According to FutureWise analysis the market for medical equipment cooling in 2023 is US$ 0.22 billion, and is expected to reach US$ 0.3 billion by 2031 at a CAGR of 4.02%.
Factors driving the growth of the market are the economic benefits offered by cooling systems, rising incidence of cancer, and rising geriatric population. Increase in diagnostic centers, hospitals, and ambulatory units is expanding the market. Technological advancements in diagnostic imaging coupled with fiscal benefit offers by medical equipment cooling are spurring the market. Favorable government programs along with technological advancements in medical chillers are positively influencing the market.
The market is bifurcated into by type, by compressor, by configuration, by application, by end-user and region. Based on the configuration, packaged systems are expected to hold a vast share of the market. Packaged systems offer assembled components at the factory thus eliminating the need to need to install the system manually. It also reduces time by removing the need to design, owing to these factors there has been a huge demand for packaged systems.
In terms of type, liquid-based cooling holds a vast share of the market. The liquid-based cooling system when compared to air-based cooling, offers better lifespan. It also offers reduced noise. Owing to these factors, there has been a spike in the demand of liquid-based cooling, thus burgeoning the market.
Based on compressor, scrolls are expected to showcase the highest growth. Scrolls are available at a lower cost and reduce the vibration noise. It also lessens the refrigerant leak risk with the usage of screw compressors.
Based on the application, medical devices are expected to control the growth of the market. The growing use of MRI systems in diagnostic imaging coupled with technological advancements in the field of computed tomography is stimulating the market. Moreover, the growing use of pet scanners has positively influenced the market. The economic benefits offered by the optimal device is also boosting the market.
Based on end-users, hospital laboratories and outpatient clinics are expected to dictate the market growth. The rapid expansion of hospitals alongside a rise in healthcare expenditure has bolstered the market. The growing number of the diagnostic imaging procedure coupled with rising demand and usage of LINAC and lasers is fueling the growth of the market.
In terms of region, the Asia-Pacific region is expected to witness immense growth owing to the rise in healthcare expenditure, especially in emerging economies like China, Japan, and India. The growing awareness of optimal thermal management and rising cases of chronic diseases and ailments is boosting the presence of the market in the region. North America is the global leader of the market owing to the presence of major players and well-established healthcare systems in countries like the US and Canada. The growing adoption of the latest and advanced technologies is also driving the market in the region.