Pune, Aug. 26, 2020 (GLOBE NEWSWIRE) — The medical equipment financing 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.
The global 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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Key Industry Developments of the Medical Equipment Financing 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.
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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.
On the contrary, factors such as high expenditure for maintaining hospital equipment may cause a decline in the medical equipment financing market as investors may be more inclined on maintaining the already bought equipment rather than investing in a new one. This may pose a major challenge to the overall market. Furthermore, the current pandemic of COVID-19 has had a major impact all over the world resulting in a lack of medical equipment and hospital staff altogether.
Nevertheless, funds raised for ailing to the patients fighting the coronavirus may pose a major help to the world and add a boost to the market as well. This, coupled with the advent of artificial intelligence into the medical sector and the help provided by robot assistants in medical diagnostic procedures are likely to create lucrative growth opportunities for the market in the coming years.
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North America will Dominate Market with Continuous Investment in Medical Equipment
Geographically, North America held the dominant medical equipment financing market share with a revenue of USD 45.93 billion generated in 2019. This is owing to the highest finance rate for medical equipment in the region, coupled with continuous investments in medical equipment and infrastructures in the region.
Europe ranks second in the market on account of the increasing adoption of artificial intelligence technology-based medical equipment financing and developing healthcare infrastructure investments. Asia Pacific is likely to register steady growth in the forecast period on account of emerging finance industries, developing healthcare infrastructure, and medical facilities in the region especially in the emerging nations.
Furthermore, the market in Latin America and the Middle East and Africa will witness stable growth on account of lack of awareness and poor understanding of financing guidelines among the population.
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String Portfolio helped National Funding and Hero FinCorp Cover Dominant Shares
The global medical equipment financing market witnesses the presence of multiple vendors which further intensifies the market competition. However, companies such as Hero FinCorp, and National Funding have established a leading position owing to their affordable financial solutions, acquisition policies, and excellent customer-provider relationships.
Apart from this, these players have a well-established portfolio and offer low monthly installments and varied loan options to medical practitioners. Other players are engaging in collaborative efforts such as contracts and agreements, joint ventures, and others to attract high medical equipment financing market revenue in the coming years.
List of Players Operating in Medical Equipment Financing Market include:
- National Funding
- First American Equipment Finance
- HDFC Bank Ltd
- Hero FinCorp
- Blue Bridge Financial, LLC.
- TIAA Bank
- Other Players
Medical Equipment Financing Market Segmentations:
By Device Type
· Diagnostic Equipment
· Therapeutic Equipment
· Patient Monitoring Equipment
By End User
· Hospitals & Clinics
· Laboratories & Diagnostic Centers
· North America (the U.S. and Canada)
· Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)
· Latin America (Brazil, Mexico, and the Rest of Latin America)
· Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
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