Medical Equipment Cooling Market Share

North America Market Forecast

By 2037, North America medical equipment cooling market is projected to capture over 33.2% revenue share owing to the aging population, availability of well-developed healthcare services and treatment, and rising need for advanced cooling systems for diagnostic imaging systems and therapeutic equipment. In addition, increasing export activities in the region, high prevalence of chronic diseases such as cardiovascular disorders, cancer, and diabetes, and rising investments by public and private sectors to develop advanced medical equipment cooling solutions are expected to fuel market growth going ahead.

In the U.S., the medical equipment cooling market is expected to witness significant growth owing to rising demand for advanced diagnostics and therapeutic equipment, presence of well-established healthcare infrastructure and facilities, and rising investments by key players to develop advanced cooling medical systems. The government also plays a key role in supporting the market growth. For instance, the U.S. federal government in the fiscal year 2021, spent around USD 8.2 billion for medical supplies, including cooling systems. Moreover, stringent regulatory norms for equipment safety and performance and growing demand for minimally invasive and precision-based treatments is expected to increase the adoption of medical equipment cooling systems and devices going ahead.

The Canada medical equipment cooling market is expected to register a rapid revenue CAGR by the end of 2037 owing to the rising prevalence of various chronic diseases, technological advancements in medical cooling systems, and increasing investments in improving healthcare infrastructure. Canada presents significant opportunities for U.S. exporters of medical devices and according to the International Trade Administration, the U.S was the largest exporter in 2022, totaling USD 3.2 billion.

Asia Pacific Market Statistics

Asia Pacific market in medical equipment cooling market is expected to expand at a robust CAGR throughout the forecast period owing to rapid expansion of hospitals, diagnostic centers, and research facilities opting for advanced medical equipment cooling systems and government initiatives to promote the adoption of devices. Countries such as India, Singapore, and Japan are steadily becoming hubs for medical tourism due to the availability of advanced diagnostic and therapeutic devices at affordable rates. This is also expected to boost the demand for efficient medical device cooling solutions and technologies.

The healthcare and medical sector in India has rapidly expanded over the past few years and a wide range of medical devices including medical equipment cooling systems are manufactured in the country. According to the India Brand Equity Foundation (IBEF), around USD 10.73 billion was allocated for the healthcare and medical devices sector in the Union Budget 2024-25 and the FDI inflow of this sector was USD 3.28 billion between April 2000- March 2024. The demand for medical equipment cooling systems and solutions is rising in the country owing to rising prevalence of several chronic diseases, improving healthcare infrastructure, and increasing need for effective cooling solutions for medical devices.

In China, the medical equipment cooling market is likely to rise at a steady pace between 2025 and 2037 owing to rapidly expanding healthcare infrastructure, rapid adoption of medical equipment cooling systems, and increasing investments by public and private sectors to develop high-performance cooling technologies for effective and accurate operations. According to a report by OEC, China had the highest import potential with an import gap of USD 122 million in 2023.