Introduction
TechSci Research recently published a report titled “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.” This report sheds light on the flourishing medical equipment financing market in India, projecting a remarkable Compound Annual Growth Rate (CAGR) of 13.30% within the forecast period, culminating in an estimated market value of USD 8.36 billion by FY2027.
Understanding Medical Equipment Financing
Medical equipment financing involves the provision of loans to healthcare facilities such as hospitals, clinics, diagnostic centers, ambulatory surgical centers, dental clinics, and more for the acquisition of essential medical equipment. These finances are extended by entities including Banks and Non-Banking Financial Companies (NBFCs). The increasing need for cutting-edge medical infrastructure, surging demand for high-cost medical equipment, and the growing prevalence of critical diseases necessitating early diagnosis are key factors propelling the market’s expansion in India.
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Market Drivers
Advantages of Medical Equipment Financing
The surging demand for medical equipment financing stems from several advantages it offers, such as minimal upfront payments, loan repayment moratorium, monthly repayment schedules, the option to upgrade existing equipment, top-up loans, and flexibility regarding loan amount payment.
Demographic and Health Factors
The market’s growth is further driven by the rising geriatric population and the increasing incidence of chronic diseases like cancer, cardiovascular conditions, respiratory disorders, and renal problems, which require technologically advanced yet costly medical equipment.
Awareness among Healthcare Facilities
Healthcare providers, including hospitals, clinics, and diagnostic centers, have become increasingly aware of the availability and affordability of medical equipment financing options provided by various banks and NBFCs. This heightened awareness has contributed significantly to the expansion of the medical equipment financing market in India.
Impact of COVID-19
The imposition of a nationwide lockdown to curb the spread of the virus had significant repercussions on India’s economy. The healthcare industry, though operational during the pandemic, witnessed reduced profits and generated lower revenues as people opted to stay at home. Consequently, healthcare facilities, already strained, faced financial challenges. Many healthcare facilities either resorted to procuring refurbished medical equipment or sought financial assistance to acquire them.
Segmentation of the India Medical Equipment Financing Market
The India Medical Equipment Financing Market is categorized into various segments:
- Equipment Type
Diagnostic Equipment: This segment holds the largest market share, accounting for approximately 29%. The increase in the prevalence of chronic and infectious diseases in the country has fueled the demand for diagnostic equipment. Healthcare providers are investing in state-of-the-art diagnostic equipment to offer advanced medical care to their patients. The sudden outbreak of the COVID-19 pandemic has also led to a surge in demand for X-ray equipment and CT scanners, which are among the costliest imaging equipment. Consequently, financing options for such equipment have opened up.
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Who Will Benefit from This Report
- Healthcare Providers: Hospitals, clinics, and diagnostic centers can benefit from this report by understanding the financing options available for acquiring essential medical equipment.
- Financial Institutions: Banks and NBFCs can gain insights into the growth potential of the medical equipment financing market and tailor their services accordingly.
- Investors and Manufacturers: Investors and medical equipment manufacturers can use this report to identify opportunities in the Indian healthcare equipment financing sector.
- Researchers and Academia: Scholars and researchers will find this report a valuable reference for studying the dynamics and evolution of medical equipment financing in India.
- Government Authorities: Policymakers and government bodies can utilize this report to develop strategies and policies that promote affordable and accessible healthcare infrastructure in India.
The India Medical Equipment Financing Market is on a robust growth trajectory, driven by the need for advanced medical infrastructure, the rising burden of chronic diseases, and the growing awareness of financing options among healthcare providers. While the COVID-19 pandemic posed challenges, it also highlighted the importance of accessible and affordable medical equipment. As the market evolves, financial institutions and healthcare providers must adapt to meet the increasing demand for medical equipment financing solutions, ensuring that India’s healthcare sector continues to progress.
“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.
Government Initiatives and Competitive Landscape
Government initiatives play a pivotal role in shaping the medical equipment financing market in India. As the government strives to enhance healthcare accessibility and affordability, it has introduced policies and schemes to support the acquisition of advanced medical equipment by healthcare facilities. This alignment between government initiatives and market growth fosters a positive environment for the expansion of the sector.
The competitive landscape of the India Medical Equipment Financing Market is marked by major players such as HDFC Bank Limited, ICICI Bank Limited, State Bank of India, Siemens Financial Services Private Limited, Axis Bank Limited, and others. These companies are progressively shifting towards digital banking to remain competitive. Strategies like introducing new services, forging mergers and collaborations, and enhancing their technological capabilities are leveraged to boost their market share in the medical equipment financing industry.
India’s medical equipment financing market exhibits significant growth potential, with diverse factors propelling its expansion. As healthcare facilities seek advanced equipment and financial support to acquire them, this market offers a critical bridge to ensure that the healthcare sector continues to evolve and meet the needs of the Indian population. The alignment of government initiatives further catalyzes this growth, fostering an environment conducive to the sector’s prosperity.
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