The global medical equipment cooling market was valued at US $200 million in the year 2020 and is anticipated to be worth US $296 million by the year 2030 with a growing compound annual growth rate (CAGR) of more than 4% in the forecast period from 2021 to 2030.
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Medical cooling systems are used during diagnostics examinations to reduce surplus heat by medical equipment this results in prolonging the life of medical equipment, producing high-quality imaging, and provide towards efficient patient care. Therefore, cooling systems are critical to the smooth operation of medical equipment.
According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Factors Affecting
- An increasing number of hospitals and improvements in machinery are leading to a surging demandfor equipment cooling systems.
- Research projects specializing in diagnosing infectious diseases are aggressively being approached by many countries’ governments, thus fueling the market demand.
- There has been an increase in the geriatric population, and an increase in chronic diseases suffered by these age groups is also likely to drive the market growth.
- The cooling systems have to be compliedto strict regulatory procedure by the government to guarantee patients’ safety, which may hinder demand for the medical equipment cooling market.
- The expenses of medical and healthcare facilities and medical inflation is growing fast, which may slowdown the market growth.
Impact of Covid-19
Government bodies imposed several lockdowns, which resulted in temporary production halts or a reduction in workforce. Due to such sanctions, the global medical cooling market was negatively affected. However, the Covid-19 pandemic also induced a rising demand for medical equipment such as ventilators, patient monitors, and other medical devices demand. In this way, the market can gradually grow post-pandemic with the aid of Covid-19-induced methods such as digital pathology and remote collection.
Regional insights
In terms of region, North America is the leading market for global medical equipment cooling systems, followed by Europe and Asia-Pacific.The well-established healthcare infrastructure in North America and the acceptance of enhanced and cutting-edge technologies, along with the rise in non-communicable diseases, all contribute to the market’s growth. Furthermore, Asia-Pacific and Latin America are promising markets and are forecasted to flourish during the forecast period.It is due to the growing economy of many countries, increasing focus on healthcare infrastructure and facilities by several governments, increasing cases of chronic illnesses, and increasing number of geriatric populations.
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Competitive Landscape
- American Chillers
- Cold Shot Chillers
- Drake Refrigeration, Inc.
- Filtrine Manufacturing Company, Inc.
- General Air Products, Inc.
- Glen Dimplex Group
- Haskris
- Johnson Thermal Systems
- KKT Chillers
- Laird Technologies, Inc.
- Lytron Inc.
- Motivair Corporation
- Parker Hannifin Corp
- Whaley Products Inc.
Segment Analysis
Medical Equipment Cooling Market, by Type
- Liquid-based Cooling
- Air-based Cooling
Medical Equipment Cooling Market, by Compressor
- Scroll Compressors
- Screw Compressors
- Centrifugal Compressors
- Reciprocating Compressors
Medical Equipment Cooling Market, by Configuration
- Packaged Systems
- Modular Systems
- Split Systems
Medical Equipment Cooling Market, by Application
- Medical Devices
- Medical Imaging Systems
- Magnetic Resonance Imaging Systems (MRI)
- Computed tomography scanners (CT)
- Positron Emission tomography systems (PET)
- Medical Lasers
- Linear Accelerators
- Medical Imaging Systems
- Analytical & Laboratory Equipment
- Original Equipment Manufacturers (OEMs)
- Hospitals, Laboratories, & Outpatient Clinics
- Independent Diagnostic & Treatment Centers and Laboratories
- Other End Users
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Medical Equipment Cooling Market, by Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Aim of the Report
- This study aims to determine the market size of various segments and countries with forecast values for next ten years.
- Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
- It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.
- The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.
What is the goal of the report?
-The market report presents the estimated size of the Healthcare market at the end of the forecast -period.
-The report also examines historical and current market sizes.
-During the forecast period, the report analyzes the growth rate, market size, and market valuation.
-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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