Global Medical Equipment Financing Market Size Expands to Touch USD 260 Billion by 2029

Published | 16 May 2023

Global medical equipment financing market is flourishing because of an increasing demand for diagnostic kits and medical accessories and rising preference for same day surgery.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global medical equipment financing market size at USD 159.04 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global medical equipment financing market size to grow at a significant CAGR of 7.34% reaching a value of USD 259.75 billion by 2029. Major growth drivers for the global medical equipment financing market include an increasing demand for advanced medical equipment, rising healthcare expenditures, and a growing need for cost-effective financing options. The growing trend of outsourcing medical equipment procurement and maintenance services is also boosting the market growth. Physicians across countries are experiencing a significant surge in patient influx, attributed to various factors, such as the increasing prevalence of medical infections, expanding healthcare infrastructure, and improved accessibility to medical services. Moreover, there has been a remarkable increase in the demand for high-quality medical assistance in recent years. The rise can be attributed to factors including growing disposable income, government initiatives, and the implementation of programs by national and international healthcare organizations. As a result, the world is witnessing investments aimed at enhancing the quality of healthcare services. Hence, such aspects are expected to fuel the growth of the global medical equipment financing market. However, high expenditure for maintaining hospital equipment is anticipated to restrain the growth of the global market.

Global Medical Equipment Financing Market – Overview

Medical equipment financing is the financial support provided by various lenders, such as financial institutions and leasing companies to healthcare professionals for the acquisition of medical equipment, including surgical equipment, diagnostic tools, and patient care equipment. The financing options available, such as loans, leases, or rental agreements, depend on various factors such as the borrower's creditworthiness, intended use of the equipment, and its price and type. With the help of medical equipment financing, healthcare professionals can acquire the latest technology and equipment without having to bear the entire upfront cost. In today's market, companies require financial products and support to start or grow their business. Companies are increasingly recognizing the importance of securing loans to maintain their operations or make capital improvements over time. It is not always feasible to use profits or savings for this purpose. The healthcare sector, in particular, requires significant investment in infrastructure and procedures to stay up to date with the latest technology and equipment. Given that healthcare has a direct impact on people's lives, it remains in the public eye.

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Impact of COVID-19 on Global Medical Equipment Financing Market

COVID-19 pandemic positively impacted the global medical equipment financing market, due to an increasing demand for a wide range of medical devices necessary for treating and diagnosing coronavirus patients in hospitals, research labs, diagnostic centers, and clinics. The increase in COVID-19 cases worldwide compelled healthcare institutions to upgrade their infrastructure and seek financing options to acquire essential medical equipment, such as therapeutic devices, diagnostic tools, and patient monitoring systems. Many healthcare organizations faced financial constraints and required substantial capital funding to meet the growing demand for medical equipment and facilities, including ventilators, beds, and oxygen concentrators, to support patients during the pandemic.

Global Medical Equipment Financing Market – By Device Finance Type

Based on device finance type, the global medical equipment financing market is divided into New Medical Equipment, Rental Equipment, and Refurbished Equipment segments. The refurbished equipment segment holds the highest market share in the global medical equipment financing market, as refurbished equipment offers a cost-effective alternative for healthcare providers, allowing them to acquire high-quality medical equipment at a low price compared to purchasing brand-new equipment. This cost advantage is particularly appealing to healthcare facilities facing budget constraints or seeking to optimize their expenditure. The growing emphasis on sustainability and environmental responsibility has led to an increased preference for refurbished equipment. By choosing refurbished equipment, healthcare providers contribute to reducing electronic waste and promote a more sustainable healthcare industry. Also, advancements in refurbishment processes and quality assurance have enhanced the reliability and performance of refurbished medical equipment. Strict quality control measures ensure that refurbished equipment meets or exceeds industry standards and is safe for use.

Competitive Landscape

Major players operating in the global medical equipment financing market include Hero FinCrop, National Funding, Blue Bridge Financial LLC, First American Equipment Finance, TIAA Bank, HDFC Bank Ltd, SMC Finance, Siemens Financial Services Inc., SLR Healthcare ABL, JPMorgan Chase & Co., Macqurie Group Limited, Turist Bank, Amur equipment Finance, and CMS Funding. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Medical Equipment Financing Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Medical Equipment Financing Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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