The global medical equipment financing market size was worth around USD 161.87 Billion in 2022 and is predicted to grow to around USD 278 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 7% between 2023 and 2030.
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➤ Market demand is stimulated by evolving economic conditions worldwide.
The global medical equipment financing market is anticipated to expand as a result of the evolving economic landscape worldwide. The healthcare industry was subjected to significant operational and economic stress as a result of the sudden surge in demand for additional beds, ventilators, and other medical accessories, as a result of the advent of Covid-19. Some of the healthcare facilities were inadequately equipped financially to accommodate the high demand.Furthermore, the healthcare sector may be further burdened by the ongoing Russia-Ukraine conflict, which has had a significant impact on global oil and gas prices, as well as the impending high-recession period. This could result in financial constraints.
➤ Inadequate awareness to limit market expansion
The global sales volume may experience growth restrictions as a result of the lack of awareness regarding the existence of an idea that allows medical equipment to be purchased on a loan. Although the concept is not particularly novel, it has garnered significant attention in recent years and continues to be a relatively novel concept among the medical equipment financing industry participants. Despite the fact that financing companies have increased their efforts to increase public awareness in order to capitalize on the financial instability within the medical community, a significant portion of the population remains untapped.
➤ Advancements in technology are increasing, which presents opportunities for growth.
The global medical equipment financing market is anticipated to experience increased growth opportunities as a result of the rise in expenditure on the adoption of new and advanced technologies and breakthrough inventions in the sector. Automation and mechanization of this nature provide opportunities for the improvement of patient experience, the diagnosis or treatment of conditions that were previously beyond the scope of human capabilities, and the enhancement of medical care. It is anticipated that the increasing utilization of artificial intelligence (AI), the Internet of Things (IoT), and machine learning will garner a greater number of buyers in the years ahead.
➤ A reduced number of competitors to impede market expansion
The medical equipment financing industry may encounter specific expansion obstacles as a result of the limited number of participants in the segment, which restricts the market’s true potential. Service providers are only able to reach a limited segment of consumers due to the fact that their quality is relatively lower than anticipated. However, the global market is consistently experiencing an increasing number of new participants, which is a positive indicator of growth.
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The Global Medical Equipment Financing Market is segmented based on product, application and region
Global Medical Equipment Financing Market: Product Segment Analysis
● Refurbished Equipment
● Rental Equipment
● New Medical Equipment
Global Medical Equipment Financing Market: Application Segment Analysis
● Clinics
● Hospitals
● Ambulatory Surgical Centers
● Laboratories & Diagnostic Centers
● Others
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The global Medical Equipment Financing market profiles key players such as:
● 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
???? Recent Developments:
• Santander Bank, a wholly owned subsidiary of the Spanish Santander Group, announced in November 2022 that it is expanding its Commercial Equipment and Vehicle Finance business. This action will enable the organization to acquire commercial equipment. It is a nationwide service that includes financing for cutting-edge medical technology and instruments.
• Poonawalla Fincorp announced in August 2022 that it would be remodeling its product offerings and portfolio. It is anticipated that the company will pursue a retail-based approach. The company’s portfolio, which has undergone recent modifications, comprises loans for enterprises, medical equipment, personal use, financing supply chain, and machine loans. This is anticipated to facilitate the company’s identification of novel growth opportunities.
➤ North America is expected to experience the most significant growth during the forecast period.
North America is anticipated to experience the most significant expansion in the global medical equipment financing market. The high financing rate observed in the United States and Canada is the primary factor contributing to the region’s development in 2021, which exceeded USD 46 billion. Further, the ongoing research on technological advancements in the medical sector may result in increased growth revenue during the forecast period. The concept of financing medical equipment, including new products and refurbished medical equipment, has been significantly influenced by the presence of certain key actors in the region.
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