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?
Overview of This Study:
This study involved four major activities in estimating the current size of the Medical Equipment Cooling Process 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.
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Projected 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.
Recent Developments in the Global 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.
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.
The packaged systems segment was the largest contributor to the medical equipment cooling market, by configuration in 2018
On the basis of configuration, the global Medical Equipment Cooling Process 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 large share of the packaged systems segment in the market.
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Key Players:
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 Process Market.
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