Medical cooling systems market is expected to reach $2.8 billion by 2024, at a CAGR of 7.5% from 2018
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”.
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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.
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.
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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.
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, with the help of its unique research methodologies, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions.
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