New Jersey, NJ, Aug. 26, 2019 (GLOBE NEWSWIRE) -- Factors such as economic benefits offered by cooling systems, growing prevalence of cancer and other chronic diseases, as well as worldwide increase in geriatric population are driving the global medical equipment cooling market. The global medical equipment cooling market is expected to grow from USD 189.43 million in 2018 to USD 257.12 million in 2026 at CAGR of 3.89% during the forecast period 2019-2026, according to the new report published by Fior Markets.
The demand for medical equipment cooling is expected to witness a continuous increase from the medical industry. Medical cooling systems are used to reduce the heat load generated by medical equipment during diagnostic procedures. By doing this, the medical cooling systems are able to maintain the life cycle of imaging equipment and helps to achieve the goal of quality patient care. The active thermal management is used in various applications such as patient core temperature management, skin cooling, medical device cooling, and laboratory equipment cooling. Medical equipment often needs internal cooling systems. MRI machines, X-ray machines, and home health air supplies all require some combination of air conditioning, refrigeration, and humidification or dehumidification. This has increased the demand for diagnostic devices such as MRI, CT scan that provide economic benefits to medical equipment cooling. In addition, technological advancements in diagnostic imaging modalities are driving the global medical equipment cooling market. 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,he 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. The growing demand from the emerging economies could be seen as an opportunity for the market.
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Key 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 liquid based segment had a market value of USD 111.63 million in 2018.
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 USD 111.63 million revenue in 2018.
The screw compressor segment is anticipated to grow at a CAGR of 5.93% in 2019-2026.
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 packaged systems segment had a market value of USD 78.39 million in 2018
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 USD 78.39 million revenue in 2018.
The medical devices segment is anticipated to grow at a CAGR of 5.97% in 2019-2026
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.
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Regional Segment Analysis of the Medical Equipment Cooling Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region emerged as the largest market for the medical equipment cooling with market share of 46.92% in 2018. Presence of well-developed healthcare sector, as well as large number of elderly population and high levels of awareness pertaining to medical imaging diagnostics, were the primary reasons behind North America region to dominate the global medical equipment cooling market in 2018. Factors such as growing per capita expenditure on the healthcare, increasing awareness about the importance of optimal thermal management of medical equipment and rapid growth of the healthcare sector are anticipated to propel the Asia Pacific region to grow at an accelerated CAGR of 6.02% over the forecast period.
About the report:
The global medical equipment cooling market is analysed on the basis of value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the 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, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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