Medical Equipment Financing Market Size By Equipment (Diagnostic, Therapeutic, Patient Monitoring, Laboratory, Medical Furniture), By Type (New Medical Equipment, Rental Equipment, Refurbished Equipment), By End-use (Hospitals, Clinics {Dermatology, Dental, Ophthalmology}, Laboratory and Diagnostic Centres, Ambulatory Surgical Centres), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Jan 2020  |  Report ID: GMI4515  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 180   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry trends

Medical Equipment Financing Market size valued at over USD 130 billion in 2019 and is projected to grow at 6.6% CAGR up to 2026. The trend for medical equipment financing is increasing with the rising demand for medical equipment in the developing countries. Also, the inflated cost of healthcare equipment, and technological advancement in developed nations contribute to the market growth.
 

Medical Equipment Financing Market

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The medical equipment financing helps the physicians and hospital administrators to operate in budgeting and cash flow management. The financing provides complete acquisition of the equipment unlike medical equipment leasing. Also, medical equipment financing provides tax benefits available when compared to the outright purchase.
 

Medical Equipment Financing Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 133.4 Billion (USD)
Historical Data for: 2015 to 2018 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 6.6% 2026 Value Projection: 209.8 Billion (USD)
Pages: 180 Tables, Charts & Figures: 236
Geographies covered (19): U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, Japan, India, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE
Segments covered: Equipment, Type, and End-use
Companies covered (14): First American Healthcare Finance, National Funding, CMS Funding, Toronto-Dominion Bank, TIAA Bank, HDFC Bank, Bajaj Finserv, Amur equipment Finance, Société Générale S.A., Macquarie Group Limited, JPMorgan Chase & Co., SMC Finance, Kabbage Inc., Truist Bank
Growth Drivers:
  • Rising demand for medical equipment in developing countries
  • Inflated cost of healthcare equipment
  • Technological advancements in developed nations
  • Building up cash reserves as a defense against worst-case reimbursement scenarios
Pitfalls & Challenges:
  • Risk of obsolescence unlike equipment leasing
  • Lack of awareness in developing and underdeveloped countries

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Inflating cost of medical equipment will offer lucrative growth opportunity for the medical equipment financing industry

The technological advancement in the healthcare industry has affected the medical equipment market. The rising innovation also increases cost of the medical equipment. With the continuous effort to provide up-to-date patient care, hospitals have begun to adopt medical equipment financing to procure advanced medical equipment.
 

Also, increasing prevalence of chronic diseases has fuelled the growth of advanced medical equipment to provide efficient medical care to patients. The trade war between China and the U.S. has contributed to increase the cost of certain medical equipment imported from China. These factors have contributed to increased cost of medical equipment, thus compelling the end-users to opt for medical equipment financing for purchasing.
 

Diagnostic equipment industry, a billion-dollar market, is set to progress rapidly in both developed and developing nations

Medical Equipment Financing Market

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Furthermore, the rising prevalence of diseases, increasing preferences of multiple assays over conventional assay, and increasing adoption of personalised medicine are among the few factors propelling the market for diagnostic medical equipment financing, globally. Moreover, the rising number of infectious diseases and limited affordability in developing regions augment the market growth for diagnostic medical equipment financing.
 

Refurbished medical equipment reduces the operating cost of the hospitals, thus boosting their financing

Medical Equipment Financing Market By Type

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The new medical equipment segment accounted for largest market size of around USD 86 billion in 2019 and will reach USD 132.5 billion by 2026. This is attributed to increasing price of new equipment. Also, new medical equipment provides up-to-date technology that allow physicians to better diagnose and treat the patient population.
 

However, adoption of refurbished equipment is highly booming and expected to grow at 8.2% CAGR. This is attributed to reduced cost of refurbished medical equipment, providing value to the hospitals that operate in budgetary constraints. The medical equipment financing for refurbished medical equipment is mainly noticed in developing countries where patient cost to the treatment is lower propelling demand for the market.
 

Hospital reserves to surge demand for medical equipment financing 

Based on end-use, the medical equipment financing market share is bifurcated into hospitals, clinics, laboratories and diagnostic centres, ambulatory surgical centres, and others. The hospital segment accounted for more than 36% market share in 2019. With healthcare reforms being highly unpredictable, the hospital administrators are trying to build up cash reserves as a defence against the worst-case reimbursement scenarios by opting for medical equipment financing.
 

The clinics segment is further segmented into dermatology clinics, dental clinics, and ophthalmology clinics. The increasing prevalence of chronic diseases and their effective treatments have compelled the healthcare organization to procure advanced medical equipment for active patient care that additionally contributes to the healthcare equipment rental market growth.
 

Booming clinical facilities and diagnostic centers in North America to boost the regional growth 

North America medical equipment financing market value contributed to the largest share of 44.8% in 2019. Regional growth is primarily attributed to technological advancement and the rising clinical and diagnostic facilities. Also, the rising unpredictability drives the hospital administrators to build up cash reserves for worst case reimbursement.
 

U.S. healthcare equipment financing market is forecast to reach more than USD 84 billion by 2026. Also, the presence of major hospitals in the country is expected to positively affect the market size. The significant increase in the advanced therapeutic and diagnostic equipment for chronic diseases will continue to offer lucrative market growth over the forthcoming years.
 

Market leaders are focusing on product innovation to strengthen medical equipment financing portfolio

Some of the key market players operating in the global medical equipment financing market share are First American Healthcare Finance, National Funding, CIT Group Inc. and TimePayment among others. These market players are implementing various strategies such as acquisitions and collaborations, in order to capitalize high revenue share in medical equipment financing industry.
 

Recent industry developments:

  • In February 2018, National Funding announced the acquisition of QuickBridge, a leading alternative financial services firm offering working capital to small businesses (SMB) nationwide. This acquisition will benefit both the companies by combining the back-end resources that include advanced technology, innovation and product development.
     
  • In April 2019, TimePayment acquired LeaseQ Inc., adding immediate value to TimePayment’s strategic focus and offer the vendor partners a leading platform, differentiated product offerings, faster funding, and improved services in the market
     

Medical Equipment Financing Market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:

Market Outlook By Equipment

  • Diagnostic Equipment         
  • Therapeutic Equipment
  • Patient Monitoring Equipment        
  • Laboratory Equipment        
  • Medical Furniture     

Market Outlook By Type

  • New Medical Equipment
  • Rental Equipment
  • Refurbished Equipment

Market Outlook By End-use

  • Hospitals
  • Clinics
    • Dermatology Clinics
    • Dental Clinics
    • Ophthalmology Clinics
  • Laboratories and Diagnostic Centers
  • Ambulatory Surgical Centers (ASCs)
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

 

Frequently Asked Questions (FAQ) :

The market size of medical equipment financing exceeded USD 130 billion in 2019.
The industry share of medical equipment financing is expected to achieve more than 6.6% CAGR over 2020-2026.
The diagnostic equipment segment was valued at over USD 43 billion in 2019 and will foresee robust CAGR of 6.3% through 2026, says Global Market Insights report.
North America is the highest growing region in the market which is expected to cover more than 44.8% share by 2026.
According to this report, the refurbished equipment demand is expected to grow at 8.2% CAGR in the forecast timeframe.
The new medical equipment segment accounted for largest market size of around USD 86 billion in 2019 and is expected to reach USD 132.5 billion by 2026.
Hospital are expected to emerge as the prominent end use segment with a target revenue share of more than 34% by 2026.
The U.S. market is forecast to reach more than USD 84 billion by 2026, says a GMI report.

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Premium Report Details

  • Published Date: Jan 2020
  • Pages: 180
  • Tables: 224
  • Charts / Figures: 12
  • Companies covered: 14
  • Countries covered: 19

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