Press release
Medical Loans Market Report, Size, Share, Growth, Trends, Analysis, Demand, Forecast to 2033
Medical Loans Market
The new report published by The Business Research Company, titled Medical Loans Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the medical loans market size has grown rapidly in recent years. It will grow from $171.95 billion in 2023 to $190.46 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. 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%.
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What Is Driving The Growth Of The Global Medical Loans Market?
Rising Health Insurance Premiums Drive Growth In The Medical Loans Market
The increase in health insurance premiums is expected to propel the growth of the medical loans market going forward. A health insurance premium is the amount that an individual or employer pays to maintain an active health insurance policy, typically every month. The rise in health insurance premiums is due to medical cost inflation, increased utilization, advancements in medical technology, and administrative costs. Higher premiums and out-of-pocket costs can cause individuals to delay seeking medical care until necessary. When they finally seek treatment, the costs might be higher due to the severity of untreated conditions, leading them to seek medical loans to manage these expenses. For instance, in October 2023, according to the Kaiser Family Foundation (KFF), a US-based nonprofit organization that provides information and analysis on health issues, in 2023, the average annual health insurance premium was $8,435 for single coverage and $23,968 for family coverage, an increase of 7% compared to the previous year. Therefore, an increase in health insurance premiums is driving the growth of the medical loads market.
What Is The Key Trend In The Global Medical Loans Market?
Fintech Innovations Propel Growth in the Medical Loans Market
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.
How Is The Global Medical Loans Market Segmented?
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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How Is The Competitive Landscape Of The Global 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
Contents Of The Global Medical Loans Market
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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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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