Sep 21, 2020 8:00 PM ET
iCrowd Newswire – Sep 21, 2020
Zion Market Research has published a new report titled “Global Medical Equipment Financing Market – By Type (Refurbished Equipment, New Medical Equipment, and Rental Equipment), By Equipment (Patient Monitoring Equipment, Diagnostic Equipment, Laboratory Equipment, Therapeutic Equipment, and Medical Furniture), By End-Use [Hospitals, Laboratories & Diagnostic Centers, Clinics, Ambulatory Surgical Centers (ASCs), and Others], And By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2025.” According to the report, global demand for medical equipment financing market was valued over USD 120 Billion in 2019 and is expected to reach close to USD 175 Billion in 2025, growing at a rate of around 6% between 2019 and 2025.
Various innovative healthcare devices’ launches for effective diagnosis & treatment along with the continuous rise in the cost of medical equipment have been driving the global medical equipment financing market. Moreover, mounting chronic disease incidences have escalated the demand for advanced medical equipment to deliver efficient healthcare services to patients. The overstretched trade war between the two globally strongest economies, the U.S. and China, has augmented the prices of certain China-manufactured medical devices, thereby flourishing the global equipment financing market.
Under the type segmentation, “new medical equipment” category dominates the global medical equipment financing market
The “new medical equipment” category witnessed to generate maximum revenue compared to other categories under the type segmentation. The category is likely to attain the foremost position in the global market throughout the forecast period and will probably generate over USD 100 billion in revenue in the year 2025. The leading cause behind the anticipated splendid expansion of the category is the accessibility to the latest technology for effective disease diagnosis and treatment.
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“Hospital” segment primarily fuels the global medical equipment financing market
Hospitals serve as a major end-user for the global medical equipment financing industry, accounting for nearly one-third of the market share in 2019. Usually, hospitals maintain their stockpiles to provide funds in rare cases, when the reimbursement process exceeds the timeframe and opt for financing medical equipment.
North America directs the global market owing to its major contribution in generating market revenue
North America held over 40% of the global medical equipment financing market share in 2019 and is likely to attain the dominating position throughout the forecast period. The possible reasons behind the regional dominance are the growing technological advancements and the rising establishment of diagnostics & treatment facilities within the premises.
Some of the key players driving the global medical equipment financing market are National Funding, TIAA Bank, Amur Equipment Finance, JPMorgan Chase & Co., Truist Bank, Macquarie Group Limited, CMS Funding, Kabbage Inc., Bajaj Finserv, First American Healthcare Finance, SMC Finance, HDFC Bank, Société Générale S.A., and Toronto-Dominion Bank.
The global medical equipment financing market is segmented as:
Global Medical Equipment Financing Market: Type Segmentation Analysis
- Refurbished Equipment
- New Medical Equipment
- Rental Equipment
Global Medical Equipment Financing Market: Equipment Segmentation Analysis
- Patient Monitoring Equipment
- Diagnostic Equipment
- Laboratory Equipment
- Therapeutic Equipment
- Medical Furniture
Global Medical Equipment Financing Market: End-User Segmentation Analysis
- Laboratories and Diagnostic Centers
- Dermatology Clinics
- Ophthalmology Clinics
- Dental Clinics
- Ambulatory Surgical Centers (ASCs)
Global Medical Equipment Financing Market: Regional Segmentation Analysis
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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Keywords: Medical Equipment Financing Market