Medical Equipment Cooling Market - Technological Advancements in Diagnostic Imaging Modalities

Overview of This Study:

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 subsegments.

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 subsegments.

Expected Revenue Growth:

The medical equipment cooling market is projected to grow from an estimated USD 233 million in 2024 to USD 193 million by 2019, at a CAGR of 3.8% during the forecast period. Growth of the market is mainly driven by the economic benefits offered by cooling systems, rising incidence of cancer and other diseases, and growing geriatric population.

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Market Size Estimation:

Both top-down and bottom-up approaches were used to estimate and validate the total size of the medical equipment cooling market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

# The key players in the industry and markets have been identified through extensive secondary research.

# The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.

# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation:

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the medical equipment cooling industry.

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 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 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. 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.

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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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