Medical Patient Financing in the US - Industry Market Research Report

Medical Patient Financing in the US - Industry Market Research Report

Medical Patient Financing in the US

The Medical Patient Financing industry, which extends credit to consumers to cover medical procedures, has experienced greater demand and a shifting healthcare environment, as higher disposable incomes and increased access to credit enable a more significant number of consumers to finance elective and nonelective healthcare procedures. The COVID-19 pandemic in 2020 boosted the industry, as total healthcare expenditure jumped. Also, the widespread distribution of the COVID-19 vaccine reduced the number of cases, which freed up hospital capacity and medical personnel for elective and nonelective procedures. As a result, industry revenue has grown at a CAGR of 5.0% over the past five years and is expected to total $15.2 billion in 2023, when revenue will jump by an estimated 4.3%. Moreover, in line with the projected growth, industry profitability will likely increase due to decreasing miscellaneous costs regarding loan provisions and legal fees, along with the renewal in industry demand.

This industry includes companies that are primarily engaged in extending credit facilities to consumers to cover healthcare costs and related expenses. Financing can be provided for elective and nonelective medical procedures.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.