Medical Equipment Cooling Market Report

Global Medical Equipment Cooling Market, By Type (Liquid & Air-based Cooling), Compressor (Scroll, Screw, Centrifugal, Reciprocating), Configuration (Packaged, Modular, Split), Application (MRI, CT, PET, LINAC, Medical Lasers), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Trend Analysis, Competitive Market Share & Forecast, 2021-2027

  • Published Date: July 2021
  • Report ID: BWC20399
  • Available Format: PDF
  • Page: 156

Report Overview

During diagnostic examinations, medical cooling systems are utilized to minimize the excess heat generated by medical equipment. By doing so, the systems are able to extend the life of imaging equipment and contribute to the purpose of providing high-quality patient care.

Global Medical Equipment Cooling Market Size - Industry Trends & Forecast Report 2027

The Global Medical Equipment Cooling Market was worth USD 200.2 Million in 2020 and is further projected to reach USD 261.9 Million by 2027, at a CAGR of 3.8 % during 2021-2027 (forecast period). The market is being driven by technological advancements in diagnostic imaging offered by numerous medical equipment companies, a growing geriatric population, and the increasing prevalence of cancer cases. The high cost of execution and the possibility of corrosion, on the other hand, could be a significant stumbling block to the Global Medical Equipment Cooling Market's growth.

 

 

Source: BlueWeave Consulting

Global Medical Equipment Cooling Market Overview:

During diagnostic examinations, medical cooling systems are utilized to minimize the excess heat generated by medical equipment. By doing so, the systems are able to extend the life of imaging equipment and contribute to the purpose of providing high-quality patient care. Thus, effective cooling systems are critical for keeping everything operating smoothly and ensuring that the equipment is performing at its best. Some of the factors contributing to the growth of this market are efficient patient care offered by medical chillers, technological advancements in medical chillers, and government initiatives to increase the number of hospitals,

 

Global Medical Equipment Cooling Market Forecast and Trends

Growth Drivers

Increasing Government Initiatives

An increase in the number of government initiatives for diagnosing infectious disease and the rising need for fast detection of various diseases are contributing to the growing demand for diagnostic equipment worldwide. Many research projects, including those for diagnosing infectious diseases, are being aggressively pursued by governments from many countries. Additionally, a rise in the number of doctors in hospitals, as well as improvements in machinery, are factors leading to the growth of the medical equipment cooling market.

 

Increase in geriatric population and chronic diseases

Increasing chronic diseases, as well as an aging population that is more susceptible to these diseases, necessitate diagnostic medical procedures, which in turn is driving to the growth of the global medical equipment cooling market. Currently, developing countries house almost two-thirds of the world's elderly population. This has resulted in a rise in the number of healthcare facilities all around the world. A poor lifestyle and improper eating habits are also important contributors to the emergence of chronic diseases that necessitate thorough diagnosis, thereby fueling market growth.

 

Restraints

Strict regulatory government rules and high costs

It is important to ensure that temperature-sensitive medical devices are properly safeguarded in order to support regulatory compliance, and guarantee patient safety. As a result, severe regulatory sanctions and high expenses associated with this are important factors that are expected to hinder the growth of the worldwide medical equipment cooling market to a certain level. 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 fuels higher medical expenses. Additionally, healthcare inflation has been climbing at a quicker rate 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 constraints imposed by various regulatory bodies in the wake of the COVID-19 breakout, the functioning of several industries has either been temporarily halted or the industries are running with reduced workforce. This is no different in the global medical equipment cooling market, and this aspect is projected to have a significant negative impact on the industry's performance.

However, the coronavirus pandemic has also raised demand for medical power requirements, particularly for ventilators, mask machines, and other temperature-measurement equipment. Among all these medical device demands, life support equipment such as patient monitors and ventilators have witnessed substantial increase in the market.  Thus,  the industry is probable to grow significantly post-COVID-19 due to increased use of pandemic-necessitated inventions, such as remote collection and digital pathology.

 

Global Medical Equipment Cooling Market: By Type

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. This is mainly due to benefits such as uniform cooling capabilities and improved energy efficiency. In addition, the liquid-based cooling system, when associated with air-based cooling, offers a better life cycle besides providing reduced noise. Owing to these factors, there has been a spike in the request for liquid-based cooling, thus growing the market.

 

Global Medical Equipment Cooling Market: By Configuration

The global medical equipment cooling market is further divided into packaged, modular and split systems based on the configuration. The packaged systems have seized the largest share of the medical equipment cooling systems market. A significant advantage of these systems is that the components are assembled at a factory, removing any need to design and install these systems. This benefit is an important contributing factor to the significant share of the packaged systems segment in the market.

 

Global Medical Equipment Cooling Market: By Application

Based on application, the global medical equipment cooling market is categorized into MRI, CT, PET, LINAC, and Medical Lasers. The MRI segment is the dominant segment among all. The technological advancement in computed tomography and the rising use of MRI systems for diagnostic imaging drive the growth of the medical equipment cooling market. Furthermore, the rising number of cancer cases necessitates the use of PET scanner diagnostic tests, which also influences market growth. Additionally, healthcare plans now provide various economic benefits, which aids in the growth of the market.

 

Global Medical Equipment Cooling Market – Regional Insights

Based on region, the global medical equipment cooling market is divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Out of all these regions, North America dominates the market share of the global medical equipment cooling market, followed by Europe and Asia-Pacific. The region's well-established healthcare system, as well as the growing acceptance of cutting-edge technologies, coupled with the increasing prevalence of noncommunicable diseases, and the presence of key players, all contribute to the region's significant market share.

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. 

Source: BlueWeave Consulting

 

Recent Developments

·         April 2021, Chiller Manufacturers Offer New Technology to Control Energy Costs. Carrier’s AquaForce 30XV air-cooled chiller features a waterside economizer that allows the owner to take advantage of lower outdoor air temperatures to cool their building or process.

·         May 2021, Daikin has recently provided its chiller technology for the production plant and distribution site of a multinational company, leader in the pharmaceutical sector.

 

Competitive Landscape

The 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.

Moreover, with the expanding importance of medical devices and surgical equipment in modern healthcare, medical device producers are seeing immense growth opportunities in developing countries. As a result, medical device manufacturers are adopting strategies such as cutting costs, streamlining operations, and innovating more swiftly.

 

Scope

Attribute

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina, AUAE, South Africa, Saudi Arabia

Product/Service Segmentation

By Type, By Compressor, By Configuration, By Application, By Region

Key Players

Key players for 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.

           

 

·         By Type

o    Liquid

o    Air-based Cooling

·         By Compressor

o    Scroll

o    Screw

o    Centrifugal

o    Reciprocating

·         By Configuration

o    Packaged

o    Modular

o    Split

·         By Application

o    MRI

o    CT

o    PET

o    LINAC

o    Medical Lasers

·         By Region

o    North America

o    Latin America

o    Europe

o    Asia Pacific

o    Middle East

o    Africa

 

FAQs:

1.    What is the current size of the global medical equipment cooling market?

Answer: The global medical equipment cooling market has reached USD 200.2 Million in 2020.

2.    What are the major factors driving the growth of global medical equipment cooling market?

Answer: The market is being driven by technological advancements in diagnostic imaging offered by numerous medical equipment companies, a growing geriatric population, and increasing prevalence of cancer cases.

3. Who are the key players in the global medical equipment cooling market?

Answer: The 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.

4. Which type segment accounted for the largest share in the global medical equipment cooling market?

Answer: The liquid-based cooling segment, by type accounted for the largest share in the global medical equipment cooling market.

5. Which application segment accounted for the largest share in global medical equipment cooling market?

Answer: The MRI segment is growing at a higher rate in the global medical equipment cooling market.