What Fueled The Previous Growth In The Medical Loans Market?
The medical loans market has seen considerable growth due to a variety of factors.
• The medical loans market has grown rapidly in recent years. It is expected to rise from $190.46 billion in 2024 to $212.3 billion in 2025, reflecting a CAGR of 11.5%.
This growth is driven by rising healthcare costs, the increasing prevalence of chronic diseases, an aging population, limited insurance coverage, the growth in elective procedures, and more consumer awareness of financing options.
What Is The Expected Growth In The Medical Loans Market Size Evolve over the Forecast Period?
The medical loans market is expected to maintain its strong growth trajectory in upcoming years.
• The medical loans market is projected to grow to $323.55 billion by 2029 at a CAGR of 11.1%.
Growth is due to rising healthcare costs, increasing demand for elective surgeries, chronic diseases, emergency medical needs, limited insurance coverage, and an aging population. Trends include advancements in medical technology, digital lending platforms, AI in credit assessments, and fintech innovations.
What Main Forces Are Fueling Expansion In The Medical Loans Market?
The increase in health insurance premiums is expected to drive the growth of the medical loans market. Health insurance premiums are rising due to medical cost inflation, technology advancements, and administrative expenses. Higher premiums often lead individuals to delay medical care, resulting in higher treatment costs when they eventually seek medical attention. In October 2023, the Kaiser Family Foundation revealed that health insurance premiums for single and family coverage had increased by 7% compared to the previous year, driving individuals to seek medical loans to manage their expenses.
What Are The Primary Segments In 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
Subsegments:
1) By Amount Below $5,000: Short-Term Medical Loans Or Emergency Medical Loans Or Minor Surgery Loans
2) By Amount $5,000-$100,000: Major Surgery Loans Or Cosmetic Surgery Loans Or Dental Treatment Loans Or Fertility Treatment Loans
3) By Amount Above $100,000: Critical Care Loans Or Long-Term Healthcare Loans Or Organ Transplant Loans Or Specialized Medical Treatment Loans
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What Trends Are Reshaping The Future Of The Medical Loans Market?
Key players in the medical loans market are focusing their efforts on creating novel solutions like fintech apps that refine the loan application process, boost financial management, deliver immediate approvals, and supply customised financial solutions for healthcare costs. Fintech apps denote digital platforms that utilise technology to simplify financial services, encompassing transactions management, investments, loans, and personal finance, allowing for an easier and improved user experience. For example, in April 2024, the fintech start-up based in India, Third Unicorn, introduced ZeroPe, an sophisticated fintech app that provides immediate medical loans of up to Rs 5 lakh ($5,972). The aim of this app is to offer uncomplicated financial solutions to medical expenses, hence making healthcare more reachable and inexpensive. The approved amount is directly sent to the hospital chosen by the user through ZeroPe.
Who Are the Key Players In The Medical Loans Market?
Major companies operating in the medical loans market are:
• 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
What Is The Most Dominant 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.
