According to a new report published by Allied Market Research, titled, "Medical Cooling System Market by Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global medical cooling system market size is expected to reach $828 million by 2026, registering a CAGR of 3.9% from 2019 to 2026, in terms of value.
Medical cooling systems serve the purpose of condensing the heat load produced by different medical equipment such as medical lasers, imaging systems, and others. These systems enhance the life cycle of the equipment by reducing their heat load. Further, these devices are being utilized by various hospitals, clinics, and diagnostic centers. The main benefits of these devices include reduction of device surface temperature for patient contacting surfaces, increased life span of medical equipment, and faster thermal cycling. In addition, medical cooling system is an important equipment for clinical applications. Ensuring temperature-sensitive medical devices are appropriately safeguarded is necessary to maintain patient safety, support regulatory compliance, and prevent economic loss.
The major factors driving the medical cooling systems market growth include surge in number of hospitals and diagnostic centers in the developing nations and increase in usage of these devices in medical fields to cool down the sensitive instruments such as MRI, lasers and others. However, increased risk of corrosion in medical cooling system and high cost of these devices is anticipated to hamper the market growth. Moreover, significant focus by the governments of developing economies toward improvement in healthcare infrastructure is predicted to create lucrative opportunities in the near future. With increase in medical tourism in developing economies the usage of medical equipment has also increased significantly. In addition, with increase in affordability in developing countries, there is an increase in preference toward a better quality of life. This leads to an increased penetration rate of medical cooling systems in the developing countries, such as India and China.
By type, the liquid-based cooling segment dominated the medical equipment cooling market trend 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 avoid damage to the medical equipment.
Based on 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 accounted for the majority of the global medical cooling system market share in 2018 and is anticipated remain dominant during the forecast period. This is attributed to surge in use and ease of availability of these systems in this region. However, Asia-Pacific is anticipated to grow at the fastest rate during the forecast period, owing to increased disposable income in developing economies such as India, China, and rise in awareness regarding medical laser technology.
Key Finding of The Medical Cooling System Market:
- By type, the liquid-based technology segment accounted for the highest market share of 77% in 2018 and is anticipated to grow at the fastest rate during the forecast period.
- By region, North America was the major shareholder and accounted for the highest share of 38% in 2018.
- Based on application, the medical imaging system segment is expected to grow at a CAGR of 4.5% during the forecast period.
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.