Dublin, Jan. 03, 2025 (GLOBE NEWSWIRE) — The “Medical Loans Market Report 2024” report has been added to ResearchAndMarkets.com’s offering
The medical loans market is witnessing substantial growth, expanding from $171.95 billion in 2023 to an anticipated $190.46 billion in 2024, marking a robust compound annual growth rate (CAGR) of 10.8%. Forecast analyses anticipate that the medical loans market will continue on its upward trajectory, growing to an impressive $291.25 billion by 2028, with a compound annual growth rate (CAGR) of 11.2%.
This exceptional growth trend is underpinned by an array of contributing factors, including the escalating costs of healthcare, the burgeoning prevalence of chronic diseases, an enlarging aging demographic, the limitations in insurance coverage, an increase in elective medical procedures, and an enhanced consumer consciousness regarding available financing solutions.
Projected Surge to $291.25 Billion by 2028
Factors propelling this growth include the persistent rise in healthcare expenditures, growing demand for elective surgeries, increased chronic disease incidence, a rising need for urgent medical interventions, insufficient insurance coverage, and the aging population dynamics. Major market trends expected to emerge are advancements in medical technologies, digital platform innovations, improvements in digital lending facilities, and the integration of artificial intelligence in credit evaluation processes.
Increased Health Insurance Premiums Fuel Market Growth
A significant driver of the medical loans market expansion is the continued rise in health insurance premiums. These premiums—regular payments maintained by individuals or employers for active health insurance policies—have seen a notable increase, attributed to medical cost inflation, heightened service usage, medical technological advancements, and rising administrative costs. The resulting higher premiums and out-of-pocket expenses often lead to medical care deferment until urgent intervention becomes inevitable, furthering the need for medical loans to manage these emergent costs.
Innovations in Fintech Propel Market Players
Key players within the medical loans market are innovating through fintech application solutions, designed to streamline the loan application process, enhance financial management, and provide quick approvals. These fintech solutions offer personalized financing options for medical expenditures, thereby elevating accessibility and affordability for consumers and demonstrating a pivotal development within the sector.
Notable Market Developments and Key Players
The market report covers significant developments such as strategic acquisitions and new app launches aimed at addressing the growing demand for medical loans. Major firms operating in the landscape include U.S. Bancorp, HDFC Bank Limited, KeyCorp, Regions Financial Corporation, and various fintech innovators. Their offerings encompass a spectrum of financial tools from personalized medical loans to sophisticated credit platforms, illustrating the diverse and dynamic nature of the market.
Geographic Market Insights
In 2023, North America was identified as the leading region within the medical loans market. However, the Asia-Pacific region is poised for the fastest growth during the forecast period. The report encompasses a comprehensive geographic analysis including regions such as Western Europe, Eastern Europe, South America, the Middle East, and Africa, emphasizing the global reach and relevance of the medical loans market.
The medical loans market embodies a critical segment within the financial industry, providing essential funds for healthcare services not fully covered by insurance. With various loan types designed to accommodate a range of medical expenses, this market not only supports individual health but also contributes to the overall sustainability of healthcare systems worldwide. With the convergence of technology, finance, and healthcare needs, the market is set for continued innovation and expansion.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $190.46 Billion |
| Forecasted Market Value (USD) by 2028 | $291.25 Billion |
| Compound Annual Growth Rate | 11.2% |
| Regions Covered | Global |
Some of the major companies profiled in this Medical Loans market report include:
- 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
For more information about this report visit https://www.researchandmarkets.com/r/70x1gi
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- Medical Loans Market Report 2024
