Growth in the Medical Equipment Cooling Market can be attributed to factors such as economic benefits offered by cooling systems, technological advancements in diagnostic imaging modalities, rising geriatric population, and a growing number of diagnostic centers and hospitals. On the other hand, the risk of corrosion in cooling systems may also pose a major challenge to market growth in the coming years.
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%.
The major players operating in the medical equipment cooling market include Glen Dimplex Group (Ireland), Legacy Chiller Systems Inc. (US), Filtrine Manufacturing Company, Inc. (US), 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).
An analysis of the market developments between 2016 and 2018 revealed that several growth strategies such as product enhancements and expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the medical equipment cooling market.
# In 2018, Laird Technologies (US) enhanced its Tunnel Series TEA which offers an expanded line of cooling capacities ranging up to 100 watts.
# In 2016, KKT Chillers (Germany) established a new service center in Shanghai, China, to meet the increasing demand for chillers in the region.
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Glen Dimplex (Ireland) is a leading player in the medical equipment cooling systems market. The company manufactures and delivers a wide range of chillers and cooling solutions across the medical, food packaging, plastics, and semiconductor industries in the US and internationally.
Glen Dimplex offers active and passive cooling solutions either in integrated or stand-alone modes, for a wide range of medical equipment such as CT, MRI, linear accelerators, and medical laser technology. Along with high-quality products the company also offers a comprehensive range of tailored services to meet customer needs. The company has a global presence and a prominent after-sales service network, with locations across the US, China, Germany, and Ireland.
Key Questions Addressed by the Report:
# What are the growth opportunities related to the adoption of medical equipment cooling across major regions in the future?
# Emerging countries have immense opportunities for the growth and adoption of medical equipment cooling modalities. Will this scenario continue in the next five years?
# Where will all the advancements in products offered by various companies take the industry in the mid- to long-term?
Legacy Chillers (US), a leading process chiller manufacturer in the US, offers cooling, heating, and ventilation solutions for residential, commercial, and industrial applications. Legacy introduced the Nexus technology in the market to produce process cooling solutions that use outdoor air as the primary cooling medium.
The company uses a patented economizer technology, which significantly increases the end user's electrical cost savings. Legacy also offers excellent key services, including chiller system design services and offers training programs such as the chiller system training webinar series.
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Asia Pacific to register highest growth in the medical eqipment cooling market during the forecast period
The medical equipment cooling market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific region is expected to register highest growth during the forecast period. The increasing awareness of optimal thermal management of medical equipment, increase in healthcare expenditure, and rising geriatric population are some of the major factors driving the growth of the medical equipment cooling market in Asia Pacific.