This study involved four major activities in estimating the current size of the Medical Equipment Cooling Market. Exhaustive secondary research was done to collect information on the market and its different sub-segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the size of the segments and sub-segments.
Major Objectives behind this Study:
# To define, describe, and forecast the global medical equipment cooling market on the basis of type, compressor, configuration, application, end user, and region
# To provide detailed information regarding major factors influencing the growth of the market (such as drivers, opportunities, and industry-specific challenges)
# To strategically analyze the micromarkets with respect to individual growth trends, future prospects, and contributions to the total market
# To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
# To forecast the revenue of the market segments with respect to four main regions, namely, North America (the US and Canada), Europe (Germany, France, the UK, and RoE), Asia Pacific (China, Japan, India, and RoAPAC), and the Rest of the World
# To strategically profile the key players and comprehensively analyze their market shares and core competencies
# To track and analyze competitive developments such as new product launches; agreements, partnerships, and joint ventures; mergers & acquisitions; and research & development activities in the medical equipment cooling market
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Recent Developments in the Global Industry:
# 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.
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?
Factors Influencing Global Growth:-
Economic benefits offered by medical equipment cooling, technological advancements in diagnostic imaging modalities are the major factors driving the growth of this market. Additionally, the growing global prevalence of cancer, increasing geriatric population, and growing number of diagnostic centers and hospitals are some of the other major factors driving the growth of this market.
Opportunities:
# Emerging Markets
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Challenge:
# Risk of Corrosion in Cooling Systems
Monetary Growth Expectations, Globally:
According to the Research Study conducted by MarketsandMarkets™: 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%.
Geographical Growth Scenario:
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.
Leading Market Players:
# 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) and many more…
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.
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