Chillers
- Drake Refrigeration Inc.
- Filtrine Manufacturing Company
- General Air Types Inc.
- Parker Hannifin Corp
- Johnson Thermal Systems
- KKT Chillers
- Glen Dimplex Group
- Lytron Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 255 |
Published | November 2019 |
Forecast Period | 2018 - 2026 |
Estimated Market Value ( USD | $ 610.27 million |
Forecasted Market Value ( USD | $ 828.8 million |
Regions Covered | Global |
No. of Companies Mentioned | 10 |