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Medical Equipment Cooling Market

Medical Equipment Cooling Market

Medical Equipment Cooling Market Analysis By Type (Liquid-based Cooling & Air-based Cooling) By Configuration (Packaged, Modular & Split Systems) By Compressor (Scroll, Screw, Centrifugal & Reciprocating Compressors) By Application & Region – Global Insights 2022 to 2030

Medical Equipment Cooling Market
FACT7565MR
  • Jul-2022
  • List of Tables : 80
  • List of Figures : 227
  • 170 Pages
  • Healthcare

Medical Equipment Cooling Market Outlook (2022-2030)

The global medical equipment cooling market is currently valued at around US$ 210 million and is anticipated to expand at a CAGR of 3.6% to reach US$ 278.67 million by 2030.

Demand for medical equipment cooling is expected to be high in the regions of Asia Pacific and Latin America over the next ten years.

Report Attributes

Details

Medical Equipment Cooling Market Size (2022E)

US$ 210 Million

Forecasted Market Value (2030F)

US$ 278.7 Million

Global Market Growth Rate (2022-2030)

3.6% CAGR

Key Companies Profiled

  • American Chillers
  • Drake Refrigeration, Inc
  • General Air Products, Inc
  • Haskris
  • Johnson Thermal Systems
  • Laird Technologies, Inc
  • Cold Shot Chillers
  • Filtrine Manufacturing Company
  • Glen Dimplex Group
  • Legacy Chiller Systems
  • Parker Hannifin Corp
  • Whaley Products, Inc

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Medical Equipment Cooling Sales Analysis (2018-2021) Vs. Market Forecasts (2022-2030)

Systems for cooling medical equipment are used to reduce the heat load produced by diagnostic tools. Medical cooling systems can help achieve the goal of delivering high-quality patient care by extending the lifespan of imaging equipment. To ensure accurate and consistent readings using liquid-based or air-based methods, various equipment including X-Rays and MRIs, require chilling, refrigeration, and humidification.

Development of the market for medical cooling equipment was impacted by disruptions in the global supply chain. As a result, the medical equipment cooling market's revenue drift was immediately impacted by this interruption in business operations.

The implementation of the lockdown, social isolation, and a drop in the number of workers available globally in the healthcare sector led to a slowdown in the production of medical equipment during the pandemic. The market is expanding every day since the new normal has been accepted by society worldwide.

According to Fact.MR, a market research and competitive intelligence provider, expanding at a CAGR of 3.6%, the global medical equipment cooling market is projected to reach US$ 278.67 million by 2030.

Medical equipment cooling market forecast by Fact.MR

What are the Market Opportunities in the Medical Equipment Cooling Industry?

“Technological Advancements & Rising Cases of Cancer Driving Need for Medical Equipment Cooling Systems for Better Diagnostic & Treatment Results”

In the past few decades, there has been a marked increase in the incidence of cancer and other lethal diseases. Cancer and other similar diseases require a variety of tests and therapeutic procedures that are performed with the aid of big medical equipment, such as CT scanners, x-ray devices, etc.

For such equipment, a cooling system is crucial to obtaining the best results and ensuring the smooth treatment of these deadly diseases. Thus, the rise in cancer and other diseases is boosting the market for medical equipment cooling.

Continuous research and development, as well as innovations, are done by various producers and innovators, which are major drivers of the growth of the medical equipment cooling market.

Newer models of these machines are on the market, created by the major key manufacturers, while ongoing research is being done to improve these medical equipment cooling devices.

Furthermore, the respective governments have a couple of proposals under which the creation of these kinds of gadgets receives financial assistance. The market for cooling medical equipment is growing as a result of such collaborative cooperation.

An Adaptive Approach to Modern-day Research Needs

Which Aspects Should Manufacturers of Medical Equipment Cooling Systems Highly Focus?

“Suppliers of Medical Equipment Cooling Devices Should Focus on Pricing & Aftersales Service”

The high cost of installation can severely restrict the growth rate of the global market for medical equipment cooling.

Additionally, among the main problems that would prevent market expansion are the possibility of cooling system corrosion and the existence of stringent laws and compliances surrounding the licensing of this equipment.

Which Regions are Set to Provide High Growth Opportunities to Manufacturers of Medical Equipment Cooling Systems?

“Companies of Medical Equipment Cooling Focusing on Asia Pacific to Increase their Sales Due to Rapidly Expanding Healthcare Sector”

North America, followed by Europe and Asia Pacific, is the world's largest regional market for medical equipment cooling systems. The market in North America is expanding as a result of the developed healthcare system, consumer acceptance of advanced technology, and the rise in non-communicable diseases.

Furthermore, it is anticipated that the markets in the Asia Pacific and Latin America will prosper during the forecast period.

This is because respective economies in the regions are developing, respective governments are placing a higher priority on healthcare infrastructure and facilities, a large population is suffering from chronic illnesses, and an increasing number of senior people in society.

Country-wise Insights

How Fast is the Market for Cool Medical Devices in the U.S. Expanding?

“Rising Rate of Medical Procedures Driving Sales of Medical Equipment Cooling Systems in the U.S.”

In the North American region, the U.S. market is expected to expand at a high CAGR over the forecast period. In the United States, the market for medical equipment cooling was valued at US$ 52.2 million in the year 2020.

The U.S. market is projected to expand as the elderly population rises, chronic diseases become more prevalent, and healthcare infrastructure advances. The ongoing changes in the above-mentioned factors increase the need for medical equipment cooling systems for better results.

How is Demand for Medical Equipment Cooling Systems Evolving in China?

“High Use of Thermal Management Systems Supporting Sales of Medical Equipment Cooling Systems”

The China medical equipment cooling market is anticipated to reach a projected market size of US$ 50 million by the year 2027, expanding at a CAGR of 6% through 2027.

Sales of medical equipment cooling systems are anticipated to increase due to the factors such as the rising senior population, increased healthcare spending, and more understanding of medical equipment's ideal thermal management.

Category-wise Analysis

Which Application of Medical Equipment Cooling Drives High Market Growth?

“Effective Working of High-Power Medical Devices Requires Efficient Medical Equipment Cooling Systems”

The market for medical equipment cooling is segmented into medical devices and analytical & laboratory equipment based on application.

The market segment for medical devices is anticipated to develop at the fastest growth rate. This is due to the worldwide expansion of hospital networks, which is expanding rapidly.

The hospital that treats patients with life-threatening illnesses needs to be outfitted with the powerful equipment required for therapy, as well as the appropriate cooling equipment.

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Competitive Landscape

Because there are different demands depending on its applications, manufacturers have been concentrating on creating innovative technologies and websites for those purposes.

Leading market companies have seen its potential for application in hospitals, research and development, and disease imaging. It has many uses, including treating infectious diseases and chemotherapy. Their use in the medical sector includes dehumidification in hospitals, imaging, lasers, cold storage, and testing.

Leading market participants have introduced new products and approvals that include a new generation of high-performance thermoelectric coolers.

  • Laird Thermal Systems introduced the UltraTEC UTX Series in April 2020 (a new generation of high-performance thermoelectric coolers). This device delivers a 10% increase in heat pumping capacity, greater temperature differential, and higher efficiency than traditional thermoelectric coolers.
  • The first refrigerators of professional medical grade were introduced in 2019 by Helmer Scientific.

Key Segments in Medical Equipment Cooling Industry Research

  • By Type :

    • Liquid-based Cooling
    • Air-based Cooling
  • By Configuration :

    • Packaged Systems
    • Modular Systems
    • Split Systems
  • By Compressor :

    • Scroll Compressors
    • Screw Compressors
    • Centrifugal Compressors
    • Reciprocating Compressors
  • By Application :

    • Medical Devices
    • Analytical & Laboratory Equipment
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

The global medical equipment cooling market is estimated to expand at 3.6% CAGR through 2030.
The global medical equipment cooling market is currently valued at US$ 210 million and is predicted to reach US$ 278.67 million by 2030.
Key manufacturers include Legacy Chiller Systems, Lytron Inc, Motivair Corporation, Parker Hannifin Corp, Whaley Products, Inc., and Filtrine Manufacturing Company.
Asia Pacific & Latin America are the most profitable markets for medical equipment cooling systems.

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