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Premium Report Details
Base Year: 2023
Companies covered: 19
Tables & Figures: 202
Countries covered: 18
Pages: 136
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Medical Equipment Cooling Market
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Medical Equipment Cooling Market Size
The global medical equipment cooling market size was valued at around USD 445.9 million in 2023 and is estimated to grow at 3.8% CAGR from 2024 to 2032. The set of operations and technologies applied to medical devices and equipment to control temperatures are termed ‘medical equipment cooling’ and are focused towards enhancing performance and lifespan. Effective cooling of medical imaging machines, laboratory devices, and all other electronic gadgets is vital owing to the amount of heat produced during operation.
The economic growth in this market is supported by the increasing prevalence of some chronic diseases alongside a growing geriatric population that results into high demand for such devices. For instance, NHS England recorded an increase of 2.2% and reported that the total number of tests done increased to 45 million in March 2023. Among others, conventional radiography is performed most (22 million), followed by diagnostic ultrasound (10.3 million), CT (7.1 million), and MRI (4.1 million), which is why this field is liquid.
The amount of heat emitted by imaging devices such as CT and MRI during procedures raises attention toward effective cooling solutions that will preserve equipment quality and effective lifespan. Therefore, an increase in patient numbers and number of tests performed automatically raises the need for sophisticated advanced imaging devices and consequently influences positively the magnitude of cooling system usage.
Moreover, the continued investment in research and development is providing more effective, accurate, and eco-friendly cooling technologies which, in turn, contributes to market growth. These factors support the long-term growth of the medical equipment cooling market.
Medical Equipment Cooling Market Trends
The growth of the market is due to the rapid development of new technologies. Development of new products like micro cooling systems, thermoelectric coolers, and modern heat exchangers are changing the landscape of the industry. For instance, thermoelectric coolers integration in MRI systems are capable of maintaining the requisite temperature for efficient energy use, which greatly improves the diagnostic effectiveness of the system.
In addition, global initiatives to cut carbon emissions are quickly being adopted in the medical equipment industry with these new environmentally friendly cooling measures. They are truly investing in R&D to build systems that can perform at peak while conserving the most energy possible. For instance, the improvements in liquid cooling methods are particularly impressive because they not only improve the efficiency of the equipment but also increase efforts to decrease greenhouse gas emissions.
Thus, as equipment for the medical industry is expected to shift, the incorporation of advanced smart cooling solutions should do the trick. IoT-enabled cooling systems with sensors and data analytics ensure equipment is operational all the time with real-time monitoring and predictive maintenance. This way, healthcare facilities can use data insights to improve cooling processes, save costs, and prolong the lifetime of the equipment.
Medical Equipment Cooling Market Analysis
Based on product type, the market is bifurcated into liquid-based cooling and air-based cooling. The liquid-based cooling segment dominated the market with the largest revenue of USD 244.1 million in 2023.
Based on compressor, the medical equipment cooling market is segmented into reciprocating compressors, scroll compressors, screw compressors, and centrifugal compressors. The scroll compressors segment dominated the market with the largest revenue share of 32.8% in 2023.
The medical equipment cooling market is segmented into packaged systems, modular systems, and split systems based on configuration. The packaged systems segment is projected to reach USD 314.2 million by 2032.
The medical equipment cooling market is segmented by application into medical devices, cold storage and testing, dehumidification, and analytical and laboratory equipment. In 2023, the medical devices segment was valued at USD 155.8 million.
The medical equipment cooling market is segmented by end use into original equipment manufacturers (OEMs), hospitals, diagnostic laboratories, and other end-users. In 2023, the original equipment manufacturers (OEMs) segment was valued at USD 218.2 million.
The North America medical equipment cooling market was valued at USD 154.4 million in 2023 and is expected to grow at a CAGR of 3.5% over the forecast period.
The medical equipment cooling market in the UK is expected to experience significant growth from 2024 to 2032.
The Japan medical equipment cooling market is anticipated to witness substantial growth between 2024 – 2032.
The medical equipment cooling market in Saudi Arabia is expected to experience significant growth from 2024 to 2032.
Medical Equipment Cooling Market Share
This industry is characterized by competitive rivalry with both large conglomerates and small to medium firms participating in the market. A vital element of market strategy is staying ahead by continuously launching new products built with new technologies. The aforementioned factors apply above as well, where large firms have strong power in this fluid environment, and they tend to push innovations by investing heavily in research and development. Moreover, joint ventures, purchase of companies, and incorporation all tend to strengthen a company's market position and increase coverage in various parts of the world with different political environments.
Medical Equipment Cooling Market Companies
Some of the eminent market participants operating in the medical equipment cooling industry include:
USPs for Top Players:
Medical Equipment Cooling Market Industry News
The medical equipment cooling market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments:
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Market, By Product Type
Market, By Compressor
Market, By Configuration
Market, By Application
Market, By End Use
The above information is provided for the following regions and countries: