According To TechSci Research, India medical equipment financing market was valued USD 3.81 Billion in FY2021 and is forecast to grow at CAGR of 13.30% to reach USD 8.36 Billion by FY2027. The improving healthcare infrastructure and growing healthcare industry has led to an increase in demand for premium, high quality and advanced healthcare facilities across the country. This, in turn, has elevated the demand for technologically advanced forms of medical treatment, new and innovative devices for providing these treatment and related services, which are quite expensive to buy. As a result, the buyers prefer availing financing services to get these devices, thereby driving the growth of medical equipment financing market.
The sudden outbreak and spread of COVID-19 pandemic across the country with a significant number of patients getting affected by the disease elevated demand for medical equipment including oxygen concentrators, ventilators, hospital beds, among others. Demand for expensive diagnostic equipment also increased substantially as many hospitals did not have such equipment. The increasing COVID-19 cases contributed to the increased demand for this equipment, which healthcare facilities could not buy immediately through internal accruals; thereby, shifting towards medical equipment financing options. This trend positively influenced the market growth.
The India medical equipment financing market is categorized into equipment, source, percentage of amount sanctioned, tenure, end-user, region and company. In terms of source, the India medical equipment financing market is segmented into banks and NBFCs. Among which, banks segment has accounted for the majority of market share in the India medical equipment financing market in FY2021 due to the growing penetration of NBFCs, especially in tier-1 and tier-2 cities. Additionally, various global medical equipment manufacturing companies are coming up with financing options in the medical equipment industry. For instance, Philips Healthcare provides healthcare financing solutions in the name of Philips Capital in India in order to help healthcare providers to obtain the technology, equipment, and services required to improve patient experience at an optimal cost.
In terms of region, the India medical equipment financing market is segmented into North, South, West and East. Among which, North India has dominated the India medical equipment financing market with a market share of around 31% and is expected to continue its dominance throughout the forecast period due to the strong presence of hospitals and diagnostic centers & laboratories in this region. Additionally, North India comprises of highly populated places like Uttar Pradesh and Delhi, which have huge patient pools looking for diagnosis and treatment of different diseases and ailments, thereby increasing the demand for different medical equipment, thereby creating lucrative opportunities for growth of medical equipment financing in the region.
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Some of the major players operating in India medical equipment financing market are HDFC Bank Limited, ICICI Bank Limited, State Bank of India, Siemens Financial Services Private Limited, Axis Bank Limited and Others. The market players are constantly innovating their sustainable strategies like offering attractive financing option, shifting towards digital financing, etc., to remain competitive in the market.
Years considered for this report:
Historical Years: FY2017 – FY2020
Base Year: FY2021
Estimated Year: FY2022E
Forecast Period: FY2023F – FY2027F
Objective of the Study:
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include the companies which could not be identified due to the limitations of secondary research.
TechSci Research analyzed the financial service providers and presence of all major players across the country. TechSci Research calculated the market size of India medical equipment financing market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these segments for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
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Key Target Audience:
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as medical equipment financing service providers, customers, and policy makers. The study would also help them to identify which market segments should be targeted in the coming years in order to strategize investments and capitalize on growth opportunities in the market.
Report Scope:
In this report, India medical equipment financing market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Competitive Landscape
Company Profiles: Analysis of the major companies operating in India medical equipment financing market.
About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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