Global Medical Equipment Financing Market to Expand Significantly By 2026

May 28, 2020

According to the research report titled ‘Medical Equipment Financing Market Size By Equipment, By Type, By End-use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global medical equipment financing market is anticipated to showcase substantial growth during 2020-2026.

Shifting preference towards renting medical equipment and devices instead of purchasing is a major factor driving the growth of medical equipment financing market. Focus towards improving medical infrastructure and rising prevalence of medical conditions among global population is rendering a positive influence on the market outlook.

As per equipment type, patient monitoring segment held 23% revenue share in past year, primarily due to rising elderly population and high occurrence of chronic disorders such as gynecological conditions, neurological disorders and cardiovascular ailments which require efficient & precise health monitoring.

The report states that rental equipment segment is predicted to expand substantially during the forecast period. Increasing risk of obsolescence and budget constraints in hospitals have compelled healthcare organizations to opt for renting medical equipment. Renting serves as an ideal solution for hospitals that do not possess ready cash in order to purchase costly or large medical equipment. Moreover, renting medical devices allows healthcare professionals to adapt to new technologies before investing. This not only helps in saving costs but also minimizes maintenance expenses, which are covered by the renting companies.

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Citing the end-use landscape, medical equipment financing market share from clinics segment was worth USD 24.9 billion in the year 2019 and is estimated to showcase robust growth in the forthcoming years. Rising adoption of equipment financing among clinics for patient scales and furnishings is favoring the market outlook. Ability to purchase advanced medical equipment and high-quality clinical furnishing enables medical professionals to work efficiently, offers safe environment, and ensures better patient satisfaction.

As per the regional analysis, Europe held 31% market share in the recent past and is reckoned to showcase appreciable growth in the subsequent years. Shifting focus towards replacing old medical equipment owing to lack of efficiency is augmenting the regional demand. Moreover, strict regulatory scenario is also stimulating the popularity of medical equipment financing in Europe.

Truist Bank, Kabbage Inc., Amur Equipment Finance, SMC Finance, JPMorgan Chase & Co., Macquarie Group Ltd., Société Générale S.A., Bajaj Finserv, HDFC Bank, TIAA Bank, Toronto-Dominion Bank (TD), CMS Funding, National Funding and First America Healthcare Funding are the major companies that formulate the competitive scenario of global medical equipment financing industry.

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