India Medical Equipment Financing Market to Grow at a CAGR of 13% during Forecast Period
Published | 24 May 2022
India medical equipment financing market is growing at a high CAGR because of the increasing demand for consumer electronic goods such as smartphones, etc., along with increasing demand for IoT devices and expanding electric vehicle production…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that India medical equipment financing market was worth USD 3.9 billion in the year 2021. India medical equipment financing market is projected to grow at a CAGR of 13.20%, earning revenues of around USD 9.3 billion by the end of 2028. The rising medical and healthcare industry, as well as quickly developing research and development efforts in this sector, are propelling the market forward at a rapid pace. Furthermore, the growing number of medical equipment finance companies is providing the industry with significant development potential. However, lack of awareness and difficulty in credit approval may act as a huge restraining factor for market growth.
Technological Advancements in Medical Equipment are Driving India Medical Equipment Financing Market
Medical equipment is constantly undergoing rapid transformations and advancements. They are witnessing integration with advanced technologies such as big data, IoT sensors, artificial intelligence (AI), machine learning, etc., to offer better diagnostics and treatment. Due to this, the older medical equipment becomes redundant and therefore, needs replacement as soon as possible to keep up with the changing dynamics of the healthcare industry. This is anticipated to fuel the growth of the India medical equipment financing market.
Rising Demand from Research Institutes Propelling Market Growth
Medical research in India is gaining significant traction owing to the rising government focus on the medical research infrastructure and funding. With increasing funding from the government as well as private players it is possible to accumulate advanced medical equipment to carry out the research. However, medical equipment financing providers are also emerging as a viable option for sourcing medical equipment in research institutes. This is estimated to present lucrative growth opportunities for the market.
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India Medical Equipment Financing Market - By Type
Based on type, the India medical equipment financing market is segmented into new medical equipment, rental equipment, and refurbished equipment. The new medical equipment segment holds the largest market share owing to the risk of failures as well as infection transmission from the use of rental or refurbished equipment. The businesses that are setting up new hospitals focus on offering the most advanced medical technologies due to which they acquire only new medical equipment.
India Medical Equipment Financing Market - Regional Insights
Geographically, the India medical equipment financing market is segmented into Northern India, Southern India, Eastern India, and Western India. Southern India accounts for the largest share in the India medical equipment financing market owing to the strong healthcare sector in this region. The state has the most hospitals with all functioning specializations was Tamil Nadu, followed by Karnataka, West Bengal, and Kerala, according to a report by Niti Aayog, due to which the demand for medical equipment financing is also high.
Impact of COVID-19 on India Medical Equipment Financing Market
The COVID-19 pandemic outbreak in India provided the India medical equipment finance sector with significant expansion potential. The massive influx of COVID-19-affected patients threw India's whole healthcare system into disarray. As a result, private healthcare institutions had to rely on loans to grow their healthcare capacity and meet their demands for COVID-19 diagnostic equipment as well as other essential medical accessories like PPE kits and medical masses. The medical equipment finance market in India grew tremendously as a result of this.
The leading market players 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, Bajaj Finserv Limited, YES BANK LIMITED, IndusInd Bank Limited, Moneywise Financial Services Pvt Ltd (SMC Finance), Clix Capital Services Pvt. Ltd., Phillip Capital (India) Pvt. Ltd., and other prominent players.
The India medical equipment financing market is increasingly becoming fragmented with the increasing number of financial institutions entering the market. The companies are launching plans and services that suit the needs of different kinds and sizes of medical and healthcare organizations. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India medical equipment financing market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India medical equipment financing market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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