Global Medical Equipment Financing Market Size To Worth USD 350.41 Billion by 2033 | CAGR of 7.40%
Category: Banking & FinancialGlobal Medical Equipment Financing Market Size To Worth USD 350.41 Billion by 2033
According to a research report published by Spherical Insights & Consulting, The Global Medical Equipment Financing Market Size is to Grow from USD 171.67 Billion in 2023 to USD 350.41 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.40% during the projected period.
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Browse key industry insights spread across 200 pages with 90 Market data tables and figures & charts from the "Global Medical Equipment Financing Market Size, Share, and COVID-19 Impact Analysis, By Equipment (Diagnostics Equipment, Therapeutic Equipment, Patient Monitoring Equipment, Laboratory Equipment, and Medical Furniture), By Type (New Medical Equipment, Rental Equipment, and Refurbished Equipment), By End User (Hospitals & Clinics, Laboratories & Diagnostic Centers, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/medical-equipment-financing-market
To acquire the required supplies and equipment, a large number of medical professionals require funding for medical equipment. By obtaining the necessary equipment through a medical equipment loan or lease, these experts can increase their cash flow and boost their reserves. Equipped with this apparatus, they will have the ability to draw in both new and returning patients. The need for innovative medical equipment has become vital to acquire top-notch healthcare services due to the ongoing advancements in medical technology. There has been a notable increase in the worldwide medical equipment market. The medical sector's potential has been fully realized thanks to AI technology and rapid technological improvement. Furthermore, the medical equipment market has grown dramatically. Rapid technological advancement and AI technology have expanded the medical industry's possibilities. This is the primary factor stimulating demand among doctors and other medical professionals and propelling the market for equipment financing. Nowadays, hospitals and diagnostic centers select finance due to the expensive and advanced technology. Furthermore, the need for multiple tests over traditional assays, the increasing use of individualized therapy, and the rising prevalence of diseases are some of the factors propelling the global market for financing diagnostic medical equipment. Emerging nations' cheap cost of living and the rising prevalence of infectious diseases are driving the market expansion for financing diagnostic medical equipment. However, factors such as the high cost of hospital equipment maintenance are driving investors to maintain their existing equipment rather than buy new ones, which is contributing to the decline of the medical equipment finance business.
The diagnostics equipment segment is anticipated to hold the greatest share of the global medical equipment financing market during the projected timeframe.
Based on the equipment, the global medical equipment financing market is divided into diagnostics equipment, therapeutic equipment, patient monitoring equipment, laboratory equipment, and medical furniture. Among these, the diagnostics equipment segment is anticipated to hold the greatest share of the global medical equipment financing market during the projected timeframe. Due to advancements in healthcare infrastructure and the expansion of the healthcare industry, developing countries are experiencing an increasing demand for upmarket, first-rate, and contemporary healthcare facilities. The increasing need for high-tech medical care has prompted the development of innovative products and solutions for these treatments, all of which come at a slightly greater cost. There is a growing trend toward the opening of more diagnostic facilities as infectious diseases become more prevalent and diagnostic technology develops.
The refurbished equipment segment is expected to grow at the fastest CAGR in the global medical equipment financing market during the projected timeframe.
Based on the type, the global medical equipment financing market is divided into new medical equipment, rental equipment, and refurbished equipment. Among these, the refurbished equipment segment is expected to grow at the fastest CAGR in the global medical equipment financing market during the projected timeframe. Medical equipment that has been refurbished is equipment that has been reconditioned or brought back to working order without compromising its original features or primary function. Only when it has been completely cleaned, disinfected, and all worn or broken pieces have been replaced is this equipment put to work. Due to financial limitations, developing nations have an unusually high demand for refurbished medical equipment.
The hospitals & clinics segment is predicted for the largest revenue share in the global medical equipment financing market during the estimated period.
Based on the end user, the global medical equipment financing market is divided into hospitals & clinics, laboratories & diagnostic centers, and others. Among these, the hospitals & clinics segment is predicted for the largest revenue share in the global medical equipment financing market during the estimated period. Increasing numbers of patients requiring surgery at hospitals and clinics, together with increased investments in infrastructure management, are some of the factors leading to this domination. The market for hospitals and clinics is expanding significantly due to the well-established medical infrastructure and rising patient demand. Owing to the financial industry's ample funding, medical facilities such as hospitals and clinics swiftly adopt and implement recently introduced medical systems.
North America is expected to hold the largest share of the global medical equipment financing market over the forecast period.
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North America is expected to hold the largest share of the global medical equipment financing market over the forecast period. The region's highest medical equipment financing rate is the main cause of its dominance. This region's supremacy has been facilitated by investments in medical infrastructure and ongoing improvements in medical devices. The company's expansion will also be aided by the presence of several market players who are committed to creating advanced medical systems or products for better patient care, as a result of the rising use of medical equipment financing based on artificial intelligence technology and rising infrastructure spending for healthcare. Similarly, rising geriatric populations, a rise in chronic illness cases, and encouraging policy measures will drive regional market expansion.
Asia Pacific is predicted to grow at the fastest pace in the global medical equipment financing market during the projected timeframe. Asia Pacific is anticipated to grow at a quicker rate than other areas due to the expansion of the region's finance industry and the construction of advanced labs, hospitals, and diagnostic facilities by emerging nations. This market would expand if the government promised to give money to the medical sector. Developing more hospitals across the nation was the main goal of the funding. The market is anticipated to grow throughout the projected period as a result of these investments.
Major vendors in the Global Medical Equipment Financing Market include Bajaj Finserv, Blue Bridge Financial, CMS Funding, First American Healthcare Finance, HDFC Bank, HeroFinCorp, JPMorgan Chase & Co., Kabbage, National Funding, SMC Finance, Societe Generale S.A., TIA Bank, Toronto-Dominion Bank, and Others.Recent Developments
- In November 2022, Santander Bank, the completely owned subsidiary of the Spanish Santander Group, disclosed that it is expanding its operations in the financing of cars and commercial equipment. This adjustment will enable the company to finance the purchase of commercial equipment by healthcare facilities. It is a nationwide initiative that provides financing for state-of-the-art medical devices and technologies.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Medical Equipment Financing Market based on the below-mentioned segments:
Global Medical Equipment Financing Market, By Equipment
- Diagnostics Equipment
- Therapeutic Equipment
- Patient Monitoring Equipment
- Laboratory Equipment
- Medical Furniture
Global Medical Equipment Financing Market, By Type
- New Medical Equipment
- Rental Equipment
- Refurbished Equipment
- Cardiovascular Disease
Global Medical Equipment Financing Market, By End User
- Hospitals & Clinics
- Laboratories & Diagnostic Centers
- Others
Global Medical Equipment Financing Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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