The global medical equipment cooling market has been projected to expand at a compound annual growth rate of more than 4.1 per cent between 2019 and 2026. The market, in absolute value, is likely to increase to an estimated USD 260 million by 2026. The drivers of the global medical equipment cooling market include the economic benefits offered by cooling systems, the rising incidence of cancer and other diseases, and the growing geriatric population.
The global medical equipment cooling market has been further categorized. On the basis of type, the market is further categorized into liquid-based cooling and air-based cooling. Within this, the liquid-based cooling segment has accounted for the largest share of the global medical equipment cooling market in 2018. This can be attributed to the advantages of liquid-based cooling systems over the other types, such as consistency and better energy efficiency and uniform cooling capabilities that prevent damage to sensitive equipment. Secondly, on the basis of the type of compressor, the global medical equipment cooling market is segmented into screw, scroll, centrifugal, and reciprocating compressors. Within this segment, the scroll compressors segment is expected to record the highest growth rate during the forecast period due to decreased vibration levels and the lower risk of refrigerated leakage associated with the use of screw compressors. Thirdly, on the basis of configuration, the market is bifurcated into modular, packaged, and split systems. The packaged systems segment accounted for the largest share of the medical equipment cooling systems market in 2018.
For the global medical equipment cooling market, the Asia-Pacific region is the largest revenue region with China, India, and Japan as the major emerging economies that are responsible for the high growth of this regional market. This is owing to numerous factors such as the increasing awareness of optimal thermal management of medical equipment, increase in healthcare expenditure, and rising geriatric population. Some of the key players in the global medical equipment cooling market include, Glen Dimplex Group (Ireland), Legacy Chiller Systems Inc. (US), and Filtrine Manufacturing Company, Inc. (US).
A recent report on the global medical equipment cooling market was published by Global Market Estimates Research and Consultants (GME) recently. The global medical equipment cooling market is estimated to witness a significant CAGR during the forecast period (2019-2026). The growth of the medical equipment cooling market is anticipated to increase due to growing global prevalence of cancer, increasing geriatric population and disease incidence and technological advancements in diagnostic imaging modalities among others. On the basis of type, the global market is segmented into Liquid-Based Cooling, and Air-Based Cooling. On the basis of compressor, the global market is segmented into scroll compressors, screw compressors, centrifugal compressors, and reciprocating compressors. On the basis of configuration, the global market is segmented into packaged systems, modular systems and split systems. On the basis of application, the global market is segmented into medical devices, and analytical & laboratory equipment. On the basis of region, the global medical equipment cooling market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. The countries covered include: U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, China, India, Japan, South Korea, Brazil, Saudi Arabia, UAE, and South Africa among others.
The key end-users of the markets are Mayo Clinic, Abbott, and Sun Pharma among others. Some of the key players operating in the 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.