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. 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.
What are the Objectives of the Report?
The report is based on an in-depth analysis of the market and focusses on major drivers, restraints, challenges, and upcoming opportunities. It also throws light on the competitive landscape of the market, list of players operating in the market, and the key strategies adopted by them to earn a competitive edge in the market. The report further discusses major industry development, current medical equipment financing market trends, and other interesting insights into the market. Furthermore, the report is available for sale on the company website.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/-#777555
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.
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.
Regional Segmentation:
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.
Competitive Landscape:
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 this Market include:
National Funding
First American Equipment Finance
HDFC Bank Ltd
Hero FinCorp
Blue Bridge Financial, LLC.
TIAA Bank
SMC
Other Players
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.
Introduction
1.1. Market Scope
1.2. Market Segmentation
1.3. Market Methodology
1.4. Definitions and Assumptions
Executive Summary
Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
Key Insights
4.1. Overview: Trends in Medical Equipment Finance Market
4.2. Snapshot of Equipment Finance Industry
4.3. New Product Launch of Medical Equipments
4.4. Key Industry Developments - Mergers, Acquisitions, and Partnerships
Global Medical Equipment Financing Market Analysis, Insights and Forecast, 2016-2027
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Device Type
5.2.1. Diagnostic Equipment
5.2.2. Therapeutic Equipment
5.2.3. Patient-monitoring Equipment
5.2.4. Others
5.3. Market Analysis, Insights and Forecast – By End User
5.3.1. Hospitals & Clinics
5.3.2. Laboratories & Diagnostic Centers
5.3.3. Others
5.4. Market Analysis, Insights and Forecast – By Geography
5.4.1. North America
5.4.2. Europe
5.4.3. Asia Pacific
5.4.4. Latin America
5.4.5. Middle East & Africa
North America Medical Equipment Financing Market Analysis, Insights and Forecast, 2016-2027
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Device Type
6.2.1. Diagnostic Equipment
6.2.2. Therapeutic Equipment
6.2.3. Patient-monitoring Equipment
6.2.4. Others
6.3. Market Analysis, Insights and Forecast – By End User
6.3.1. Hospitals & Clinics
6.3.2. Laboratories & Diagnostic Centers
6.3.3. Others
6.4. Market Analysis, Insights and Forecast – By Country
6.4.1.U.S.
6.4.2. Canada
Europe Medical Equipment Financing Market Analysis, Insights and Forecast, 2016-2027
7.1. Key Findings / Summary
7.2. Market Analysis, Insights and Forecast – By Device Type
7.2.1. Diagnostic Equipment
7.2.2. Therapeutic Equipment
7.2.3. Patient-monitoring Equipment
7.2.4. Others
7.3. Market Analysis, Insights and Forecast – By End User
7.3.1. Hospitals & Clinics
7.3.2. Laboratories & Diagnostic Centers
7.3.3. Others
7.4. Market Analysis, Insights and Forecast – By Country/Sub-region
7.4.1.U.K.
7.4.2. Germany
7.4.3. France
7.4.4. Spain
7.4.5. Italy
7.4.6. Scandinavia
7.4.7. Rest of Europe
About Us
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand current competitive challenges.
Contact Us
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs
