India Medical Equipment Financing Market to Grow at 13.30% CAGR Until FY2027
Growing
awareness of medical equipment financial services and improving lifestyle and
technological preferences of people is projected to drive the India medical
equipment financing market through FY2027.
According to the report released by
TechSci Research, “India
Medical Equipment Financing Market By Equipment (Diagnostic
Equipment, Therapeutic Equipment, Patient-Monitoring Equipment, Others), By Source (Banks,
NBFCs), By Percentage of Amount Sanctioned (Up to 50%, 51-75%, Above 75%), By
Tenure (Less than 3 Years, 3-5 Years, More than 5 Years), By End User
(Hospitals & Clinics, Laboratories & Diagnostic Centers, Others), By
Region (By Top Three States), Competition Forecast & Opportunities, FY2027”, the medical equipment financing market
in India is expected to grow at a CAGR of 13.30% in the
forecast period to reach USD8.36 billion by FY2027. Medical equipment financing
is the loan provided to healthcare facilities such as hospitals & clinics,
diagnostic centers & laboratories, ambulatory surgical centers, dental
clinics among others for purchasing medical equipment. In order to get
technologically advanced and latest treatment equipment, healthcare facilities
are opting for medical equipment financing options. These finances are being
provided by Banks, Non-Banking Financial Companies, among others. Growing need
for technologically advanced medical infrastructure, increasing demand for
high-cost medical equipment, growing prevalence of fatal diseases &
requirement of early diagnosis, improving medical equipment loan availability
and affordability, etc. are the driving factors for the growth of this
market in India.
The demand for the medical equipment
financing market is growing on account of various advantages of medical
equipment financing facilities such as purchasing equipment with minimal
upfront payment, loan repayment moratorium, monthly repayment schedule, option
to upgrade an existing equipment, top-up loans and flexibility in terms of loan
amount payment. In addition, growth in the market can be attributed to growing
geriatric population, growing number of chronic diseases such as cancer,
cardiovascular diseases, respiratory disorders, renal problems, etc where
technologically advanced and very expensive medical equipment are required.
Moreover, rising awareness among the healthcare facility providers such as
hospitals & clinics, diagnostic centers & laboratories, among others,
regarding the availability and affordability of medical equipment financing
options offered by different banks and NBFCs is driving the medical equipment
financing market in India.
The imposition of nationwide lockdown in
order to curb the spread of virus significantly impacted the overall economy of
the country. It adversely impacted the employment level and profitability of
businesses. The healthcare industry which was functioning during the pandemic
crisis also reported reduced profits and generated lesser revenues as people
chose to stay at home. As a result, due to COVID-19 patients, the already
overburdened healthcare facilities were also financially affected. These
healthcare facilities either switched over to buying refurbished medical
equipment or taking financial aid for buying them.
Browse over 31 market data Figures and 2
Tables spread through 88
Pages and an in-depth TOC on " India Medical Equipment Financing Market".
India
Medical Equipment Financing Market is segmented into equipment, source,
percentage of amount sanctioned, tenure, end user, region and company. In terms
of equipment type, the India medical equipment financing market is segmented
into Diagnostic Equipment, Therapeutic Equipment, Patient-Monitoring Equipment,
and Others. Among which, the diagnostic equipment segment accounted for the
majority of market share of around 29% due to the growing prevalence of chronic
and infectious diseases in the country. Also, various
healthcare providers such as hospitals & clinics, diagnostic centers &
laboratories, among others are ready to invest in recently launched diagnostic
equipment to provide advanced medical care to their patients. Additionally, the
sudden outbreak & spread of COVID-19 pandemic in the country has
significantly increased the demand for X-ray equipment and CT scanners. This in turn has
led to the healthcare facilities such as hospitals & clinics, diagnostic
centers & laboratories, among others purchasing these devices. These are
one of the costliest imaging equipment which every healthcare facility cannot
afford or put their capitals on, hence opening up opportunities for financing
of these equipment.
Some
of the major players operating in the India medical equipment financing market
are HDFC Bank Limited, ICICI Bank Limited, State Bank of India, Siemens
Financial Services Private Limited, Axis Bank Limited and Others. Medical
equipment financing companies are shifting towards digital banking to remain
competitive in the market.
The companies operating in the market are using strategies such as introducing
new services, mergers and
collaborations to boost their market share in the medical equipment financing
industry.
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“The growing digitization across banking
industry and use of e-banking options provides improved services and increased
customer satisfaction, improved productivity and overall reduced cost of
financial operations. The healthcare facilities are able to keep a record of
their transactions through e-banking services. Furthermore, factors such as
instant money transfer, anytime anywhere usage benefit, reduced fraud and
improved security, etc., are boosting this sector in India.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India Medical Equipment
Financing Market By Equipment (Diagnostic
Equipment, Therapeutic Equipment, Patient-Monitoring Equipment, Others), By Source (Banks,
NBFCs), By Percentage of Amount Sanctioned (Up to 50%, 51-75%, Above 75%), By
Tenure (Less than 3 Years, 3-5 Years, More than 5 Years), By End User
(Hospitals & Clinics, Laboratories & Diagnostic Centers, Others), By
Region (By Top Three States), Competition Forecast & Opportunities, FY2027” has evaluated the future growth potential of India medical equipment
financing market and provides statistics and information on market structure,
size, share and future growth. The report is intended to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities present in India medical
equipment financing market.
About TechSci Research
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