Medical Cooling System Market Outlook - 2026
The global medical cooling system market size was valued at $610.3 in 2018 and is expected to reach $828.8 million by 2026, registering a CAGR of 3.9% from 2019 to 2026. Medical cooling systems are widely used to condense the heat load produced by the medical equipment. These systems enhance the life span of imaging equipment and help attain the goal of quality patient care. They are widely being used to reduce heat load from medical imaging equipment, medical lasers, and other devices. Further, heat reduction from the medical devices is necessary to control thermal stress that can otherwise damage the equipment. The reduction of thermal stress from medical equipment enhances the lifespan of the device and helps in maintaining accuracy. The leading manufacturers are constantly exploring the limits of medical equipment. Thereby, increase in usage of medical equipment has led to surge in use of medical cooling systems as well. The vigorous usage of medical devices can destroy their lifespan owing to the immense type ion of heat within them. Medical cooling systems offers economic benefits by increasing the lifespan of these devices and helps in improving their accuracy. Moreover, these devices are mainly used in hospitals, clinics, and diagnostic imaging centers.
Economic benefits offered by these devices and increase in number of hospitals across the globe are the major factors driving the growth of the medical cooling system market. In addition, surge in geriatric population worldwide and technological advancements in these cooling systems propel the market growth. Further, medical cooling systems has become a crucial part of today’s diagnostic imaging applications. This is due to the fact that highly sophisticated diagnostic equipment is prone to producing large amounts of waste heat. Powerful cooling systems are the vital devices to keeping everything running smoothly and ensuring that the equipment is delivering maximum performance. However, high risk of corrosion medical cooling system is anticipated to hamper the market growth. Moreover, significant focus by the government of developing economies toward improvement in healthcare infrastructure is predicted to create lucrative opportunities in the near future.
Liquid-based Cooling is projected as one of the most lucrative segments.
The medical cooling system market is segmented on the basis of type, application, end user, and region. Based on type, it is divided into liquid-based cooling and air-based cooling. Based on application, it is segmented into medical imaging systems, medical lasers, analytical & laboratory equipment and others. On the basis of end user, it is categorized into original equipment manufacturers (OEMs), hospitals and clinics, diagnostic imaging centers and other end users. By region, it has been analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Medical Imaging Systems is projected as one of the most lucrative segments.
Type Segment review
By type, the medical cooling system market is divided into liquid-based cooling and air-based cooling systems. the liquid-based cooling segment dominated the medical equipment cooling market in 2018 and is anticipated to maintain its dominance during the forecast period. This is attributed to the advantages offered by these systems including consistent energy efficiency and better cooling abilities that help to avoid damage to the medical equipment.
Asia-Pacific region would exhibit the highest CAGR of 5.0% during 2019-2026.
Application Segment review
According to the global medical cooling system market analysis, by application, the medical imaging systems segment dominated the market in 2018 and is anticipated to maintain its dominance during the forecast period. This is attributed to the increased usage of these devices in medical imaging systems such as MRI, CT scan, and others.
North America is projected to dominate the global medical cooling systems market, due to the presence of major key players such as American Chillers, Johnson Thermal Systems and others, in this region. Moreover, easy availability of medical cooling systems, rise in incidence of cancer and other chronic diseases propels the market growth in this region. However, Asia-Pacific is anticipated to experience rapid growth by 5.0% during the forecast period. The Asia-Pacific medical cooling system market is gaining increasing popularity, due to high medical infrastructure growth rate in countries such as India, which has resulted in rise in demand for medical chillers in different applications such as in medical imaging systems medical lasers, analytical & laboratory equipment, and others. Moreover, In addition, penetration of the key players such as Glen Dimplex Group in this region further, contributes to the market growth of medical cooling systems in this region. For instance, Glen Dimplex invested in China as a joint venture with two local Chinese companies. Increase in number of hospitals, diagnostics, and surge in awareness toward laser treatments further propels the market growth of medical cooling systems in this region.
The report provides an extensive competitive analysis and profiles of the key market players such as American Chillers, Cold Shot Chillers, Drake Refrigeration, Inc., Filtrine Manufacturing Company, General Air Types, Inc., Parker Hannifin Corp, Johnson Thermal Systems, KKT Chillers, Glen Dimplex Group, and Lytron Inc.
Key Benefits for Medical Cooling System Market:
- The medical cooling system market share is based on a comprehensive analysis of key developments in the medical cooling system industry.
- The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the global medical cooling system market.
- The study provides an in-depth analysis of the medical cooling system market trends to elucidate the imminent investment pockets.
- The global medical cooling system market forecast is studied from 2019 to 2026.
- Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative medical cooling system analysis of the global market from 2019 to 2026 is provided to determine the market potential.
Medical Cooling System Market Report Highlights
By END USER
Key Market Players
Bausch Health Companies Inc, Fotona, Inc, Hologic, Inc, Sisram Medical Ltd, Candela Medical, Allergan plc, Lutronic, Inc, Sciton, Inc, Lumenis, Ltd, Energist Medical Group
The usage of lasers, imaging techniques has augmented in recent years. Original equipment manufacturers are constantly exploring the limits of medical equipment. Thereby, increase in usage of medical equipment has led to surge in use of medical cooling systems as well. The rigorous usage of medical devices can reduce their lifespan owing to large amount of heat produced by them. Medical cooling systems offer economic benefits by increasing the lifespan of these devices and helping to improve their accuracy.
The medical cooling system market is anticipated to witness significant growth in the near future. The most adopted type of cooling systems are liquid-based cooling systems. Moreover, steady increase in hospitals and healthcare structure in the developing economies further propels the market growth for these devices. In addition, initiatives by the government to open new hospitals and diagnostic centers contributes to the market growth of these systems in the near future. Further, North America dominated the global market owing to the ease of availability of advanced devices as well as rise in adoption of these devices by clinics, hospitals, and diagnostic centers.