Increase in awareness toward uses of medical cooling system by medical practitioners, technological advancements in medical cooling devices, and surge in the geriatric population drive the growth of the global medical cooling systems market.
PORTLAND, Oregon, Dec. 11, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Medical Cooling System Market by Type (Liquid-based Cooling and Air-based Cooling), Application (Medical Imaging Systems, Medical Lasers, Analytical & Laboratory Equipment and Others), and End User (Original Equipment Manufacturers (OEMs), Hospitals & Clinics, Diagnostic Imaging Centers and Other end users): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global medical cooling systems industry was pegged at $610.3 million in 2018 and is projected to reach $828.8 million by 2026, registering a CAGR of 3.9% from 2019 to 2026.
Incentives for market growth
Rise in awareness toward uses of medical cooling system by medical practitioners, technological advancements in medical cooling devices, and surge in geriatric population have boosted the growth of the global medical cooling systems market. However, the risk of corrosion in the cooling system hampers the market growth. On the contrary, untapped developing economies are expected to create lucrative opportunities in the near future.
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The liquid-based cooling segment dominated the market
The liquid-based cooling segment held the largest share in 2018, contributing to more than three-fourths of the global medical cooling systems market, as it is the most commonly used product among end users. Moreover, the segment is projected to register the fastest CAGR of 4.2% during the forecast period. The report includes an in-depth analysis of the air-based cooling segment.
The diagnostic imaging centers segment is projected to portray the fastest growth by 2026
The diagnostic imaging centers segment is expected to register the fastest CAGR of 4.8% during the study period, owing to increasing use of diagnostic imaging systems across healthcare facilities. However, the original equipment manufacturers (OEMs) segment held the largest share in 2018, accounting for nearly two-fifths of the global medical cooling systems market, due to extensive use of medical cooling systems by OEMs.
North America held the largest share
The global medical cooling systems market across North America dominated in 2018, contributing to more than one-third of the market, owing to wider usage of advanced medical devices and high pricing of medical cooling systems compared to that in developing regions. However, the market across Asia-Pacific is anticipated to manifest the fastest CAGR 5.0% during the forecast period, owing to the rising awareness of diagnosis and improved healthcare access.
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Major market players
- American Chillers
- Drake Refrigeration, Inc.
- Cold Shot Chillers
- General Air Types, Inc.
- Filtrine Manufacturing Company
- Johnson Thermal Systems
- Parker Hannifin Corp
- Glen Dimplex Group
- KKT Chillers
- Lytron Inc.
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