Healthcare Equipment Leasing Market To Generate $86.8 Billion Revenue by 2030

The healthcare equipment leasing market size is expected to advance at a CAGR of 5.7% during 2024–2030, to reach USD 86.8 billion by 2030. This is ascribed to the increase in the number of devices that can be rented. Moreover, these services require short-term arrangements, and the devices are much more economical to lease than buy. The several advantages of renting instruments are flexible terms, extension options, immediate accessibility, little capital outlay, and inclusion of service charges.

Moreover, the growing pace of technological advancements leads to the usage of products for a longer period, due to which the consumers and healthcare organizations are rapidly adopting rental services. For instance, walking aids with advanced accessories, which offer more comfort to users; and rollators, which are a sophisticated version of the traditional wheelchair or walker; are now available. Such advancements are boosting the demand for rental services as, this way, new and advanced equipment is accessible at reasonable prices.

Usage of Business Process Automation Software for Equipment Financing

Another key reason encouraging users to rent medical equipment is the adoption of business process automation tools for equipment financing by services providers. in tandem with the high demand for renting, the demand for improved services, instant quotes, and funding is increasing among end users. Equipment financing offers the credit facility, to help end users finance all the equipment and machinery as per requirement.

Furthermore, self-serve shopping experiences, automated lead generation software, and online marketing activities are expected to drive the growth of the global market. For the process to be functional, banks and financial institutions provide a quote and, sometimes, funds too.

APAC Is Expected To Witness Highest Growth Rate over Forecast Period

APAC is expected to exhibit the highest CAGR, of 6.2%, during the forecast period, attributed to the supportive government initiatives in developing economies and growing geriatric population.

Other factors contributing to the growth of the market are the expansion of medical facilities in the region, which is both a result and a cause of the rapid growth of the healthcare industry. In addition, one in every six people in the APAC region lives with a disability, and this number is likely to increase as a result of aging, climate-related disasters, and road traffic injuries. These factors will further fuel the demand for healthcare instrument renting.

Among APAC countries, China holds a significant share, attributed to the growing incidence of obesity, rising count of disabled patients, and increasing number of small-scale manufacturers of home healthcare devices. The rising demand for affordable healthcare devices and the surging number of people aged above 60 years are also contributing in this growth.

Furthermore, the Government of India is taking several initiatives for expanding the access to essential healthcare instruments. In 2022, the Draft National Policy for Medical Devices 2022 was submitted. This policy tries to encompass all of the existing medical technology industry challenges, improve the manufacturing of medical devices, and reduce import dependence from 75–80% to 30% over the next 10 years.

The most-significant healthcare equipment leasing market players are Hill-Rom Holdings, Inc., Agiliti Inc., Oak Leasing Ltd., Koninklijke Philips N.V., Mizuho Leasing Co. Ltd., Siemens Limited, Med One Group, Westside Medical Supply, Nunn’s Home Medical Equipment.