Medical Equipment Cooling Market

Global Medical Equipment Cooling Market Size (2023 to 2028)

The global medical equipment cooling market is expected to grow at a CAGR of 2.66% during the forecast period. The market size is expected to rise from USD 223.8 million in 2023 to USD 255.2 million by 2028. 

Medical equipment cooling devices are provided for medical equipment of high function to cool them down. The primary medical equipment that falls under this category includes MRI machines, X-ray machines, CT scanners, and other devices that need a mix of dehumidification, humidification, air conditioning, or refrigeration. This cooling technique will eliminate high-watt density heat. As a result, this decrease in thermal stress will lead to greater longevity, precision, and less energy use. Medical equipment cooling is intended to maintain the functionality of vital medical equipment, allowing for timely and appropriate patient care. Standard compressor-driven air conditioning units are employed for extensive medical equipment cooling that uses the refrigerant cycle. Compressor, evaporator, expansion valve, condenser, and system monitoring equipment make up the refrigeration cycle. The market for medical cooling equipment is therefore responsible for providing the devices needed to stabilize all kinds of medical equipment and ensure quality patient care. In addition, the healthcare industry needs the market for the smooth functioning of all its tools and machines. 

Impact of COVID-19 on the global medical equipment cooling market:

The COVID-19 pandemic had adverse effects on many medical equipment markets due to stringent government lockdowns, distributors, and supply chain disruption of goods. The pandemic has also led to a lack of resources, supplies, and services in the healthcare department due to a lack of professionals. In addition, the pandemic reduced access to preventive care like cancer test screenings, and these types of procedures require medical cooling equipment. Thus, this decline led to a decrease in the medical cooling equipment market. But then again, there was an increase in medical imaging techniques and the equipment for the same as lung C.T. scans, which also require medical cooling equipment. So, the pandemic has had a neutral effect on the medical cooling equipment market.

MARKET DRIVERS:

The growing aging population, rising prevalence of cancer and chronic diseases worldwide and increasing number of hospitals and diagnostic centers are propelling the medical cooling equipment market growth.

The financial advantages of medical equipment cooling and technical improvements in diagnostic imaging modalities are projected to present more growth prospects for the market's participants. It has many uses, including treating infectious diseases and chemotherapy. Imaging, lasers, cold storage & testing, and healthcare dehumidification are just a few of the medical applications they have. The medical equipment cooling market is primarily driven by technical improvements in diagnostic imaging equipment, rising income levels, increasing healthcare spending, and emerging markets that will drive market expansion.

New products and approvals by leading participants in the market are expected to drive growth.

Because different demands depend on applications, manufacturers have been concentrating on creating new goods and websites. As a result, leading market participants have introduced new products and approvals, including a new generation of high-performance thermoelectric coolers. For instance, Laird Thermal Systems introduced the UltraTEC U.T.X. Series in April 2020. (a new generation of high-performance thermoelectric coolers). This device delivers a 10% increase in heat pumping capacity, a more significant temperature differential, and higher efficiency than traditional thermoelectric coolers. Additionally, the first refrigerators of a professional medical grade were introduced in 2019 by Helmer Scientific.

MARKET RESTRAINTS:

The increased risk of corrosion of the cooling systems, along with the expansion of the strict compliances and regulations regarding the approval and usage of cooling equipment, is expected to hinder the growth of the global medical equipment cooling market. 

REPORT COVERAGE:

This research report on the global medical equipment cooling market has been segmented and sub-segmented based on the type, compressor, configuration, application, and region.

Global Medical Equipment Cooling Market - By Type:

• Air-based Cooling
• Liquid-Based Cooling

Based on the type, the liquid-based cooling segment dominated the market for medical cooling equipment in 2022. The advantages of liquid-based cooling systems, such as greater energy efficiency, consistency, and uniform cooling capabilities that avoid damage to delicate equipment, can be credited for the large share of this market.

Global Medical Equipment Cooling Market - By Compressor:

• Centrifugal Compressors
• Screw Compressors
• Reciprocating Compressors
• Scroll Compressors

Based on the compressor, the scroll compressors segment is anticipated to expand at the most significant growth rate during the forecast period due to factors including reduced vibration levels and the lower danger of refrigerant leakage associated with using screw compressors, 

Global Medical Equipment Cooling Market - By Configuration:

• Split Systems
• Modular Systems
• Packaged Systems

Based on the configuration, the packaged systems segment dominated the global medical cooling equipment market in 2022. These systems have the significant benefit of not needing to be designed or installed because the components are put together in a factory. This benefit plays a substantial role in the packaged systems segment's significant market share.

Global Medical Equipment Cooling Market - By Application:

• Medical Devices
  • Medical Imaging Systems
    • Computed Tomography Scanners (C.T.)
    • Positron Emission Tomography Systems (P.E.T.)
    • Magnetic Resonance Imaging Systems (M.R.I.)
  • Linear Accelerators
  • Medical Lasers
• Analytic & Laboratory Equipment
• Hospitals, Laboratories, & Outpatient Clinics
• Original Equipment Manufacturers (O.E.M.S)
• Independent Diagnostics and Treatment Centers and Laboratories
• Other End Users

Global Medical Equipment Cooling Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America dominates the medical equipment cooling market globally and witnesses a significant market share during the forecast period. The region's well-established healthcare system, the rise in non-communicable diseases, the increased use of cutting-edge technologies, and significant players are all major contributors to this market's prominent share. In addition, developed countries like the U.S. and Canada contribute significantly to the market's dominance. However, the United States accounted for the largest share of the market.

Europe is expected to show significant growth in the global medical equipment cooling market due to the increasing geriatric population and concerns about healthcare systems and chronic diseases. Therefore, countries like the U.K., Italy, France, and Germany are expected to show significant growth during the forecast period.

Asia-Pacific, with countries like India, China, Japan, and South Korea, is anticipated to register as the fastest growth during the forecast period because of the region's aging population, accelerated economic growth in many nations, increasing government focus on the healthcare sector, rising prevalence of chronic diseases, and a growing number of hospitals and diagnostic centers.

On the other hand, Latin America is projected to showcase a promising share in the market in the coming period. Emerging countries like Mexico, Brazil, and Argentina will experience considerable growth during the forecast period.

KEY MARKET PLAYERS:

Many leading groups and organizations are working in the market for medical cooling equipment. Here are a few of the most significant key players in the market, Cold Shot Chillers, American Chillers, Lytron Inc., Whaley Products Inc., Jhonson Thermal Systems, Glen Dimplex Group, Filtrine Manufacturing Company Inc., Laird Technologies, L.L.T. Chillers, General Air Products, Drake Refrigeration Inc., Parker Hannifin Corp, Motivair Corporation, Haskris, Legacy Chiller Systems, etc.

RECENT MARKET DEVELOPMENTS:

• On June 3, 2022, a tool was developed to increase cooling efficiency for pressure die casting. The team of scientists at the international advanced research center for powder metallurgy and new materials (ARCI) has developed a steel alloy powder that can help create efficient cooling technology in pressure die casting. 
• On June 7, 2022, T.A.G. Medical Products acquired the Hot Isostatic Press from Quintus Technologies. This press aims to increase the production capacity of the M.I.M. (Medical Injection Molding) production line. It consists of high-end properties like High-Pressure Heat Treatment (HPHT) and Uniform Rapid Quenching) U.R.Q.), providing flexibility, fatigue resistance, and maximum theoretical density.