What is the global market size of the Medical Cooling Systems Market?

Global Medical Cooling Systems Market size was valued at USD 2.42 billion in 2021 and is poised to grow from USD 2.6 billion in 2022 to USD 4.64 billion by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).

Global Medical Cooling Systems Market Size, Share, Growth Analysis, By Type(Liquid-based Cooling, Air-based Cooling), By Application(Medical imaging system, Medical lasers), By End-user(Original equipment manufacturer (OEMs), Hospitals), By Compressor Type(Scroll, Screw), By Model(Packaged Systems, Modular Systems) - Industry Forecast 2024-2031

Report ID: SQMIG35G2251 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 148 | Figures: 78

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Medical Cooling Systems Market size was valued at USD 2.42 billion in 2019 and is poised to grow from USD 2.6 billion in 2023 to USD 4.64 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).

Global Medical Cooling Systems Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Thermo Fisher Scientific Inc.', 'Helmer Scientific', 'Haier Biomedical', 'Binder GmbH', 'Liebherr Group', 'Panasonic Healthcare Co. Ltd.', 'Philipp Kirsch GmbH', 'Labcold Ltd.', 'Eppendorf AG', 'Terumo Corporation', 'Labrepco', 'Angelantoni Life Science', 'B Medical Systems S.à r.l.', 'Follett LLC', 'Coldway SA', 'Kirsch GmbH', 'GFL Gesellschaft für Labortechnik mbH', 'Migali Scientific', 'EVERmed S.r.l.', 'Gram Commercial A/S'

The medical cooling systems market is expanding as a result of an increase in the use of these tools in the medical industry to cool down delicate instruments like MRIs, lasers, and others. Furthermore, it is anticipated that the government's strong focus on infrastructure improvements in the healthcare sector would generate profitable opportunities during the projected period.

Modern diagnostic imaging applications now require the use of medical cooling systems. This is as a result of the high levels of waste heat that are frequently produced by highly advanced diagnostic equipment. To keep everything working smoothly and guarantee that the equipment is performing at its best, strong cooling systems are essential. But it's projected that the market expansion will be hampered by the significant danger of corrosion in medical cooling systems. Furthermore, the government of developing economies is expected to put a lot of effort into enhancing healthcare infrastructure, which would lead to attractive chances in the near future.

North America held the largest global medical cooling systems market share followed by Europe and Asia-Pacific. The region's well-established healthcare system, increased use of cutting-edge technologies, the rise in non-communicable diseases, and the presence of significant players are all major contributors to this market's sizeable share. However, countries in Asia-Pacific and Latin America are anticipated to experience significant growth during the forecast period because of the region's ageing population, accelerated economic growth in many nations, increasing government focus on the healthcare sector, rising prevalence of chronic diseases, and growing number of hospitals and diagnostic centres.

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