Medical Equipment Financing Market Size 2020 Top Manufacturers, Industry Share, Regional Analysis, Types and Applications and Forecasts to 2026

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Feb 18, 2021 (Market Insight Reports) — Selbyville, Delaware Global Medical Equipment Financing Market Report added at Market Study Report LLC offers industry size, share, growth, trends and forecast analysis up to 2020. Medical Equipment Financing Market Report also covers top key players, porters five forces analysis and market segmentation in detail. This report examines the global Medical Equipment Financing market and provides information regarding the revenue for the period 2020 to 2026.

On the basis of equipment, the industry is segmented into patient monitoring equipment, diagnostic equipment, laboratory equipment, therapeutic equipment, and medical furniture. Patient monitoring equipment accounts for more than 23% revenue share. This can be attributed to an increasing geriatric population and the subsequent rise in the occurrence of chronic diseases.

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Global medical equipment financing market is poised to experience lucrative growth during the forecast timeframe. Growing inclination towards renting medical devices and equipment instead of purchasing has been a prominent trend among healthcare service providers in recent years.

Cancer incidence rates are estimated to increase by 62% between 2018 and 2040. In addition, rising prevalence of other choric health conditions such as cardiovascular disorders, neurological disorders, and gynecological complications has propelled the demand for efficient and accurate patient health monitoring technologies, which will complement medical equipment financing industry outlook.

According to type, the market share is classified into new medical equipment, rental equipment, and refurbished equipment. Factors such as budget constraints of hospitals and growing risk of obsolescence is pushing healthcare organizations towards medical equipment rental. As opposed to purchasing, renting serves as a practical option for hospitals that do not have the cash readily available to buy large or costly equipment.

Renting medical devices and equipment offers a range of benefits. Firstly, it provides healthcare professional the option to try out newer technology before making a financial commitment. This allows healthcare provides to access latest technologies while saving considerable amount of money. In addition, maintenance expenses are covered since medical equipment renting companies are responsible for handling repairs and maintenance.

Based on end-use, medical equipment financing industry share is segmented into hospitals, clinics, ambulatory surgical centers (ASC), laboratories & diagnostic centers, and others. In 2019, clinics segment was valued at more than US$24.9 billion. This can be attributed to the rise in equipment financing for clinics furnishing and patient scales, among other applications.

Clinical furniture, in addition to advanced medical equipment, plays a critical role in the healthcare sector to not only help doctors and nurses work efficiently, but to make patients feel comfortable during their stay at the clinic. Clinics are heavily investing in high-quality furnishings to enhance patient care and improve safety for both patients and the staff, which will drive the market growth.

From a geographical perspective, Europe held more than 31% of medical equipment financing market share. However, the majority of medical equipment in use today needs to be replaced due to lack of efficiency. The presence of a regulatory framework and policies might impact medical equipment financing market trends in the region.

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