A report on the expected growth of the current medical cooling systems market by Meticulous Research has produced profitable forecasts for the industry. By 2024, it is expected to grow at a CAGR of 7.5 percent to $2.8 billion.
The future looks bright for medical refrigeration systems
In a report published today, Meticulous Research said the size of the global medical refrigeration market will reach $ 2.8 billion by 2024.
Researchers believe that growth will be driven by a variety of factors. These include reliable patient care and the economic benefits of medical refrigerators, technological advances in medical refrigerators, government initiatives to increase the number of hospitals and the growing population of the elderly, along with the increasing prevalence of chronic diseases.
Medical refrigeration systems are used to reduce the heat load generated by medical equipment during diagnostic procedures. In this way, medical cooling systems are able to maintain the life cycle of imaging equipment and help achieve the goal of quality patient care.
The report states that medical cooling equipment represents the largest market share (by product type) and is expected to grow at a CAGR of 7.8% from 2018 to 2024. Careful research has suggested why this area is emerging as the largest and fastest growing segment: “High demand from medical imaging system manufacturers and higher sales volume than accessories.
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In terms of type, water-cooled chillers have taken the lion’s share due to their advantages, such as low compressor cost, longer life, low noise, suitability for installations with limited space and limited airflow and absence of toxic refrigerants. However, air cooled chillers will grow faster due to their increasing efficiency and increasing water scarcity in many parts of the world.
Packaged systems dominate the market for medical refrigeration systems by model type. The advantages of packaged systems over other models, such as ease of installation, economy and limited space requirements, support most of this. However, modular systems are expected to grow at the fastest rate.
Depending on the compressor type, scroll compressors have had the biggest share because of their advantages, such as higher efficiency in terms of heat dissipation capacity and less vibration and noise than other types.
The application segment including MRI, CT, linear accelerator, PET and others was the most important due to high demand, advances in imaging technology and the high prevalence of chronic diseases such as cancer, neurological disorders and others.
Original equipment manufacturers are the main end users as medical cooling systems are widely demanded by them for their imaging systems. In addition, the wide availability of specific cooling systems for imaging equipment from various manufacturers and the relatively high purchasing power of OEMs further supports most OEMs in the medical cooling systems market.
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Geographic analysis of the medical cooling systems market
Geographically, the market is segmented in North America (USA and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain and RoE), Asia-Pacific (Japan, China, India and RoAPAC), Latin America and the Middle East and Africa. North America dominated much of the world market for medical refrigeration systems, followed by Europe and Asia-Pacific. Much of this market is mainly attributed to the consolidated health system in the region, the greater adoption of advanced technologies, the growing prevalence of non-communicable diseases and the presence of key players.