Medical Equipment Financing Market
Medical Equipment Financing Market
Medical Equipment Financing Market to Reach US$ 311.9 Bn by 2032, driven by rapid technological advancements combined with AI technology has leveraged the medical industry potential: Global Insight Services
New York, March 2023: According to a new research study by Global Insight Services (GIS), the global Medical Equipment Financing Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 311.9 Billion by 2032.
The need of time is staying up to date with advancements in medical equipment but it can be an expensive prospect. That’s why many health care professionals need medical equipment financing to obtain the tools and machines they need. A medical equipment loan or lease helps those professionals get the equipment they need to bring in new and returning patients, helping them increase cash flow and build their reserves. With the continuous advancement in medical technology, it has become a necessity to opt for the best-in-class medical equipment for excellent healthcare services. However, advanced diagnostic systems are expensive and are difficult for medical practitioners and hospitals to afford through their funds. There arises the need for medical equipment funding with low monthly instalments and flexible loan models.
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Medical Equipment Financing Market: Key Trends and Drivers
Increasing acceptance of artificial intelligent technology has leveraged the medical industry potential. With this, there is an upgradation to new equipment with better features that provides superior treatment to the patients. For instance, according to the Equipment Leasing & Finance Foundation’s Report, in 2019, nearly 8 in 10 businesses that acquired equipment and software used at least one form of financing such as lease, secure loan, or line of credit. Therefore, acquiring medical equipment with medical equipment loans and leases has been made simple and easy.
Medical Equipment Financing Market: Restraints & Challenges
As their economies expand, equipment finance firms continue to face numerous challenges. Even while banks have more resources and are seeking chances in the medical equipment market, the majority of businesses have grown more capital-conscious. It is more likely that hospitals, clinics, and diagnostic centers will spend money to maintain their existing equipment than to purchase new ones..
Medical Equipment Financing Market Report Findings
The patient monitoring equipment segment is likely to hold a dominant Medical Equipment Financing Market share and grow at a substantial CAGR during the forecast period.
Based on equipment, the market is bifurcated into diagnostics equipment, therapeutic equipment, patient monitoring equipment, laboratory equipment, and medical furniture. Among these, the patient monitoring equipment segment exceeded USD xx billion in 2022. This is attributed to the increasing demand for patient monitoring equipment in developing countries to observe, report and analyze acute or chronic conditions used in hospitals and clinics. Additionally, increasing use of ECG devices to check heart’s rhythm and electrical activity will propel overall medical equipment financing market expansion. Furthermore, high availability of patient monitoring equipment in the market such as blood pressure monitors, electro-cardiograph (ECG) device, patient monitors, pulse oximeter, pulse watches, continuous glucose monitoring device, spirometers, and capnography, among others. This will fuel the market progression. Therefore, many firms incline towards medical equipment financing & leasing, and loans required for infrastructure.
The new medical equipment segment is anticipated to hold a majority of the Medical Equipment Financing Market size throughout the study period.
Based on the type, the market is bifurcated into new medical equipment, rental equipment, and refurbished equipment. Among these, new medical equipment segment surpassed USD xx billion in 2022. This is owing to adoption of artificial intelligence, blockchain, voice search, chatbots, and virtual reality in health technologies. Moreover, increasing costs of the medical equipment’s, leading doctors or healthcare firms incline towards loan to purchase an equipment, this also reduces the high interest rates regardless of any type and number of instruments. In addition, it also helps in preserving working capital and streamline operations in a modified manner. Therefore, growing adoption of new medical equipment will foster the overall market size.
The Hospital segment is anticipated to hold a majority of the Medical Equipment Financing Market size throughout the study period.
Based on the end-user, the market is bifurcated into hospitals, clinics, laboratories & diagnostic centers, and ambulatory surgical centers [ASCs]. Medical equipment financing market from hospital segment accounted for xx% business share in 2022 and is set to register a significant CAGR through 2032. This is due to the rising utilization of medical equipment financing practices that allows hospitals to purchase medical equipment at lower price. Similarly, equipment financing increases the working capital of hospitals with more available capital. This allows hospitals in hiring new doctors and clinicians along with investment in cybersecurity software. Moreover, hospitals prefer to opt for healthcare loan including infrastructure loan and working capital to avoid risks in the market. Thus, medical equipment financing reduces the risk and controls the overall financial situations. As a result, increased hospital investments around the globe will certainly have a positive impact on the industry growth.
The North America region is estimated to exhibit the highest growth rate during the Medical Equipment Financing Market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Among regional markets, the Europe medical equipment financing market is expected to grow at xx% CAGR during the forecast period driven by the high cost of healthcare equipment. According to the Organization for Economic Co-operation and Development (OECD), in Europe, the healthcare spending per capita increased around 3% each year between 2013 and 2019 by adjusting the inflation. Similarly, growing demand for medical equipment financing coupled with presence of major market player including Meridian Group International, and Societe Generale S.A will accelerate the regional market trends..
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The global Medical Equipment Financing Market report includes players are CMS Funding, Kabbage (American Express), Bajaj Finserv, TIAA Bank, Blue Bridge Financial, LLC, First American Healthcare Finance, HDFC Bank, HeroFinCorp, JPMorgan Chase & Co., National Funding, SMC Finance, Truist Bank, Societe Generale S.A., and Toronto-Dominion Bank., among others.
Recent Developments in the Market:
- In February 2022, Toronto-Dominion Bank and First Horizon announced the signing of a new contract that will allow Toronto-Dominion Bank to completely acquire First Horizon. The deal is worth USD 13 billion and will help TD strengthen its hold in the global market
- In December 2021, API Holdings Limited and Piramal Capital & Housing Finance entered a joint collaboration in which the latter will offer its digital platform Retailio to API Holding. This will allow the company to improve its financial assistance services to all stakeholders.
- In July 2021, IFC and the Multilateral Investment Guarantee Agency (MIGA) launched a trade finance guarantee initiative to help low-income countries recover from the effects of the pandemic by supporting trade flows of critical goods, including food and medical equipment.
- In May 2021, E. Healthcare and NSIA Banque Cote d’Ivoire announced a partnership with IFC’s Africa Medical Equipment Facility to strengthen the healthcare industry and support medical equipment financing across Africa.
- In April 2021, IMAGEENS jointly raised $1.45 million in seed funding with Anaxago. This is expected to strengthen the company’s team with key R&D talent to expand the deployment of software solutions.
Medical Equipment Financing Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Medical Equipment Financing Market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future Medical Equipment Financing Market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Medical Equipment Financing Market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global kidney stones management market.
Global Medical Equipment Financing Market Segmentation
- Laboratory Equipment
- Therapeutic Equipment
- Diagnostics Equipment
- Patient Monitoring Equipment
- Medical Furniture
- Refurbished Equipment
- Rental Equipment
- New Medical Equipment
- Laborateries &Diagnostic Centers
- Ambulatory Surgical Centers [ASCs]
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
- CMS Funding
- Kabbage (American Express)
- Bajaj Finserv
- TIAA Bank
- Blue Bridge Financial, LLC
- First American Healthcare Finance
- HDFC Bank
- JPMorgan Chase & Co.
- National Funding
- SMC Finance