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The global medical equipment cooling market is projected to reach $233 million by 2024 from $193 million in 2019, at a CAGR of 3.8%.
Growth in this market is largely driven by factors such as the economic benefits offered by cooling systems, technological advancements in diagnostic imaging modalities, growing geriatric population, and rising incidence of cancer. However, the risk of corrosion in cooling systems is a major factor that is expected to challenge the growth of this market during the forecast period.
The Air-Based Cooling Segment is to Witness Higher Growth in the Medical Equipment Cooling Market During the Forecast Period
Based on type, the medical equipment cooling market is segmented into liquid-based cooling, (liquid-liquid configuration, liquid-air heat transfer configuration, and compressor-based recirculating configuration) and air-based cooling (direct-air configuration and air-to-air configuration).
The air-based cooling segment of the medical equipment cooling market is expected to grow at a higher CAGR during the forecast period. The high growth of this segment can be attributed to its lower cost and the risk of failure associated with air-based cooling.
The OEMs Segment Accounted for the Largest Share of the Medical Equipment Cooling Market in 2018
Based on end user, the medical equipment cooling market is segmented into original equipment manufacturers (OEMs); hospitals, laboratories, and outpatient clinics; independent diagnostic & treatment centers and laboratories, and other end users. The OEMs segment accounted for the largest share of the global medical equipment cooling market in 2018.
The large share of this segment can be attributed to the increasing usage and demand of devices such as diagnostic imaging systems, lasers, and LINAC to meet the increasing prevalence of chronic diseases. Furthermore, the availability of custom cooling solutions by manufacturers to suit the specific requirement of medical equipment manufacturers is adding significant growth opportunities to this end-user segment.
Europe Accounted for the Second-Largest Share of the Global Market in 2018
Based on region, the medical equipment cooling market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World.
Europe accounted for the second-largest share of the global medical equipment cooling market in 2018. The increasing incidence of cancer, growing geriatric population, the growing healthcare expenditure, the need for early diagnosis, and the increased adoption of advanced systems are the major factors propelling the demand for medical equipment cooling in Europe.