The medical equipment financing market will significantly expand over the next few years with the rising preference of consumers to rent medical devices and equipment.
The medical equipment financing market will significantly expand over the next few years with the rising preference of consumers to rent medical devices and equipment. The shift from purchasing to leasing the devices in recent years has found a strong footprint across healthcare service providers.
This can be attributed to the various advantages like access to the latest technologies and cost-saving rendered through renting. Owing to this factor, the health professionals have garnered an improved decision-making ability with regards to deploying the appropriate technologies before coming up with outcomes.
Furthermore, medical equipment renting companies provide coverage for the expenses incurred in handling repairs and maintenance of the devices. A research report compiled by Global Market Insights, Inc., reveals that the global medical equipment financing industry size is slated to rise at an exponential rate by 2026.
Preference for patient monitoring and new medical equipment
Patient monitoring, diagnostic, laboratory, and therapeutic equipment as well as medical furniture are the most prominent equipment identified in the industry. The demand for patient monitoring equipment is responsible for 23% of the total remuneration due to the prevalence of chronic diseases and the expansion of the older population base.
The new medical equipment financing market is likely to gain traction through 2026 considering their higher adoption across healthcare organizations. This can be owed to the rising threat of obsolescence of the existing devices and the robust concerns of the hospitals to manage the budget. Besides, renting can be treated as a practical option for hospitals to cut down their expenses in buying large or costly equipment in instances where cash is not easily available.
Clinics to record considerable demand
The medical equipment licensing industry can be segmented on account of end-use across hospitals, clinics, ambulatory surgical centers (ASC), laboratories, and diagnostic centers. The annual revenue from clinics crossed USD 24.9 billion in 2019 due to the surge in equipment financing for applications like clinic furnishing and patient scales.
On a further note, clinics are indulging in large investments to procure high-quality furnishings to improve patient care as well as the safety of the incoming patients and the staff. Also, advanced medical equipment and clinical furniture are witnessing higher penetration in the healthcare sector for effective productivity of doctors and nurses as well as to offer comfort to patients during their clinical stay.
To access sample pages of this report titled, “Medical Equipment Financing Market Size By Equipment (Diagnostic, Therapeutic, Patient Monitoring, Laboratory, Medical Furniture), By Type (New Medical Equipment, Rental Equipment, Refurbished Equipment), By End-use (Hospitals, Clinics {Dermatology, Dental, Ophthalmology}, Laboratory and Diagnostic Centres, Ambulatory Surgical Centres), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/4515
Stringent regulations imposed in Europe
Europe accounted for 31% of the global medical equipment financing industry share in the past few years. This is due to the presence of some major medical device rental providers. For instance, SenseAnywhere’s fully automated and wireless temperature monitoring system is extensively rented across various regions of Europe to monitor the temperature levels of the COVID-19 vaccines during their storage and transport.
The global prevalence of cancer is estimated to see a rise to 62% by the end of 2040. Along with this, the growing instances of cardiovascular & neurological disorders, and gynecological complications have pushed the need for novel technologies for the efficient and accurate health monitoring of patients. These trends in turn are likely to foster the medical equipment financing market size through the coming years.
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