According to a market research study published by Contrive Datum Insights, North America has become the largest market for Medical Equipment Financing, Europe is in second place because more medical equipment.
Farmington, Jan. 25, 2023 (GLOBE NEWSWIRE) — The global Medical Equipment Financing Market was valued at USD 161.89 Billion in 2022 and is projected to reach USD 277.89 Billion by 2030, growing at a CAGR of 6.99% from 2023 to 2030. Keeping up with the latest innovations in medical equipment is essential, but it may be costly. Due to this, many healthcare workers require finance to acquire the necessary equipment and supplies. A loan or lease for medical equipment provides these experts with the instruments necessary to attract new and returning patients. This enables people to earn additional income and increase their savings.
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Due to the constant improvement of medical technology, it is now essential to choose the best medical equipment for superior health care. However, advanced diagnostic technologies are costly, making it difficult for doctors and hospitals to afford them. Low monthly payments and flexible loan formats are required to pay for medical equipment.
Medical Equipment Financing Market Recent Developments:
- 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.
Medical Equipment Financing Market Segmentation Analysis:
The market for medical equipment was anticipated to be worth 48.3 billion dollars in 2021. In emerging nations, there is an increased demand for premium, high-quality, and cutting-edge healthcare facilities as a result of improved healthcare infrastructure and a burgeoning healthcare business. Due to the increased need for technologically advanced medical care, new and imaginative goods for providing these treatments and related services have been developed, all of which are relatively costly to acquire.
In 2021, the market for refurbished items reached its peak. Refurbished equipment is medical equipment that has been reconditioned or restored to a working condition without affecting its primary function or original specifications. This equipment is only utilized after a thorough cleaning, disinfection, and repair of worn or broken parts. Emerging nations have a strong demand for refurbished medical equipment due to their limited financial resources. In 2021, the market for refurbished items reached its peak.
The development of diagnostic instruments to facilitate the growth of diagnostic centers and laboratories. In 2021, the hospital and clinic industry maintained its market-leading position. This dominance is related to factors such as greater investment in infrastructure management and rising demand for surgical procedures at clinics and hospitals.
North America has become the largest market for financing medical equipment. It was worth $45.93 billion in 2021. 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.
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Scope of Report:
|Growth Rate||8.6% from 2023 to 2030|
|Market Size in 2022||USD 161.89 Billion|
|Revenue Forecast by 2030||USD 277.89 Billion|
|By Equipment||Diagnostics Equipment, Therapeutic Equipment, Patient Monitoring Equipment, Laboratory Equipment, Medical Furniture|
|By Type||New Medical Equipment, Rental Equipment, Refurbished Equipment|
|By End User||Hospitals, Clinics, Laboratories & Diagnostic Centers, Ambulatory Surgical Centers, Others|
|By Companies||Avance Biosciences, Bio-Rad Laboratories, Inc., Fluidigm Corporation, JN medsys, Merck KGAA, Precigenome LLC, QIAGEN N.V, STILLA TECHNOLOGIES, sysmex corporation, Thermo Fisher Scientific, Inc., Formulatrix, Promega, and Others.|
|Historical Year||2017 to 2021|
|Forecast Year||2023 to 2030|
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.
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.
The market for medical goods has expanded significantly. Rapid technical advancements and artificial intelligence technologies have maximized the capabilities of the medical industry. This is the primary factor that generates demand and attracts physicians and other medical professionals to the financing equipment industry. Because the equipment is pricey and high-tech, hospitals and diagnostic centers have decided to finance it.
Medical Equipment Financing Market Key Segments Covered:
Top Market Players:
Hero FinCorp, National Funding, Blue Bridge Financial, LLC, First American Equipment Finance, SMC Finance, Siemens Financial Services, Inc., SLR Healthcare ABL, TIAA Bank, JPMorgan Chase & Co., Macquarie Group Limited, Truist Bank, HDFC Bank, and Others.
- Diagnostics Equipment
- Therapeutic Equipment
- Patient Monitoring Equipment
- Laboratory Equipment
- Medical Furniture
- New Medical Equipment
- Rental Equipment
- Refurbished Equipment
By End User
- Dermatology Clinics
- Dental Clinics
- Ophthalmology Clinics
- Laboratories & Diagnostic Centers
- Ambulatory Surgical Centers
Regions and Countries Covered
- North America: (US, Canada, Mexico, and Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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