The need of time is staying up to date with advancements in medical equipment but it can be an expensive prospect. That’s why many health care professionals need medical equipment financing to obtain the tools and machines they need. A medical equipment loan or lease helps those professionals get the equipment they need to bring in new and returning patients, helping them increase cash flow and build their reserves. With the continuous advancement in medical technology, it has become a necessity to opt for the best-in-class medical equipment for excellent healthcare services. However, advanced diagnostic systems are expensive and are difficult for medical practitioners and hospitals to afford through their funds. There arises the need for medical equipment funding with low monthly instalments and flexible loan models.
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Market Trends and Drivers
Increasing acceptance of artificial intelligent technology has leveraged the medical industry potential. With this, there is an upgradation to new equipment with better features that provides superior treatment to the patients. For instance, according to the Equipment Leasing & Finance Foundation Report, in 2019, nearly 8 in 10 businesses that acquired equipment and software used at least one form of financing such as lease, secure loan, or line of credit. Therefore, acquiring medical equipment with medical equipment loans and leases has been made simple and easy.
Moreover, improvements in endoscopic and laparoscopic surgery procedures at ASCs, which have led to an increase in outpatient visits, will contribute to the segment’s growth in the near future. ASCs will also experience an increase in demand because they offer affordable treatment alternatives and employ competent medical personnel. ASCs also provide patients the option of same-day surgery, which saves both the patient and the surgeon time. Thus, the aforementioned elements promote segmental expansion.
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Major Players in the Global Medical Equipment Financing Market
The key players in the Medical Equipment Financing Market are CMS Funding, Kabbage (American Express), Bajaj Finserv, TIAA Bank, Blue Bridge Financial, LLC, First American Healthcare Finance, HDFC Bank, HeroFinCorp, JPMorgan Chase & Co., National Funding, SMC Finance, Truist Bank, Societe Generale S.A., and Toronto-Dominion Bank., among others.
COVID-19 Impact:
The forthcoming of Covid-19 outbreak caused an increase demand to diagnostics, PPE, medical oxygen, ventilators and other life-saving products and expensive medical equipment’s resulting a need in finance for these equipment. The COVID-19 pandemic is one of the most serious challenges faced by the financial services industry in nearly a century. The COVID-19 impact on banking is severe – fall in demand, lower incomes, production shutdowns – and will adversely affect the business of banks. The situation is exacerbated by staff shortages, inadequate digital maturity, and pressure on the existing infrastructure as firms scramble to deal with the impact of COVID-19 on financial services.
Recent Developments:
In February 2022, Toronto-Dominion Bank and First Horizon announced the signing of a new contract that will allow Toronto-Dominion Bank to completely acquire First Horizon. The deal is worth USD 13 billion and will help TD strengthen its hold in the global market
In December 2021, API Holdings Limited and Piramal Capital & Housing Finance entered a joint collaboration in which the latter will offer its digital platform Retailio to API Holding. This will allow the company to improve its financial assistance services to all stakeholders.
In July 2021, IFC and the Multilateral Investment Guarantee Agency (MIGA) launched a trade finance guarantee initiative to help low-income countries recover from the effects of the pandemic by supporting trade flows of critical goods, including food and medical equipment.
In May 2021, E. Healthcare and NSIA Banque Cote d’Ivoire announced a partnership with IFC’s Africa Medical Equipment Facility to strengthen the healthcare industry and support medical equipment financing across Africa.
In April 2021, IMAGEENS jointly raised $1.45 million in seed funding with Anaxago. This is expected to strengthen the company’s team with key R&D talent to expand the deployment of software solutions.
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