The size of the medical equipment cooling market in Europe is anticipated to be worth USD 71.9 million by 2027 from USD 65.61 million in 2022, progressing at a CAGR of 1.87% between 2022 to 2027.
The growing patient population suffering from chronic diseases leads to increased mortality across the European region, propelling the medical equipment cooling market in Europe. According to National Centre for Biotechnology Information (NCBI), more than 50 million people in the European population suffer from more than one chronic disease. In addition, some major chronic diseases are prevalent in the region, such as cardiovascular disease, cancer, and orthopedic diseases, which lead to an increasing need for various types of medical equipment with high-cost systems which need internal cooling.
The rising demand for medical imaging equipment is anticipated to result in the growth of the European medical equipment cooling market in the coming years. Medical imaging equipment helps monitor and diagnose the disease and needs cooling systems for proper functioning. Therefore, key regional players are focusing on developing different cooling systems for different diseases.
The growing aging population across the European region is expected to favor the medical equipment cooling market in Europe. According to World Economic Forum, around 30% of the European population is expected to be more than 65 years by 2100. Furthermore, the increasing number of diseases among older people results in the manufacturing of different types of medical equipment, and sometimes equipment is specifically designed and manufactured with the older generation in view, leading to more demand for medical equipment cooling systems.
In addition, the growing number of advancements in the development of medical cooling equipment is predicted to support market growth during the forecast period. With increasing advancements in the cooling system, medical device manufacturers are producing devices with inbuilt medical equipment cooling systems to increase the performance of the equipment. In addition, they are also adding sensors to the medical cooling equipment to receive updates on the functioning of the cooling system and how it is adjusting to the medical devices' temperature based on the medical equipment's working hours.
However, high costs associated with medical cooling equipment are one of the major factors inhibiting the growth rate of the European market. In addition, the high risk of corrosion in cooling systems is another factor restraining market growth. Furthermore, strict reimbursement rules and issues in approval of the devices are the other factors that impede the market growth.
This research report on the Europe medical cooling equipment market has been segmented and sub-segmented into the following categories.
By Type:
By Compressor:
By Configuration:
By Application:
By Country:
Geographically, the European region occupied the second-largest worldwide market share in 2021 and is anticipated to hold a substantial share during the forecast period. The growth of the European market is primarily driven by the increasing investments in the construction of hospitals and increasing advanced versions of cooling equipment for medical devices. Hospitals in Europe are providing quality treatment compared to the other regions of the world. As a result, healthcare management is providing quality treatment to patients, raising the demand for the healthcare system in this region. Therefore, the increased facilities and advanced medical equipment in hospitals are leading to the need for proper cooling systems, resulting in the adoption of high-grade cooling systems by healthcare suppliers. These cooling devices help manage the equipment and enable it to have a long life period and increase its performance leading to market demand.
Germany held a notable share of the European market in 2021 and is expected to continue to hold a considerable share in the European market during the forecast period. An increasing number of manufacturing medical equipment cooling systems facilities in the European region promotes market growth. In addition, growing promotional activities by the market participants to promote the cooling system for medical equipment used in hospitals, clinics, and diagnostic centers boost the market’s growth rate. Furthermore, the market participants efforts in customer relationship management and offering of post-purchasing benefits of the medical cooling equipment are supporting the market’s growth rate.
On the other hand, the UK is another lucrative market for medical cooling equipment in the European region. In the United Kingdom, researchers and key players focus on developing fluids for cooling machines. To help increase the demand for medical equipment cooling, the researchers are focusing on developing different types of fluids leading to market growth in this region.
KEY MARKET PLAYERS:
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 and Legacy Chiller Systems are some of the noteworthy companies in the European medical cooling equipment market.
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