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(Health-NewsWire.Net, March 25, 2021 ) Research Methodologies Followed for This Study:
Secondary Research:
In the secondary research process, various secondary sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard & silver-standard websites, regulatory bodies, and databases (such as D&B Hoovers, Bloomberg Businessweek, and Factiva) were referred to in order to identify and collect information for this study.
Primary Research:
The Medical Equipment Cooling Technique Market comprises several stakeholders such as medical equipment cooling system manufacturers, suppliers and distributors, healthcare service providers, and diagnostic centers. The demand side of this market is characterized by the increasing technological advancements in diagnostic imaging modalities and the global rise in the prevalence of cancer. The supply side is characterized by advancements in technology and product enhancements. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
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Overview of This Research:
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.
Projected Monetary Gains:
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.
Medical devices segment to register the highest CAGR in the Medical Equipment Cooling Technique 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 Technique 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.
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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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 Technique Market.
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