Global Medical Equipment Cooling Market Analysis, 2019 to 2024 - Glen Dimplex Group, Legacy Chiller Systems, and Filtrine Manufacturing Company Dominated Shares in 2017
DUBLIN, March 18, 2019 /PRNewswire/ -- The "Medical Equipment Cooling Market by Type, Compressor, Configuration, Application, End Use - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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The global medical equipment cooling market is projected to reach USD 233 million by 2024 from USD 193 million in 2019, at a CAGR of 3.8%.
Growth in this market is largely driven by factors such as the economic benefits offered by cooling systems, technological advancements in diagnostic imaging modalities, growing geriatric population, and rising incidence of cancer. However, the risk of corrosion in cooling systems is a major factor that is expected to challenge the growth of this market during the forecast period.
The air-based cooling segment is to witness higher growth in the medical equipment cooling market during the forecast period
Based on type, the medical equipment cooling market is segmented into liquid-based cooling, (liquid-liquid configuration, liquid-air heat transfer configuration, and compressor-based recirculating configuration) and air-based cooling (direct-air configuration and air-to-air configuration).
The air-based cooling segment of the medical equipment cooling market is expected to grow at a higher CAGR during the forecast period. The high growth of this segment can be attributed to its lower cost and the risk of failure associated with air-based cooling.
The OEMs segment accounted for the largest share of the medical equipment cooling market in 2018
Based on end user, the medical equipment cooling market is segmented into original equipment manufacturers (OEMs); hospitals, laboratories, and outpatient clinics; independent diagnostic & treatment centers and laboratories, and other end users. The OEMs segment accounted for the largest share of the global medical equipment cooling market in 2018.
The large share of this segment can be attributed to the increasing usage and demand of devices such as diagnostic imaging systems, lasers, and LINAC to meet the increasing prevalence of chronic diseases. Furthermore, the availability of custom cooling solutions by manufacturers to suit the specific requirement of medical equipment manufacturers is adding significant growth opportunities to this end-user segment.
Europe accounted for the second-largest share of the global market in 2018
Based on region, the medical equipment cooling market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World.
Europe accounted for the second-largest share of the global medical equipment cooling market in 2018. The increasing incidence of cancer, growing geriatric population, the growing healthcare expenditure, the need for early diagnosis, and the increased adoption of advanced systems are the major factors propelling the demand for medical equipment cooling in Europe.
Competitive Landscape
In 2017, Glen Dimplex Group (Ireland), Legacy Chiller Systems Inc. (US), and Filtrine Manufacturing Company, Inc. (US), accounted for a major share.
Other key players in this market include 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).
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Years Considered for the Study
1.4 Currency
1.5 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Breakdown of Primaries
2.2 Market Estimation Methodology
2.2.1 Product-Based Market Estimation
2.2.2 Volume-Based Market Estimation
2.2.3 Primary Research Validation
2.3 Market Breakdown and Data Triangulation
2.4 Research Limitations and Assumptions
2.4.1 Limitations
2.4.2 Assumptions
3 Executive Summary
4 Premium Insights
4.1 Medical Equipment Cooling Market Overview
4.2 Regional Analysis: Market, By Configuration
4.3 Market, By Type
4.4 Market, By Compressor (USD Million)
4.5 Market, By Application
4.6 Asia Pacific: Market, By End User
4.7 Market, By Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Economic Benefits Offered By Medical Equipment Cooling
5.2.1.2 Technological Advancements in Diagnostic Imaging Modalities
5.2.1.3 Growing Global Prevalence of Cancer
5.2.1.4 Increasing Geriatric Population and Disease Incidence
5.2.1.5 Growing Number of Diagnostic Centers and Hospitals
5.2.2 Opportunities
5.2.2.1 Emerging Markets
5.2.3 Challenges
5.2.3.1 Risk of Corrosion in Cooling Systems
6 Medical Equipment Cooling Market, By Type
6.1 Introduction
6.2 Liquid-Based Cooling
6.2.1 Long Lifespans and Reduced Noise of Liquid Cooling Systems are Key Drivers of Market Growth
6.2.2 Liquid-Liquid Configuration
6.2.3 Liquid-Air Heat Transfer Configuration
6.2.4 Compressor-Based Recirculating Configuration
6.3 Air-Based Cooling
6.3.1 The Reduced Cost of Air Cooling is A Key Factor Driving Product Demand
6.3.2 Direct-To-Air Configuration
6.3.3 Air-To-Air Configuration
7 Medical Equipment Cooling Market, By Compressor
7.1 Introduction
7.2 Scroll Compressors
7.2.1 Reduced Prices of Scroll Compressors are Driving Their Demand Among End Users
7.3 Screw Compressors
7.3.1 Screw Compressors Offer the Advantage of Reduced Risk of Refrigerant Leakage
7.4 Centrifugal Compressors
7.4.1 High Energy Efficiency of Centrifugal Compressors - A Major Factor Driving Their Demand Among End Users
7.5 Reciprocating Compressors
7.5.1 The Complex Nature of Installation of Reciprocating Compressors is Limiting Their Adoption
8 Medical Equipment Cooling Market, By Configuration
8.1 Introduction
8.2 Packaged Systems
8.2.1 Components Assembled at A Factory Eliminate the Need to Design and Install These SystemsA Key Factor Driving Market Growth
8.3 Modular Systems
8.3.1 Modular Cooling Systems are Self-Contained, Which Eliminates the Need to Assemble ComponentsA Key Factor Driving the Adoption of These Systems
8.4 Split Systems
8.4.1 The Added Cost of Assembling and Engineering Split Units is A Key Market Restraint
9 Medical Equipment Cooling Market, By Application
9.1 Introduction
9.2 Medical Devices
9.2.1 Medical Imaging Systems
9.2.1.1 Magnetic Resonance Imaging Systems
9.2.1.1.1 Growing Use of MRI Systems in Diagnostic Imaging is Driving Market Growth
9.2.1.2 Computed Tomography Scanners
9.2.1.2.1 Technological Advancements in the Field of CT are Driving the Demand for Optimal Cooling
9.2.1.3 Positron Emission Tomography Scanners
9.2.1.3.1 Increasing Use of Pet Scanners has Boosted the Demand for Cooling Systems
9.2.2 Medical Lasers
9.2.2.1 Optimal Cooling is Required to Improve the Shelf-Life of Lasers
9.2.3 Linear Accelerators
9.2.3.1 Increasing Prevalence of Cancer is Driving the Demand for Linac Cooling
9.3 Analytical & Laboratory Equipment
9.3.1 Need for High Heat Dissipation in Analytical and Laboratory Equipment Driving the Growth
10 Medical Equipment Cooling Market, By End User
10.1 Introduction
10.2 Original Equipment Manufacturers
10.2.1 OEMS Depend on Efficient Cooling Systems to Remove High-Watt Density Heat Loads From Medical Imaging Equipment
10.3 Hospitals, Laboratories, and Outpatient Clinics
10.3.1 Growth of This Segment Can Be Attributed to the Rising Number of Diagnostic Imaging Procedures Performed in Hospital Settings
10.4 Independent Diagnostic & Treatment Centers and Laboratories
10.4.1 Increasing Number of Private and Public Imaging Centers to Support Market Growth
10.5 Other End Users
11 Medical Equipment Cooling Market, By Region
11.1 Introduction
11.2 North America
11.2.1 US
11.2.1.1 US Dominates the Global Medical Equipment Cooling Market, Due to the Presence of A Well-Established Healthcare System & Greater Adoption of Advanced Technologies in the Region
11.2.2 Canada
11.2.2.1 Lower Adoption of Advanced Medical Devices is Restraining the Growth of the Medical Equipment Cooling Market in Canada
11.3 Europe
11.3.1 Germany
11.3.1.1 Germany to Register the Highest Growth in the European Medical Equipment Cooling Market During the Forecast Period
11.3.2 UK
11.3.2.1 Increasing Adoption of High-End Cancer Diagnostic Equipment to Drive Market Growth
11.3.3 France
11.3.3.1 Rising Healthcare Expenditure in France has Boosted the Adoption of Medical Equipment Cooling Systems
11.3.4 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.1.1 Favorable Government Investments and Growing Population Have Driven Healthcare Infrastructural Development
11.4.2 Japan
11.4.2.1 Rising Geriatric Population is Boosting the Adoption of Medical Equipment Cooling in Japan
11.4.3 India
11.4.3.1 India's First Domestic, Low-Cost MRI Machine Was Introduced in 2018
11.4.4 Rest of Asia Pacific
11.5 Rest of the World
12 Competitive Landscape
12.1 Introduction
12.2 Ranking of Players, 2017
12.3 Competitive Scenario
12.3.1 Product Enhancement
12.3.2 Expansions
13 Company Profiles
13.1 American Chillers
13.2 Cold Shot Chillers
13.3 Drake Refrigeration Inc.
13.4 Filtrine Manufacturing Company
13.5 General Air Products Inc.
13.6 Glen Dimplex Group
13.7 Haskris
13.8 Johnson Thermal Systems
13.9 KKT Chillers
13.10 Laird Technologies Inc.
13.11 Legacy Chiller Systems
13.12 Lytron Inc.
13.13 Motivair Corporation
13.14 Parker Hannifin Corp.
13.15 Whaley Products Inc.
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