The inflated cost of healthcare equipment will promote the market demand. As in the healthcare business, it is vital to find ways to decrease costs while still providing outstanding care. It is then crucial to adapt to increasing costs as well as find sustainable ways to manage growth. Therefore, financing medical equipment is essential that further proves beneficial for the overall industry progress. In a continually evolving market, the healthcare equipment can easily and swiftly become outdated. As purchasing a new piece of equipment comes with a lot of upfront costs, financing a medical equipment can help in overall cost reduction.
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Therapeutic equipment segment exceeded USD 38 billion in 2021. Technological advancement in the medical devices with the addition of excellent ergonomic features making it user friendly and easy to operate will augment the segment expansion. Moreover, a paradigm shift has occurred in the therapeutic equipment market due to the several novel changes in the complex needs of the aging population, reimbursement scenario as well as increasing demand for outpatient settings worldwide.
Some major findings of the medical equipment financing market report include:
- Growing demand for premium and high-quality healthcare across the world will positively influence the market statistics.
- Many large and small medical hospitals and clinics use medical equipment financing as one of the keyways to invest in their respective business that surges the overall market expansion.
- Medical equipment financing a part of healthcare finance is incorporated with the aim of leveraging the surging healthcare market across the globe.
- North America captured substantial revenue share in 2021, due to presence of prominent market players in the region.
- However, lack of awareness in developing and underdeveloped countries regarding medical equipment finance, may hinder the business progression to a certain extent.
Browse key industry insights spread across 184 pages with 246 market data tables & 12 figures & charts from the report, “Medical Equipment Financing Market Analysis By Equipment (Diagnostics Equipment, Therapeutic Equipment, Patient Monitoring Equipment, Laboratory Equipment, Medical Furniture), Type (New Medical Equipment, Rental Equipment, Refurbished Equipment), End-use (Hospitals, Clinics Dermatology Clinics, Dental Clinics, Ophthalmology Clinics, Laboratories & Diagnostic Centers, Ambulatory Surgical Centers [ASCs]), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Medical equipment financing market from rental equipment segment accounted for around 24% revenue share in 2021 is set to register a significant CAGR through 2030. Rental equipment involves month wise payments to financing companies in return for utilizing medical equipment, such as an MRI or x-ray machine. The major factor driving the rental medical equipment market is the surged patient preference to home healthcare. Also, rising elderly base with numerous diseases is projected to accelerate the growth of the products leading to greater sales.
Laboratory and diagnostic center segment is projected to witness 7% CAGR during the forecast period, owing to increase in the demand for diagnostic kits and various pathological tests such as blood tests, urine tests, as well as collection of samples like urine, body tissues, etc. Advanced laboratories require high end equipment, such as microscopes, blood gas analyzers, histology and cytology equipment, hematology analyzers and others. Hence these laboratories prefer medical equipment financing services as an aid to their investments. Moreover, amid pandemic, there is great demand for diagnostic kits, and various kits are under development in diagnostic centers and state-of-the-art laboratories.
Asia Pacific medical equipment financing market is projected to register 9% CAGR through 2030. In developing economies such as India, major financing companies such as Bajaj FinServ, HDFC and Hero are coming up with several schemes to set up hospitals and stare of art laboratories. Moreover, the government in the region is taking several initiatives to raise awareness regarding medical financing thereby, propelling the regional market forecasts.
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Some of the prominent players functioning in the medical equipment financing market include Bajaj Finserv, Blue Bridge Financial, LLC, CMS Funding, First American Healthcare Finance, HDFC Bank, HeroFinCorp, JPMorgan Chase & Co., Kabbage (American Express), National Funding, SMC Finance, Societe Generale S.A., TIAA Bank, Toronto-Dominion Bank, Truist Bank.
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