India medical equipment financing market was valued USD 3.81 Billion in FY2021 and is forecast to grow at CAGR of 13.30% to reach USD 8.36 Billion by FY2027. The improving healthcare infrastructure and growing healthcare industry has led to an increase in demand for premium, high quality and advanced healthcare facilities across the country. This, in turn, has elevated the demand for technologically advanced forms of medical treatment, new and innovative devices for providing these treatment and related services, which are quite expensive to buy. As a result, the buyers prefer availing financing services to get these devices, thereby driving the growth of medical equipment financing market.

The sudden outbreak and spread of COVID-19 pandemic across the country with a significant number of patients getting affected by the disease elevated demand for medical equipment including oxygen concentrators, ventilators, hospital beds, among others. Demand for expensive diagnostic equipment also increased substantially as many hospitals did not have such equipment. The increasing COVID-19 cases contributed to the increased demand for this equipment, which healthcare facilities could not buy immediately through internal accruals; thereby, shifting towards medical equipment financing options. This trend positively influenced the market growth.

The India medical equipment financing market is categorized into equipment, source, percentage of amount sanctioned, tenure, end-user, region and company. In terms of source, the India medical equipment financing market is segmented into banks and NBFCs. Among which, banks segment has accounted for the majority of market share in the India medical equipment financing market in FY2021 due to the growing penetration of NBFCs, especially in tier-1 and tier-2 cities. Additionally, various global medical equipment manufacturing companies are coming up with financing options in the medical equipment industry. For instance, Philips Healthcare provides healthcare financing solutions in the name of Philips Capital in India in order to help healthcare providers to obtain the technology, equipment, and services required to improve patient experience at an optimal cost.

In terms of region, the India medical equipment financing market is segmented into North, South, West and East. Among which, North India has dominated the India medical equipment financing market with a market share of around 31% and is expected to continue its dominance throughout the forecast period due to the strong presence of hospitals and diagnostic centers & laboratories in this region. Additionally, North India comprises of highly populated places like Uttar Pradesh and Delhi, which have huge patient pools looking for diagnosis and treatment of different diseases and ailments, thereby increasing the demand for different medical equipment, thereby creating lucrative opportunities for growth of medical equipment financing in the region.

Some of the major players operating in India medical equipment financing market are HDFC Bank Limited, ICICI Bank Limited, State Bank of India, Siemens Financial Services Private Limited, Axis Bank Limited and Others. The market players are constantly innovating their sustainable strategies like offering attractive financing option, shifting towards digital financing, etc., to remain competitive in the market.

Years considered for this report:

Historical Years: FY2017 – FY2020

Base Year: FY2021

Estimated Year: FY2022E

Forecast Period: FY2023F – FY2027F

Objective of the Study:

  • To analyze the historical growth in the market size of India medical equipment financing market from FY2017 to FY2021.
  • To estimate and forecast the market size of the India medical equipment financing market from FY2022 to FY2027 and growth rate until FY2027.
  • To define, classify and forecast India medical equipment financing market on the basis of equipment, source, percentage of amount sanctioned, tenure, end user, region and company.
  • To analyze and forecast the market share, in terms of value, for medical equipment financing with respect to equipment: diagnostic equipment, therapeutic equipment, patient-monitoring equipment, and others.
  • To scrutinize the detailed market segmentation and forecast the market size, in terms of value, and on the basis of region by segmenting the India medical equipment financing market into four regions, namely – North, South, East and West.
  • To identify tailwinds and headwinds for the India medical equipment financing market.
  • To examine supply chain along with margins and evaluate pricing in India medical equipment financing market.
  • To strategically profile the leading players in the market, which are involved in offering medical equipment financing in India.


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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include the companies which could not be identified due to the limitations of secondary research.

TechSci Research analyzed the financial service providers and presence of all major players across the country. TechSci Research calculated the market size of India medical equipment financing market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these segments for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.

Key Target Audience:

  • Medical equipment financing service providers, medical equipment retail chains, and other stakeholders 
  • Organizations, forums and alliances related to medical equipment financing
  • Government bodies such as regulating authorities and policy makers
  • Market research and consulting firms

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as medical equipment financing service providers, customers, and policy makers. The study would also help them to identify which market segments should be targeted in the coming years in order to strategize investments and capitalize on growth opportunities in the market.

Report Scope:

In this report, India medical equipment financing market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • India Medical Equipment Financing Market, By Equipment:
    • Diagnostic Equipment
    • Therapeutic Equipment
    • Patient-Monitoring Equipment
    • Others
  • India Medical Equipment Financing Market, By Source:
    • Banks
    • NBFCs
  • India Medical Equipment Financing Market, By Percentage of Amount Sanctioned:
    • Up to 50%
    • 51-75%
    • Above 75%
  • India Medical Equipment Financing Market, By Tenure:
    • Less than 3 Years
    • 3-5 Years
    • More than 5 Years
  • India Medical Equipment Financing Market, By End User:
    • Hospitals & Clinics
    • Laboratories & Diagnostic Centers
    • Others
  • India Medical Equipment Financing Market, By Region:
    • North
    • South
    • West
    • East

Competitive Landscape

Company Profiles: Analysis of the major companies operating in India medical equipment financing market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

1.    Product Overview

2.    Research Methodology

3.    Impact of COVID-19 on India Medical Equipment Financing Market

4.    Executive Summary

5.    Voice of Customer

5.1.  Brand Awareness

5.2.  Preferred Loan Tenure

5.3.  Factors Influencing Finance Decision

5.4.  Challenges Faced Post Purchase

6.    India Medical Equipment Financing Market Outlook, FY2017-FY2027F

6.1.  Market Size & Forecast

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Equipment (Diagnostic Equipment, Therapeutic Equipment, Patient-Monitoring Equipment, Others)

6.2.2.     By Source (Banks & NBFCs)

6.2.3.     By Percentage of Amount Sanctioned (Up to 50%, 51-75%, Above 75%)

6.2.4.     By Tenure (Less than 3 Years; 3-5 Years; More than 5 Years)

6.2.5.     By End User (Hospitals & Clinics, Laboratories & Diagnostic Centers, Others)

6.2.6.     By Region (By Top Three States)

6.2.7.     By Company (FY2021)

6.3.  Market Map (End User and Region)

7.    India Diagnostic Medical Equipment Financing Market Outlook, FY2017-FY2027F

7.1.  Market Size & Forecast

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Source

7.2.2.     By Percentage of Amount Sanctioned

7.2.3.     By Tenure

7.2.4.     By End User

8.    India Therapeutic Medical Equipment Financing Market Outlook, FY2017-FY2027F

8.1.  Market Size & Forecast

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Source

8.2.2.     By Percentage of Amount Sanctioned

8.2.3.     By Tenure

8.2.4.     By End User

9.    India Patient Monitoring Medical Equipment Financing Market Outlook, FY2017-FY2027F

9.1.  Market Size & Forecast

9.1.1.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Source

9.2.2.     By Percentage of Amount Sanctioned

9.2.3.     By Tenure

9.2.4.     By End User

10.  Market Dynamics

10.1.   Drivers

10.2.   Challenges

11.  Market Trends & Developments

12.  Policy and Regulatory Landscape

13.  India Economic Profile

14.  Competitive Landscape

14.1.   HDFC Bank Limited

14.2.   ICICI Bank Limited

14.3.   State Bank of India

14.4.   Siemens Financial Services Private Limited

14.5.   Axis Bank Limited

14.6.   Bajaj Finserv Limited

14.7.   YES BANK LIMITED

14.8.   IndusInd Bank Limited

14.9.   Moneywise Financial Services Pvt Ltd (SMC Finance)

14.10. Clix Capital Services Pvt. Ltd.

14.11. Phillip Capital (India) Pvt. Ltd.

15.  Strategic Recommendations

16. About Us & Disclaimer            

  • Figure 1: India Medical Equipment Financing Market Size, By Value (USD Billion), FY2017-FY2027F

    Figure 2: India Medical Equipment Financing Market Share, By Equipment, By Value, FY2017-FY2027F

    Figure 3: India Medical Equipment Financing Market Share, By Source, By Value, FY2017-FY2027F

    Figure 4: India Medical Equipment Financing Market Share, By Percentage of Amount Sanctioned, By Value, FY2017-FY2027F

    Figure 5: India Medical Equipment Financing Market Share, By Tenure, By Value, FY2017-FY2027F

    Figure 6: India Medical Equipment Financing Market Share, By End User, By Value, FY2017-FY2027F

    Figure 7: India Medical Equipment Financing Market Share, By Region, By Value, FY2017-FY2027F

    Figure 8: North India Medical Equipment Financing Market Share, By Top Three States, By Value, FY2021

    Figure 9: South India Medical Equipment Financing Market Share, By Top Three States, By Value, FY2021

    Figure 10: West India Medical Equipment Financing Market Share, By Top Three States, By Value, FY2021

    Figure 11: East India Medical Equipment Financing Market Share, By Top Three States, By Value, FY2021

    Figure 12: India Medical Equipment Financing Market Share, By Company, By Value, FY2021

    Figure 13: India Medical Equipment Financing Market Map, By End User, Market Size (USD Billion) & Growth Rate (%), FY2021

    Figure 14: India Medical Equipment Financing Market Map, By Region, Market Size (USD Billion) & Growth Rate (%), FY2021

    Figure 15: India Diagnostic Equipment Financing Market Size, By Value (USD Billion), FY2017-FY2027F

    Figure 16: India Diagnostic Equipment Financing Market Share, By Source, By Value, FY2017-FY2027F

    Figure 17: India Diagnostic Equipment Financing Market Share, By Percentage of Amount Sanctioned, By Value, FY2017-FY2027F

    Figure 18: India Diagnostic Equipment Financing Market Share, By Tenure, By Value, FY2017-FY2027F

    Figure 19: India Diagnostic Equipment Financing Market Share, By End User, By Value, FY2017-FY2027F

    Figure 20: India Therapeutic Medical Equipment Financing Market Size, By Value (USD Billion), FY2017-FY2027F

    Figure 21: Total Number of Hospitals in India, Public Vs Private Sector, 2020

    Figure 22: India Therapeutic Medical Equipment Financing Market Share, By Source, By Value, FY2017-FY2027F

    Figure 23: India Therapeutic Medical Equipment Market Share, By Percentage of Amount Sanctioned, By Value, FY2017-FY2027F

    Figure 24: India Therapeutic Medical Equipment Market Share, By Tenure, By Value, FY2017-FY2027F

    Figure 25: India Therapeutic Medical Equipment Market Share, By End User, By Value, FY2017-FY2027F

    Figure 26: India Patient Monitoring Medical Equipment Financing Market Size, By Value (USD Billion), FY2017-FY2027F

    Figure 27: Total Number of Hospital Beds in India, Public Vs Private Sector, 2020

    Figure 28: India Patient Monitoring Medical Equipment Financing Market Share, By Source, By Value, FY2017-FY2027F

    Figure 29: India Patient Monitoring Medical Equipment Market Share, By Percentage of Amount Sanctioned, By Value, FY2017-FY2027F

    Figure 30: India Patient Monitoring Medical Equipment Market Share, By Tenure, By Value, FY2017-FY2027F

    Figure 31: India Patient Monitoring Medical Equipment Market Share, By End User, By Value, FY2017-FY2027F

    List of Tables:

    Table 1: India’s Top 10 States with Total Number of Hospital Beds, 2020

    Table 2: India Cancer Incidences and Mortality, By Cancer Site, As of 2020