Medical Cooling Systems Market Worth $2.8 Billion by 2024- Exclusive Report by Meticulous Research®

LONDON, April 4, 2019 (Newswire.com) - ​According to the latest publication from Meticulous Research^®, the global medical cooling systems market will grow at a CAGR of 7.5% from 2018 to reach $2.8 billion by 2024, driven by launch of energy efficient medical chillers, patient related and economic benefits of medical chillers, government initiatives to boost the number of hospitals, and growing elderly population coupled with rising prevalence of chronic diseases.

In healthcare industry, medical procedures play an important role in detecting and treating diseases such as cancers, orthopedic, neurological, and others. Medical procedures involve use of various equipment such as magnetic resonance imaging (MRI), computed tomography (CT), linear accelerator, positron emission tomography (PET), and laser systems. Technical or manual errors in these equipment can lead to improper diagnosis and can severely hamper treatment decisions. Thus, it is essential that utmost measures shall be exercised to maintain the optimal performance of these equipment. Maintaining optimal temperature is one of the prime requirements for effective working of MRI, CT, and PET. When these equipment are in operation, they generate a lot of heat which need to be removed immediately without shutting down the equipment. Medical cooling systems or chillers play an important role in maintaining the equipment temperature. Medical cooling systems reduce the heat load generated by the equipment and enables seamless patient diagnosis.

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The medical cooling systems market is segmented based on product type (equipment and medical cooling system accessories), type (water-cooled, air cooled), model (packaged, modular, and split systems), compressor type (scroll, screw, centrifugal, and reciprocating), application (imaging applications, cold storage and testing, dehumidification, and laser application), and end user (OEMs, hospitals & clinics, and diagnostic imaging centers).

At present, many of the medical cooling equipment manufacturers are utilizing water-cooled systems. However, the trend is shifting and air-cooled systems are rapidly replacing the traditional cooling systems. On the basis of type, water-cooled systems accounted for the largest share of the global medical cooling systems market in 2018. Greater demand for water-cooled systems compared to air-cooled systems is mainly attributed to various 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 are expected to grow at a faster rate due to their increasing efficiency, low operating costs and easy maintenance, and growing scarcity of water across many parts of the world.

Based on type of model, packaged systems accounted for the largest share of the global medical cooling systems market in 2018. Advantages of packaged systems over other models such as easy installation, cost-effectiveness, and limited space requirements supported their largest adoption in 2018. However, the adoption of modular systems is expected to grow at the fastest rate during the forecast period.

Based on compressor type, scroll compressors accounted for the largest share of the global medical cooling systems market in 2018. Greater adoption of these compressors due to their advantages such as higher efficiency in terms of heat rejection capability and less vibrations & noise compared to other types supported their largest share in 2018.

Based on applications, imaging applications segment commanded the largest share of this market and is slated to grow at the fastest rate. Large medical imaging procedure volumes, advancements in imaging technologies, and rising number of patients with chronic diseases supported the major share as well as the fast growth in the imaging applications segment.

On the basis of end user, Original Equipment Manufacturers (OEMs) commanded the largest share of the global medical cooling systems market in 2018, followed by hospitals & clinics and diagnostic imaging centers. Large demand of cooling systems from the manufacturers of medical imaging equipment and relatively high purchasing power of OEMs supports their largest share.

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Geographically, this market is segmented into North America (U.S. and Canada), Europe (Germany, France, the U.K., Italy, Spain, and RoE), Asia Pacific (Japan, India, China, and RoAPAC), Latin America, and Middle East & Africa. North American region is expected to dominate the global medical cooling systems market, followed by Europe, and Asia-Pacific. Factors such as the well-established healthcare system in the region, greater adoption of advanced technologies, growing prevalence of non-communicable diseases, and presence of key players supported the largest share of the North American market in 2018. On the other hand, the Asia Pacific (APAC) region is slated to grow fastest owing 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 are Lytron Inc. (U.S.), Filtrine Manufacturing Company (U.S.), Carrier Corporation (U.S.), Ecochillers Inc. (U.S.), Parker Hannifin Corporation (U.S.), Legacy Chiller Systems, Inc. (U.S.), Motivair Corporation (U.S.), Cold Shot Chillers (U.S.), American Chiller Service, Inc. (U.S.), General Air Products, Inc. (U.S.), Drake Refrigeration, Inc. (U.S.), KKT chillers, Inc. (U.S.), Glen Dimplex Group (Ireland), Johnson Thermal Systems Inc.(U.S.), and Whaley Products, Inc. (U.S.), among others.

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Source: Meticulous Market Research Pvt. Ltd.