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.
An Overview of the Impact of COVID-19 on this Market:
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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.
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.
