Medical Equipment Financing Market Analysis And Forecast To 2032: By Equipment (Diagnostics Equipment, Therapeutic Equipment, Patient Monitoring Equipment, Laboratory Equipment, Medical Furniture), By Type (New Medical Equipment, Rental Equipment, Refurbi

Medical Equipment Financing Market Analysis And Forecast To 2032: By Equipment (Diagnostics Equipment, Therapeutic Equipment, Patient Monitoring Equipment, Laboratory Equipment, Medical Furniture), By Type (New Medical Equipment, Rental Equipment, Refurbished Equipment), By End-use (Hospitals, Clinics, Laboratories & Diagnostic Centers, Ambulatory Surgical Centers [ASCs]), And Region

The global Medical Equipment Financing Market was valued at USD 146.0 Billion in 2022 and it is anticipated to grow up to USD 311.9 Billion by 2032, at a CAGR of 7.9% during the forecast period.

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.

Global Medical Equipment Financing Market Scope and Report Structure

Market 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 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.

Moreover, improvements in endoscopic and laparoscopic surgery procedures at ASCs, which have led to an increase in outpatient visits, will contribute to the segment's growth in the near future. ASCs will also experience an increase in demand because they offer affordable treatment alternatives and employ competent medical personnel. ASCs also provide patients the option of same-day surgery, which saves both the patient and the surgeon time. Thus, the aforementioned elements promote segmental expansion.

Market Restraints and 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..

Global Medical Equipment Financing Market Segmental Overview

The report analyses the global Medical Equipment Financing Market based on Equipment, Type, End-user, and Region.

Global Medical Equipment Financing Market by Equipment

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.

Global Medical Equipment Financing Market by Type

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, 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.

Global Medical Equipment Financing Market by End-use

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.

Geographical Analysis of Global Medical Equipment Financing Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Among regional markets, the North America market accounted for the largest revenue share in the global market in 2022. This is mostly because the financing rate for medical equipment is the best in the region. This region has become the most powerful in the world due to advances in medical devices and investments in medical infrastructure. Europe is in second place because more medical equipment funding is based on artificial intelligence and more money is being invested in healthcare infrastructure. Additionally, more clients have turned to the market for financing medical equipment as medical experts and personnel have gained greater knowledge about it.

The financial industry is expanding in Asia-Pacific, and more hospitals, cutting-edge labs, and diagnostic centers are being constructed in the region's developing nations, which is predicted to accelerate the region's economic growth. This market would also expand if the government allocated more funds to the healthcare industry. As an illustration, the Indian finance minister recently stated that $9.09 billion will be allocated to the healthcare sector in the country's 2020 budget.

Major Players in the Global Medical Equipment Financing Market

The key players in the Medical Equipment Financing Market 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.

COVID-19 Impact:

The forthcoming of Covid-19 outbreak caused an increase demand to diagnostics, PPE, medical oxygen, ventilators and other life-saving products and expensive medical equipment’s resulting a need in finance for these equipment. The COVID-19 pandemic is one of the most serious challenges faced by the financial services industry in nearly a century. The COVID-19 impact on banking is severe – fall in demand, lower incomes, production shutdowns - and will adversely affect the business of banks. The situation is exacerbated by staff shortages, inadequate digital maturity, and pressure on the existing infrastructure as firms scramble to deal with the impact of COVID-19 on financial services.

Recent Developments:

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.

Frequently Asked Questions

Q1. How big is the Medical Equipment Financing Market?

Ans. The global Medical Equipment Financing Market was valued at USD 146.0 Billion in 2022 and it is anticipated to grow up to USD 311.9 Billion by 2032, at a CAGR of 7.9% during the forecast period.

Q2. What is the Medical Equipment Financing Market growth rate?

Ans. The growth rate of the Medical Equipment Financing market is 18.1%

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the Medical Equipment Financing Market in 2022.

Q4. Which segment accounted for the largest Medical Equipment Financing Market share?

Ans. By end-use, the hospital segment accounted for the largest Medical Equipment Financing Market share.

Q5. Who are the key players in the kidney stones management market?

Ans. 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.

Q6. What are the factors driving the Medical Equipment Financing Market growth?

Ans. Rapid technological advancements combined with AI technology has leveraged the medical industry potential. Such factors are expected to drive global market revenue growth.

Q7. What are the key growth strategies of Medical Equipment Financing Market players?

Ans. The key growth strategies of Medical Equipment Financing Market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Medical Equipment Financing Market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Medical Equipment Financing Market during the forecast period.

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