(I-BusinessNews.Com, August 03, 2022 ) A report into the projected growth of the current medical cooling systems market by Meticulous Research® has produced lucrative forecasts for the industry. By 2024, it’s expected to have grown at a CAGR of 7.5%, reaching $2.8 billion.
Future Looks buoyant for medical cooling systems
In a report published today, Meticulous Research® has stated that the size of the global medical cooling systems market will reach an impressive $2.8 billion by 2024.
The researchers believe that the growth will be driven by a variety of factors. These include: reliable patient care and economic benefits offered by medical chillers, technological advancements in medical chillers, government initiatives to boost the number of hospitals, and increasing elderly population coupled with growing prevalence of chronic diseases.
Medical cooling systems are used to reduce heat load generated by medical equipment during diagnostic procedures. By doing this, the medical cooling systems are able to maintain life cycle of imaging equipment and helps to achieve the goal of quality patient care.
The report states that the medical cooling equipment accounts for the largest share of the market (by product type) and is expected to grow at a CAGR of 7.8% from 2018 to 2024. Meticulous Research® speculated as to why this area is emerging as the largest and fast-growing segment: “High demand from medical imaging system manufacturers and greater sales volume compared to accessories”.
On the basis of type, water-cooled chillers commanded the largest share due to their advantages such as low compressor cost, greater life span, low noise, suitability for facilities with small space and restricted air flow, and absence of toxic refrigerants. However, air-cooled chillers will grow at the fastest rate due to their increasing efficiency and growing scarcity of water across many parts of the world.
Packaged systems are dominating the medical cooling systems market categorized by type of model. Advantages of packaged systems over other models such as easy installation, cost-effectiveness, and limited space requirements support their largest share. However, the modular systems are expected to grow at the fastest rate.
On the basis of compressor type, scroll compressors commanded the largest share due to their advantages such as higher efficiency in terms of heat rejection capacity and less vibrations & noise compared to other types.
Based on application, imaging application segment comprising MRI, CT, Linear Accelerator, PET, and others accounted for the largest share due to high demand; advancements in imaging technologies; and high prevalence of chronic diseases such as cancer, neurological disorders, and others.
OEMs are the major end users owing to the fact that the medical cooling systems are largely required by them for their diagnostic imaging systems. In addition to this, the ample availability of imaging equipment specific cooling systems from various manufacturers and relatively high purchasing power of OEMs further supports the largest share of OEMs in the medical cooling systems market.
This research report analyzes major geographies and provides comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America captured a significant share of this market, while Asia Pacific is expected to register highest CAGR during the forecast period. The high growth in the forecast period will be due to accelerated economic growth in many countries; growing government focus on healthcare sector; rising prevalence of chronic diseases; increasing number of hospitals & diagnostic centers; and growing geriatric population in the region.
Key players operating in the global medical cooling systems market include Lytron Inc., Filtrine Manufacturing Company, Carrier Corporation, Ecochillers Inc., Parker Hannifin Corporation, Legacy Chiller Systems, Inc., Motivair Corporation, Cold Shot Chillers, American Chiller Service, Inc., General Air Products, Inc., Drake Refrigeration, Inc., KKT chillers, Inc., Glen Dimplex Group, Johnson Thermal Systems Inc., and Whaley Products, Inc., among others.
Market, By Product Medical Cooling Equipment Standard Cooling Equipment Customized Cooling Equipment Medical Cooling System Accessories
Market, By Type Water Cooled Chillers Air Cooled Chillers Market, By Model
Packaged Systems Modular Systems Split Systems
Market, By Compressor Type Scroll Screw Centrifugal Reciprocating
Market, By Application Imaging Applications MRI CT Scan Linear Accelerator PET Scan Others Cold Storage and Testing Dehumidification Laser Application
Market, By End User Original Equipment Manufacturers (OEMs) Hospitals and Clinics Diagnostic Diagnostic Imaging Centers
Market by Geography North America U.S. Canada Europe Germany France U.K. Italy Spain Rest of Europe (RoE) Asia-Pacific (APAC) Japan China India Rest of APAC (RoAPAC) Rest of World Latin America Middle East & Africa
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