South Africa Medical Equipment Financing Market Size Set to Touch USD 1.4 Billion by 2029
South Africa Medical Equipment Financing Market is gaining traction because of the rising healthcare expenditure, developing healthcare infrastructure, and increasing price of medical equipment.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the South Africa Medical Equipment Financing Market size at USD 920.09 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the South Africa Medical Equipment Financing Market size to grow at a CAGR of 7.12% reaching a value of USD 1390.16 million by 2029. The South Africa Medical Equipment Financing Market is expected to grow at a significant rate due to increasing investments in healthcare infrastructure and rising medical equipment costs. Furthermore, the South Africa Medical Equipment Financing Market is expected to witness profitable growth opportunities, due to the rapidly evolving field of medical equipment technology and the integration of cutting-edge technologies like artificial intelligence with medical equipment.
Opportunity: Increasing price of medical equipment
Medical equipment are registering a significant surge in their price owing to the labor and cost-intensive process. An MRI machine can cost around USD 200,000 to USD 375,000. A new CT scan can cost as much as USD 2.5 million, and a used CT machine can cost around USD 35,000. Furthermore, this equipment is being equipped with cutting-edge technologies, such as artificial intelligence (AI) Internet of Things (IoT), which is making old medical equipment obsolete. South Africa is an emerging economy with budgetary constraints, which prompts its healthcare industry to opt for medical equipment financing, which is anticipated to drive its market growth during the forecast period.
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Impact of COVID-19 on South Africa Medical Equipment Financing Market
The COVID-19 pandemic had a significant impact on the South Africa Medical Equipment Financing Market. The spurred demand for medical equipment, particularly ventilators and diagnostic tools, to treat the virus affected patients, led to a surge in the requirements of medical equipment financing. Healthcare providers and institutions faced unprecedented challenges in securing funding to acquire the necessary equipment to address the surge in patient volumes. Additionally, the economic uncertainties caused by the COVID-19 pandemic made lenders more cautious, affecting the terms and conditions of medical equipment financing. The shift toward telemedicine and remote patient monitoring also influenced the types of medical equipment in demand, with a greater focus on technology-driven solutions. As the healthcare sector adapts to the new normal, the South Africa Medical Equipment Financing Market could witness ongoing changes in response to the evolving needs of the industry in the post-pandemic era.
South Africa Medical Equipment Financing Market – By End User
Based on end user, the South Africa Medical Equipment Financing Market is segmented into hospitals, clinics, laboratories & diagnostic centers, and others. The hospitals segment dominates the South Africa Medical Equipment Financing Market by end user. According to the International Trade Administration, the public sector is the largest buyer of medical supplies and equipment, especially for primary healthcare. With South Africa’s favorable healthcare initiatives towards universal healthcare under the proposed National Healthcare Insurance and rising investments toward public healthcare systems to improve infrastructure and accessibility, the demand for medical equipment financing market is projected to surge during the forecast period.
Competitive Landscape
Major players operating in the South Africa Medical Equipment Financing Market include Merchant West Asset Finance, MediFin, MediCoop CFI, Centrafin, IFC, Wesbank, Standard Bank, Access Bank Plc, and Fin Medical Loans. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the South Africa Medical Equipment Financing Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the South Africa Medical Equipment Financing Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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