USD 2.42 billion
Medical Cooling Systems Market Size, Share, Growth Analysis, By Type(Liquid-based Cooling, Air-based Cooling), By Application(Medical imaging system, Medical lasers, Analytical, laboratory equipment), By End-user(Original equipment manufacturer (OEMs), Hospitals, clinics, Diagnostic imaging centers), By Compressor Type(Scroll, Screw, Centrifugal, Reciprocating), By Model(Packaged Systems, Modular Systems, Split Systems), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2251 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
148
|Figures:
78
Medical Cooling Systems Market Insights
Medical Cooling Systems Market size was valued at USD 2.42 billion in 2019 and is poised to grow from USD 2.6 billion in 2023 to USD 4.64 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).
Medical cooling systems are commonly utilised to reduce the heat load generated by medical equipment. These solutions help achieve the goal of providing high-quality patient care while extending the life of imaging technology. They are frequently utilised to lessen heat load from devices like medical lasers, imaging equipment, and other apparatuses. Additionally, medical devices must reduce their heat to control thermal stress, which could otherwise harm the equipment. Medical equipment's reduced temperature stress lengthens its lifespan and contributes to preserving precision. The top producers are always looking into medical equipment knockoffs. As a result, the use of medical cooling systems has increased along with the use of medical equipment. As a result, the use of these systems has increased along with the use of medical equipment. Due to the extreme sort of heat generated inside medical devices, intensive use can shorten their lives. By extending the life of these devices and enhancing their precision,these systems provide financial advantages. Furthermore, hospitals, clinics, and diagnostic imaging facilities are where these devices are most frequently employed.
The market is driven by rising cases of chronic diseases like cancer worldwide. According to data from the WHO, 2.26 million new instances of cancer will be attributable to breast cancer in 2019, which may encourage the usage of medical cooling devices for equipment used in medical imaging and other cancer diagnosis processes. Additionally, the adoption of cutting-edge technologies like artificial intelligence (AI) in diagnostic imaging to capture better scans would increase the need for medical cooling systems by lowering the heat produced by equipment during diagnostic processes.
US Medical Cooling Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Liquid-based Cooling
Fastest Growth
Liquid-based Cooling
Growth Rate
7.5% CAGR
Global Medical Cooling Systems Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Medical Cooling Systems Market Segmental Analysis
Medical Cooling Systems Market is segmented based on the type, end-user, compressor type, model, application, and region. Based on type, global Medical Cooling Systems Market is segmented into Liquid-based Cooling and Air-based Cooling. By end-user, the Medical Cooling Systems Market is segmented into Original equipment manufacturer (OEMs), Hospitals and clinics, Diagnostic imaging centers, Other end users. By Compressor Type, the Medical Cooling Systems Market is segmented into Scroll, Screw, Centrifugal, Reciprocating. By Model, the Medical Cooling Systems Market is segmented into Packaged Systems, Modular Systems, Split Systems. Based on application, the Medical Cooling Systems Market is segmented into Medical imaging system, Medical lasers, Analytical and laboratory equipment, and Others. Based on Region Medical Cooling Systems Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Medical Cooling Systems Market Analysis by Type
Based on type, in 2021, the liquid-based cooling segment dominated the market, and it is predicted that it will continue to do so during the forecast period. The benefits provided by these systems, such as consistent energy efficiency and improved cooling capabilities assist prevent damage to the medical equipment.
Medical Cooling Systems Market Analysis by application
Based on application, in 2021, the market was dominated by the medical imaging systems segment, and it is predicted that this segment would continue to dominate during the forecast period. This is explained by the rising use of these devices in MRI, CT scan, and other medical imaging systems.
Global medical cooling systems market By Type, 2021 (%)
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Medical Cooling Systems Market Regional Insights
North America held the largest global medical cooling systems market share followed by Europe and Asia-Pacific. The region's well-established healthcare system, increased use of cutting-edge technologies, the rise in non-communicable diseases, and the presence of significant players are all major contributors to this market's sizeable share. However, countries in Asia-Pacific and Latin America are anticipated to experience significant growth during the forecast period because of the region's ageing population, accelerated economic growth in many nations, increasing government focus on the healthcare sector, rising prevalence of chronic diseases, and growing number of hospitals and diagnostic centres.
Global Medical Cooling Systems Market By Type, 2021-2028
- Largest
- Fastest
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Medical Cooling Systems Market Dynamics
Medical Cooling Systems Market Driver
- The medical cooling systems market is expanding as a result of an increase in the use of these tools in the medical industry to cool down delicate instruments like MRIs, lasers, and others. Furthermore, it is anticipated that the government's strong focus on infrastructure improvements in the healthcare sector would generate profitable opportunities during the projected period.
Medical Cooling Systems Market Restraint
- The market expansion, however, is being constrained by the high cost of these devices as well as the increased risk of corrosion in the medical cooling system
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Medical Cooling Systems Market Competitive Landscape
Global Medical Cooling Systems Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Medical Cooling Systems Market Top Player's Company Profiles
- Thermo Fisher Scientific Inc.
- Helmer Scientific
- Haier Biomedical
- Binder GmbH
- Liebherr Group
- Panasonic Healthcare Co. Ltd.
- Philipp Kirsch GmbH
- Labcold Ltd.
- Eppendorf AG
- Terumo Corporation
- Labrepco
- Angelantoni Life Science
- B Medical Systems S.à r.l.
- Follett LLC
- Coldway SA
- Kirsch GmbH
- GFL Gesellschaft für Labortechnik mbH
- Migali Scientific
- EVERmed S.r.l.
- Gram Commercial A/S
Medical Cooling Systems Market Recent Development
- In August 2022, Parker-Hannifin (PH) closed Meggitt Deal, and expanded in the UK.
Medical Cooling Systems Key Market Trends
- Modern diagnostic imaging applications now require the use of medical cooling systems. This is as a result of the high levels of waste heat that are frequently produced by highly advanced diagnostic equipment. To keep everything working smoothly and guarantee that the equipment is performing at its best, strong cooling systems are essential. But it's projected that the market expansion will be hampered by the significant danger of corrosion in medical cooling systems. Furthermore, the government of developing economies is expected to put a lot of effort into enhancing healthcare infrastructure, which would lead to attractive chances in the near future.
Medical Cooling Systems Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Medical Cooling Systems Market analysis, in terms of type, the liquid-based cooling segment held larger market share owing to its benefits. In terms of application, the medical imaging systems segment contributes to the market growth due to its high usage. Moreover, the market is expanding primarily due to the financial advantages cooling systems provide, the increased prevalence of cancer and other disorders, and the rising geriatric population.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.42 billion |
| Market size value in 2031 | USD 4.64 billion |
| Growth Rate | 7.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Cooling Systems Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Cooling Systems Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Cooling Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Cooling Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Cooling Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Cooling Systems Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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