New York, NY, Feb. 17, 2023 (GLOBE NEWSWIRE) — According to Zion Market Research has published a new research report titled “Medical Equipment Financing Market By End-User (Clinics, Hospitals, Ambulatory Surgical Centers, Laboratories & Diagnostic Centers, And Others), By Equipment (Laboratory Equipment, Therapeutic Equipment, Diagnostics Equipment, Patient Monitoring Equipment, And Medical Furniture), By Type (Refurbished Equipment, Rental Equipment, And New Medical Equipment), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Medical Equipment Financing Market size & share in terms of revenue was valued at USD 161.87 Billion in 2022 and it is expected to surpass around USD 278 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 7% during the forecast period 2023 to 2030.”
What is Medical Equipment Financing? How big is the Medical Equipment Financing Industry?
Medical Equipment Financing Report Coverage & Overview:
Medical equipment financing reverts to monetary transactions that place between a loan borrower and a provider. The only difference between conventional financing activities and medical equipment financing is that the latter deals solely with entities related to medical equipment. It can be considered a loan curated specially for personnel and corporations in the healthcare industry and can only be used to buy, sell, or refurbish medical devices.
In most cases, when money is borrowed against a piece of medical machinery, it is also considered collateral and there may not be any need for additional collateral. These loans can be used to buy or finance several types of equipment ranging from X-ray machines, Computed Tomography (CT) scans, Magnetic resonance imaging (MRI) machines, hospital beds, optometry instruments, dental devices, and other equipment.
This makes it exceptionally accommodative and flexible financial assistance that is available for businesses operating in the healthcare community. There are several advantages that come along with medical equipment financing and are also the leading cause of the growth witnessed.
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Global Medical Equipment Financing Market: Growth Dynamics
The global medical equipment financing market is projected to register a high CAGR owing to the growing importance given to financial management in the healthcare sector, especially witnessed during 2020 and 2021 owing to the impact of Covid-19. Undertaking financial assistance for medical equipment helps the borrower to constantly have access to upgraded technology which in turn is bound to help the medical entity repay the loans as the demand for advanced medical machinery is at an all-time high.
The growing rate of medical infections, rising healthcare infrastructure, and increasing access to medical care are some of the reasons why doctors and physicians are registering a high rate of patient influx. In addition to this, the demand for superior-quality medical assistance has risen exponentially during the last few years. The increasing disposable income, government initiatives, along with programs undertaken by national and international healthcare bodies are reasons why the world is witnessing investments directed toward upgrading medical-care quality. However, such activities require high funding and this can be achieved using financial aid from external agencies.
However, during the forecast period, there could be certain roadblocks against medical equipment financing industry expansion. One of the primary concerns that many service providers have is the associated risk of the medical equipment getting obsolete before it reaches its true potential in terms of return on investment (ROI). Furthermore, many medical professionals or entities prefer to not invest in new systems and instead work on upgrading or maintaining the current equipment they have in their inventory. This greatly restricts the global market growth.
The growing technological advancements may provide expansion opportunities, whereas the less number of players to challenge market growth.
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|Market Size in 2022||USD 161.87 Billion|
|Projected Market Size in 2030||USD 278 billion|
|CAGR Growth Rate||7% CAGR|
|Key Market Players||First American Equipment Finance, Hero FinCorp, SLR Healthcare ABL, JPMorgan Chase & Co., National Funding, Siemens Financial Services, Inc., Blue Bridge Financial, LLC, Truist Bank, SMC Finance, HDFC Bank, TIAA Bank, and Macquarie Group Limited|
|Key Segment||By Product Type, By End-User, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Medical Equipment Financing Market: Segmentation Analysis
The global medical equipment financing market is segmented based on end-user, equipment, type, and region
Based on end-user, the global market is divided into clinics, hospitals, ambulatory surgical centers, hospitals, and others
Based on equipment, the global market divisions are laboratory equipment, therapeutic equipment, diagnostic equipment, patient monitoring equipment, and medical furniture.
In 2022, the medical equipment financing industry witnessed the highest growth in the diagnostic equipment segment and generated more than USD 48 billion in terms of revenue
The growth in the healthcare sector is a primary reason for higher investments in cutting-edge, high-quality, and premium medical equipment
Other segmental growth factors are the increased demand for improved medical care, rising government initiatives, and the advantages of undertaking financial assistance
Based on type, the global market is segmented into refurbished equipment, rental equipment, and new equipment
In 2022, the medical equipment financing industry dominance was seen in the refurbished equipment segment 2021 with a revenue of USD 16.7 billion
Refurbished equipment undergo necessary quality check before they put to use in the live market
Several companies offer remodeling services at a nominal cost of refurbished medical devices
During these processes, the piece of equipment undergoes restoration activities along with disinfection and other necessary changes so that it can provide the best performance
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The global Medical Equipment Financing market is segmented as follows:
- Ambulatory Surgical Centers
- Laboratories & Diagnostic Centers
- Laboratory Equipment
- Therapeutic Equipment
- Diagnostics Equipment
- Patient Monitoring Equipment
- Medical Furniture
- Refurbished Equipment
- Rental Equipment
- New Medical Equipment
Browse the full “Medical Equipment Financing Market By End-User (Clinics, Hospitals, Ambulatory Surgical Centers, Laboratories & Diagnostic Centers, And Others), By Equipment (Laboratory Equipment, Therapeutic Equipment, Diagnostics Equipment, Patient Monitoring Equipment, And Medical Furniture), By Type (Refurbished Equipment, Rental Equipment, And New Medical Equipment), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/medical-equipment-financing-market
Some of the main competitors dominating the global Medical Equipment Financing market include –
- First American Equipment Finance
- Hero FinCorp
- SLR Healthcare ABL
- JPMorgan Chase & Co.
- National Funding
- Siemens Financial Services Inc.
- Blue Bridge Financial LLC
- Truist Bank
- SMC Finance
- HDFC Bank
- TIAA Bank
- Macquarie Group Limited
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Medical Equipment Financing market is likely to expand at a CAGR of around 7% during the forecast period (2023-2030).
- In terms of revenue, the Medical Equipment Financing market size was valued at around US$ 161.87 Billion in 2022 and is projected to reach US$ 278 billion by 2030.
- The medical equipment financing industry is projected to grow at a significant rate due to the changing economic conditions across the world
- Based on end-user segmentation, hospitals and clinics were predicted to show maximum market share in the year 2022
- Based on type segmentation, refurbished equipment was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
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Key questions answered in this report:
- What is the market size and growth rate forecast for Medical Equipment Financing industry?
- What are the main driving factors propelling the Medical Equipment Financing Market forward?
- What are the leading companies in the Medical Equipment Financing Industry?
- What segments does the Medical Equipment Financing Market cover?
- How can I receive a free copy of the Medical Equipment Financing Market sample report and company profiles?
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Technology, By Type, By Utility, By Diseases, And By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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North America is projected to register the highest growth in the global medical equipment financing market, mainly driven by the excellent healthcare infrastructure of the US and Canada. The medical architecture includes the financial strength of the medical professionals or entities operating in the country. The region has some of the most well-aware service providers and takers, which helps in regional growth. Europe was the second-most leading region in 2022 and is expected to continue its growth trend due to the presence of higher knowledge amongst medical professionals related to financing and a steady service adoption rate. Furthermore, the growing emphasis on same-day surgery like eye operations, endoscopy, and laparoscopy along with other operations could act as a driving factor for the regional market adoption statistics.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
- 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
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FREQUENTLY ASKED QUESTIONS
- What is medical equipment financing market?
- Which key factors will influence medical equipment financing market growth over 2023-2030?
- What will be the value of the medical equipment financing market during 2023-2030?
- What will be the CAGR value of the medical equipment financing market during 2023-2030?
- Which region will contribute notably towards the medical equipment financing market value?
- Which are the major players leveraging the medical equipment financing market growth?
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