Global Medical Equipment Cooling Market: Portraying a Positive Growth at a Moderate CAGR of 3.8 % during the forecast period
Published | 01 July 2021
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that global medical equipment cooling market was worth USD 200.2 Million in the year 2020. It is estimated to grow at the CAGR of 3.8 %, earning revenue of around USD 261.9 Million by the end of 2027. Medical equipment cooling is becoming increasingly important in the medical industry. This technology is used in a variety of applications including, patient core temperature management, skin cooling, medical device cooling, and laboratory equipment cooling. In addition, the medical equipment cooling market is growing due to the increase in the geriatric population and the growing global occurrence of cancer, as well as the rising number of hospitals and diagnostic procedures across the globe.
The government is launching plenty of measures aimed at diagnosing infectious diseases and boosting the need for rapid disease detection, which is fueling global demand for diagnostic equipment. Governments are also actively involved in scientific studies, especially those aimed at identifying infectious diseases. With the gradual improvement in machinery, the number of doctors and nursing personnel is increasing, which has led to the expansion of the medical equipment cooling market. The government of emerging economies' significant attention on updating healthcare infrastructure is expected to create profitable opportunities for the medical equipment market in the near future.
Increase in geriatric population and chronic diseases
Rising chronic diseases as well as the growing ageing population who are more prone to chronic diseases need diagnostic medical procedures, which in turn contributes to the growth of the global medical equipment cooling market. Also, the geriatric population is increasing worldwide. Currently, developing countries house almost two-thirds of the world's aging population. This has created the need for more healthcare facilities all around the world. Another factor contributing to the rise of chronic diseases is poor lifestyle and unhealthy food habits.
Strict regulatory rules and high costs impeding market growth
Strict regulatory sanctions and high costs related to medical equipment cooling market are the significant factors hindering the growth of the global medical equipment cooling market. Federal regulation is largely intended to ensure that patients receive safe, high-quality care. Patients, on the other hand, are impacted by less time with their caregivers, extra barriers to accessing care, and increased regulatory chaos, which creates higher health-care expenses. Healthcare inflation has been increasing faster even before the pandemic was declared. As such, healthcare inflation has been numerous percentage points greater than the official figure for several years now.
Impact of COVID-19 in the industry
Due to enforced lockdowns and enforced limitations by different governing bodies in the wake of the COVID-19 outbreak, the operation of several industries has either been temporarily halted or the industries are operating with a limited manpower. This is no different in the global medical equipment cooling market, and this factor is expected to have a substantial negative impact on the industry's revenue growth. Additionally, the increasing costs involved in the installation and maintenance of these equipment is a factor that could hinder the global Medical Equipment Cooling market's revenue growth throughout the forecast period.
Liquid-based cooling occupies the largest share of global medical equipment cooling market
Based on type, the global medical equipment cooling market is divided into Liquid & Air-based Cooling. The Liquid-based cooling segment holds the largest share of the market. The growth of this segment can be attributed to the various advantages of liquid-based cooling systems, such as uniform cooling abilities and improved & stable energy efficiency that prevents damage to sensitive equipment. Owing to these factors, there has been a spike in the request for liquid-based cooling, thereby contributing to the growth of the market.
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North America Region is expected to witness significant growth in the market during the forecast period
The global medical equipment cooling market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa based on the region. Among all the regions, North America holds the largest market share. The large share of the market can be attributed to the well-established healthcare system in the region. Significant acceptance of the advanced technologies and the rising prevalence of non-communicable diseases, along with the presence of leading market players in the region are the factors that are contributing to the growth of the medical equipment cooling market in North America.
Additionally, the Asia-Pacific and Latin America are probable to see substantial growth during the forecast period due to rising economic growth in many countries and the increasing focus of the governments on the healthcare sector. Also, the rising prevalence of chronic diseases, a significant number of hospitals and diagnostic centers, and the region's aging population are some important factors contributing to the growth of the medical equipment cooling market.
Key players in the global medical equipment cooling market are American Chillers, Drake Refrigeration, Inc., General Air Products, Inc., Haskris, Johnson Thermal Systems, Laird Technologies, Inc., Cold Shot Chillers, Filtrine Manufacturing Company, Glen Dimplex Group, and Legacy Chiller Systems, and other key manufacturers.
Acquisitions, along with and partnerships & associations are some of the popular market growth strategies adopted by the key market players. These efforts pave the path for market players to expand their business and client base.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global medical equipment cooling market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global medical equipment cooling market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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