Medical Equipment Financing Market Size

Medical Equipment Financing Market size is projected to surpass USD 275,000 million by the end of 2033, growing at a CAGR of 8% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of medical equipment financing was over USD 150,000 million. The market growth is primarily driven by the growing geriatric population as old adults are more susceptible to diseases including chronic issues, cancer, orthopedic problems, and others. Based on the United Nations report, on a worldwide scale, 1 in 6 people estimated to be older than 65 by 2050, compared to 1 in 11 in the year 2019. Moreover, rising opportunities in the medical sector for finance companies are also estimated to drive the growth of the market in the coming years. Besides this, a sudden rise in COVID-19 cases is another significant factor projected to skyrocket the growth of the global medical equipment financing market over the forecast period.

In addition to these, factors that are believed to fuel the market growth of medical equipment financing include the propelled demand for medical accessories such as gloves, face masks, gowns, and medical equipment, including ventilators, oxygen cylinders, monitoring devices, and so on across the globe. According to the World Health Organization, more than half a million people need 1.1 million oxygen cylinders every day in low and middle-income countries. Moreover, each month 129 billion disposable masks are used throughout the world. Besides this, in 2020, more than 400 million medical masks have been distributed by UNICEF to assist the nations. Additionally, the increasing demand for diagnosis on account of the growing prevalence of several types of chronic diseases and infections across the world has been doubling the need for emergency equipment. This, as a factor, is also estimated to boost the market growth in the projected time frame.