What Is The Scope Of The Global Medical Loans Market?
Medical loans are specialized personal loans designed to cover healthcare-related expenses. These loans provide individuals with the necessary funds to pay for medical treatments, procedures, or emergencies not fully covered by insurance.
Medical Loans Global Market Report 2024 provides data on the global medical loans market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The medical loans market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Medical Loans ?
The medical loans market has seen significant expansion in recent years, rising from $171.95 billion in 2023 to $190.46 billion in 2024 at a CAGR of 10.8%. This growth can be attributed to increasing healthcare costs, a higher prevalence of chronic diseases, an aging population, limited insurance coverage, the growing popularity of elective procedures, and greater consumer awareness of financing options. Looking ahead, the market is expected to grow to $291.25 billion by 2028, at a CAGR of 11.2%, driven by rising healthcare expenses, greater demand for elective surgeries, a continued increase in chronic disease cases, the need for emergency medical care, and the aging demographic. Key trends include advancements in medical technology, the rise of digital lending platforms, fintech innovations, and the use of AI for credit evaluation.
What Factors Are Driving Growth In The Medical Loans Market?
The rise in health insurance premiums is contributing to the growth of the medical loans market. Health insurance premiums are monthly payments made by individuals or employers to maintain active insurance policies. These premiums are increasing due to factors such as medical cost inflation, advanced technologies, higher utilization, and administrative expenses. Elevated premiums and out-of-pocket costs often lead individuals to delay medical care, resulting in higher treatment costs when care is finally sought. This financial burden prompts many to turn to medical loans for assistance. For example, in 2023, the Kaiser Family Foundation reported that the average annual health insurance premium in the U.S. reached $8,435 for single coverage and $23,968 for family coverage, reflecting a 7% rise from the previous year.
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What Are The Main Segments Of The Global Medical Loans Market?
The medical loans market covered in this report is segmented –
1) By Type: Amount Below $5,000, Amount $5,000-$100,000, Amount Above $100,000
2) By Healthcare Facility Type: Urgent Care Clinics, Pharmacies
3) By Application: Dental Surgery, Plastic Surgery, Critical Surgery, Bariatric Surgery
What Emerging Trends Are Influencing The Growth Of The Medical Loans Market?
Several companies in the medical loans market are focused on developing innovative solutions such as fintech applications to simplify the loan application process, improve financial management, offer instant approvals, and provide customized financing options for medical expenses. Fintech apps streamline financial services like payments, investments, loans, and personal finance, making them more accessible. For example, Third Unicorn, an India-based fintech startup, introduced ZeroPe in April 2024, a fintech app that offers instant medical loans up to Rs 5 lakh ($5,972), directly transferring the funds to the user's chosen hospital for medical expenses.
What Is The Largest Region In The Medical Loans Market?
North America was the largest region in the medical loans market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical loans market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
