India medical equipment financing market poised for USD 9.3bn

India medical equipment financing market is projected to earn revenues of around USD 9.3 billion by the end of 2028, growing at a CAGR of 13 percent.

The growing medical and healthcare industry, as well as consistent research and development efforts are propelling the market at a rapid pace. The growing number of medical equipment finance companies is providing the industry with significant development potential.

However, lack of awareness and difficulty in credit approval may act as a huge restraining factor.

The Covid-19 pandemic outbreak in India provided the India medical equipment finance sector the requisite impetus. The massive influx of Covid-19-affected patients threw India’s healthcare system into disarray. As a result, private healthcare institutions had to rely on loans to grow their healthcare capacity and meet their demands for Covid-19 diagnostic equipment as well as other essential medical accessories like PPE kits and medical masses. The medical equipment finance market in India grew tremendously as a result of this.

The leading players in India medical equipment financing market are HDFC Bank, ICICI Bank, State Bank of India, Siemens Financial Services, Axis Bank, Bajaj Finserv, Yes Bank, IndusInd Bank, Moneywise Financial Services, Clix Capital Services, and PhillipCapital (India). The companies are launching plans and services that suit the needs of different kinds and sizes of medical and healthcare organizations. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market. Ocean