Global Medical Equipment Cooling Industry is Expecting Major Makeover by 2024

Economic benefits offered by medical equipment cooling, technological advancements in diagnostic imaging modalities are the major factors driving the growth of this market. 

The global medical equipment cooling market  is projected to reach USD 261 million by 2027 from USD 193 million in 2019, at a CAGR of 3.8%. 

Additionally, the growing global prevalence of cancer, increasing geriatric population, and growing number of diagnostic centers and hospitals are some of the other major factors driving the growth of this market.

This study involved four major activities in estimating the current size of the medical equipment cooling market. Exhaustive secondary research was done to collect information on the market and its different subsegments.

The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the size of the segments and subsegments. 

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Report Objectives:

# To define, describe, and forecast the global medical equipment cooling market on the basis of type, compressor, configuration, application, end user, and region.
# To provide detailed information regarding major factors influencing the growth of the market (such as drivers, opportunities, and industry-specific challenges).
# To strategically analyze the micromarkets with respect to individual growth trends, future prospects, and contributions to the total market.
# To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
# To forecast the revenue of the market segments with respect to four main regions, namely, North America (the US and Canada), Europe (Germany, France, the UK, and RoE), Asia Pacific (China, Japan, India, and RoAPAC), and the Rest of the World.
# To strategically profile the key players and comprehensively analyze their market shares and core competencies.
# To track and analyze competitive developments such as new product launches; agreements, partnerships, and joint ventures; mergers & acquisitions; and research & development activities in the medical equipment cooling market.

Asia Pacific to register highest growth in the medical eqipment cooling market during the forecast period

The medical equipment cooling market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific region is expected to register highest growth during the forecast period. The increasing awareness of optimal thermal management of medical equipment, increase in healthcare expenditure, and rising geriatric population are some of the major factors driving the growth of the medical equipment cooling market in Asia Pacific.

Recent Developments:

# In 2018, Laird Technologies (US) enhanced its Tunnel Series TEA which offers an expanded line of cooling capacities ranging up to 100 watts.

# In 2016, KKT Chillers (Germany) established a new service center in Shanghai, China, to meet the increasing demand for chillers in the region.

The packaged systems segment accounted for the largest share of the medical equipment cooling market, by configuration, in 2018

On the basis of configuration, the global medical equipment cooling market is further segmented into modular, packaged, and split systems. The packaged systems segment accounted for the largest share of the medical equipment cooling systems market in 2018. A major advantage associated with these systems is that the components are assembled at a factory, which eliminates the need to design and install these systems. This advantage is a major contributing factor to the large share of the packaged systems segment.

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The major players operating in the medical equipment cooling market include Glen Dimplex Group (Ireland), Legacy Chiller Systems Inc. (US), Filtrine Manufacturing Company, Inc. (US), Laird Technologies, Inc. (US), Cold Shot Chillers (US), KKT Chillers (Germany), General Air Products, Inc. (US), Drake Refrigeration, Inc. (US), Lytron, Inc. (US), Motivair Corporation (US), American Chillers (US), Parker Hannifin Corp (US), Whaley Products Inc. (US), Johnson Thermal Systems (US), and Haskris (US).

An analysis of the market developments between 2016 and 2018 revealed that several growth strategies such as product enhancements and expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the medical equipment cooling market.