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The medical equipment cooling industry is competitive in nature, with a mix of major global and smaller to medium-sized companies competing for market share. A key aspect of market strategy involves the continual introduction of innovative products leveraging diverse technologies. Notably, prominent industry players command considerable influence in this dynamic landscape, often driving forward advancements through substantial investments in research and development. Additionally, strategic alliances, acquisitions, and mergers are instrumental in fortifying market positions and expanding global footprints amidst evolving regulatory landscapes.
Some of the eminent market participants operating in the medical equipment cooling industry include:
The scroll compressors segment held a 32.8% revenue share in 2023 due to their design, which minimizes energy loss and enhances performance, crucial for precise temperature control in medical devices.
The market size of medical equipment cooling reached USD 445.9 million in 2023 and is set to grow at a 3.8% CAGR from 2024 to 2032, driven by the increasing prevalence of chronic diseases.
The North America market was valued at USD 154.4 million in 2023 and is expected to expand at a 3.5% CAGR over the forecast period, led by the rising demand for diagnostic imaging services due to the prevalence of chronic diseases.
Key players in the market include American Chillers, Atlas Copco, Copeland, Daikin Industries, Drake Refrigeration, Ecochillers, ELGi Equipments Limited, Filtrine, General Air Products, Glen Dimplex Group, Haskris, Ingersoll Rand, Johnson Thermal Systems, KKT chillers, Laird Thermal Systems, and Legacy Chillers.