The medical loans market size has grown rapidly in recent years, projected to increase from $171.95 billion in 2023 to $190.46 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth during the historic period is attributed to rising healthcare costs, the increasing prevalence of chronic diseases, an aging population, limited insurance coverage, a rise in elective procedures, and heightened consumer awareness regarding financing options. In the forecast period, the market is expected to reach $291.25 billion in 2028, growing at a CAGR of 11.2%. This growth is fueled by the continued rise in healthcare costs, an increasing demand for elective surgeries, a growing need for emergency medical procedures, limited insurance coverage, and the aging population. Key trends in this period include advances in medical technology, fintech innovations, improvements in digital lending platforms, and the integration of artificial intelligence for credit assessments.
Global Medical Loans Market Key Driver
The increase in health insurance premiums is anticipated to drive the growth of the medical loans market in the future. Health insurance premiums refer to the amounts that individuals or employers pay to keep an active health insurance policy, typically on a monthly basis. The rising premiums are influenced by factors such as medical cost inflation, increased utilization of healthcare services, advancements in medical technology, and administrative expenses. Higher premiums and out-of-pocket costs can lead individuals to postpone seeking medical care until it becomes absolutely necessary. When they eventually do seek treatment, the expenses may be elevated due to the worsening of untreated conditions, which often compels them to seek medical loans to cover these costs. For example, in October 2023, the Kaiser Family Foundation (KFF) reported that the average annual health insurance premium reached $8,435 for single coverage and $23,968 for family coverage in 2023, marking a 7% increase from the previous year. Thus, the rise in health insurance premiums is driving the growth of the medical loans market.
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Global Medical Loans Market Segments
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
By Geography:The regions covered in the medical loans market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
Major Medical Loans Industry Players
U.S. Bancorp, HDFC Bank Limited, KeyCorp, Regions Financial Corporation, OneMain Holdings Inc., CareCredit LLC, Credit Karma, SoFi Technologies Inc., Affirm Holdings Inc., Lending Tree Inc., LendingClub Patient Solutions, Affirm Holdings Inc., Lending Tree Inc., LendingClub Patient Solutions, Upstart Holdings, GreenSky LLC, The Money Source Inc., NewDay USA, Prosper Funding LLC, Avant LLC, ClearBalance Healthcare, Alphaeon Credit Inc., United Credit, Plexus Financial Services LLC, Advance Care Card
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Medical Loans Market Overview
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 2023 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.
