The medical loans market size is expected to see rapid growth in the next few years. It will grow to $291.25 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to rising healthcare costs, increasing demand for elective surgeries, increasing prevalence of chronic diseases, growing need for emergency medical procedures, limited insurance coverage, and aging population. Major trends in the forecast period include advances in medical technology, digital platforms and fintech innovation, advancements in digital lending platforms, and integration of artificial intelligence for credit assessments.
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Scope Of Medical Loans Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Medical Loans Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the medical loans market are focused on developing innovative solutions such as fintech apps to streamline the loan application process, enhance financial management, provide instant approvals, and offer tailored financing solutions for medical expenses. Fintech apps refer to digital solutions that use technology to streamline financial services, including managing payments, investments, loans, and personal finance, thereby simplifying and enhancing user access to financial tools and services. For instance, in April 2024, Third Unicorn, an India-based fintech startup, launched ZeroPe, an advanced fintech app that offers instant medical loans of up to Rs 5 lakh ($5,972). The app aims to provide hassle-free financing options for medical expenses, making healthcare more accessible and affordable. ZeroPe directly transfers the sanctioned amount to the chosen hospital on behalf of the user.
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
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Regional Insights –
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.
Key Companies –
Major companies in the 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
Table of Contents
1. Executive Summary
2. Medical Loans Market Report Structure
3. Medical Loans Market Trends And Strategies
4. Medical Loans Market – Macro Economic Scenario
5. Medical Loans Market Size And Growth
……..
27. Medical Loans Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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