The global medical equipment financing market size is predicted to reach USD 210.46 billion by 2027 owing to the advent of technological innovations in medical equipment. 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 installments and flexible loan models.
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According to a recently published report by Fortune Business Insights™ titled, “Medical Equipment Financing Market” Size, Share & Industry Analysis, By Device Type (Diagnostic Equipment, Therapeutic Equipment, Patient Monitoring Equipment, and Others), By End User (Hospitals & Clinics, Laboratories and Diagnostic Centers, and Others), and Regional Forecast, 2020-2027,” the market value was USD 102.30 billion in 2019 and will rise at a CAGR of 9.5% between the forecast duration, 2020 to 2027.
List of Players Operating in this Market include:
- National Funding
- First American Equipment Finance
- HDFC Bank Ltd
- Hero FinCorp
- Blue Bridge Financial, LLC.
- TIAA Bank
- SMC
- Other Players
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The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this, too, shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling, and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Market Drivers
Advent of Artificial Intelligence into Medical Sector will Add Impetus to Market
Various factors are responsible for the medical equipment financing market growth. These include the increasing number of diagnostic tests, patient monitoring, and increasing demand for diagnostic and therapeutic devices. Besides this, the rising prevalence of infectious diseases is also boosting the market. This, coupled with the rising need to provide advance medical care to patients and the need for therapeutic equipment such as ventilators, dialysis machines, ICU equipment, and others, is further expected to aid in the expansion of the market during the forecast period.
Key Industry Developments of this Market include:
October 2019 – Health Credit Services LLC., a loan provider for medical practitioners in dental, vision, orthopedics, cosmetics, and others were acquired by Ally Financial for increasing the potential of the company to offer digital financial solutions.
