CHICAGO, March 8, 2019 /PRNewswire/ -- According to the new market research report "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), End User (OEMS, Hospitals & Labs, Diagnostic Treatment Centers & Laboratories) - Global Forecast to 2024", published 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%.
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Economic benefits offered by medical equipment cooling technological advancements in diagnostic imaging modalities are the major factors that drive the growth of this market. Additionally, the growing global prevalence of cancer, increasing geriatric population, and a growing number of diagnostic centers and hospitals are some of the other major factors driving the growth of this market.
The packaged systems segment accounted for the largest share of the Medical Equipment Cooling Market, by configuration, in 2018
On the basis of configuration, the global Medical Equipment Cooling Market is further segmented into modular, packaged, and split systems. The packaged systems segment accounted for the largest share of the medical equipment cooling systems market in 2018. A major advantage associated with these systems is that the components are assembled at a factory, which eliminates the need to design and install these systems. This advantage is a major contributing factor to the larger market share of the packaged systems segment.
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Medical devices segment to register the highest CAGR in the Medical Equipment Cooling Market, by application during the forecast period
On the basis of application, the Medical Equipment Cooling Market is segmented into medical devices and analytical & laboratory equipment. The medical devices segment is expected to be the fastest growing segment during the forecast period. The major factors supporting the growth of this segment are the increasing number of diagnostic procedures across the globe coupled with the economic benefits offered by optimal device cooling.
Asia Pacific to register the highest growth in the Medical Equipment 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. The Asia Pacific region is expected to register the 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 the Asia Pacific region.
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The major players operating in the Medical Equipment Cooling Market are 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).
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