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 TechSci Research 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”
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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.
According to the 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” 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.
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