Medical Loans Market Report 2024

This Medical Loans market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

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 growth observed during the historic period can be attributed to several factors such as rising healthcare costs, an increase in the prevalence of chronic diseases, an aging population, limited insurance coverage, growth in elective procedures, and heightened consumer awareness of financing options.

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 projected growth during the forecast period can be attributed to several factors such as rising healthcare costs, increasing demand for elective surgeries, a growing prevalence of chronic diseases, a heightened need for emergency medical procedures, limited insurance coverage, and an aging population. Key trends anticipated include advances in medical technology, innovations in digital platforms and fintech, enhancements in digital lending platforms, and the integration of artificial intelligence for improved credit assessments.

The rise in health insurance premiums is expected to drive the growth of the medical loans market. Health insurance premiums are the amounts paid by individuals or employers to maintain an active health insurance policy, usually on a monthly basis. The increase in these premiums is driven by factors such as medical cost inflation, increased utilization of services, advancements in medical technology, and rising administrative costs. Higher premiums and out-of-pocket expenses can lead individuals to delay medical care until it becomes urgent. When they eventually seek treatment, the costs may be higher due to the severity of untreated conditions, prompting the need for medical loans to cover these expenses. For example, in October 2023, the Kaiser Family Foundation (KFF), a US-based nonprofit organization providing health information and analysis, reported that in 2023, the average annual health insurance premium was $8,435 for single coverage and $23,968 for family coverage, marking a 7% increase from the previous year. Thus, rising health insurance premiums are fueling the growth of the medical loans market.

Key players in the medical loans market are focusing on innovative solutions, such as fintech apps, to simplify the loan application process, improve financial management, offer instant approvals, and provide tailored financing for medical expenses. Fintech apps are digital tools that use technology to enhance financial services, including loan management, payments, and personal finance, thereby improving access to financial resources. For instance, in April 2024, Third Unicorn, an India-based fintech startup, launched ZeroPe, an advanced app offering instant medical loans up to Rs 5 lakh ($5,972). ZeroPe aims to provide seamless financing options for medical expenses, enhancing accessibility and affordability by directly transferring the approved amount to the chosen hospital on behalf of the user.

In May 2024, BharatX, an India-based Buy Now Pay Later (BNPL) startup, acquired Zenifi for an undisclosed amount. This acquisition enables BharatX to leverage Zenifi’s expertise and credit platform to expand into India's growing medical lending sector. Zenifi is a healthcare finance startup based in India, specializing in medical loan services.

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.

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.

The countries covered in the medical loans market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Medical loans are specialized personal loans intended to cover healthcare-related expenses. These loans provide individuals with the necessary funds to pay for medical treatments, procedures, or emergencies that are not fully covered by insurance.

The primary loan types are categorized by amount such as below $5,000, between $5,000 and $100,000, and above $100,000. Loans below $5,000 are designed for minor medical expenses. Various healthcare facilities, such as urgent care clinics and pharmacies, and applications including dental surgery, plastic surgery, critical surgery, and bariatric surgery, utilize these loans.

The medical loans market research report is one of a series of new reports that provides medical loans market statistics, including the medical loans industry global market size, regional shares, competitors with medical loans market share, detailed medical loans market segments, market trends, and opportunities, and any further data you may need to thrive in the medical loans industry. These medical loans market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The medical loans market includes revenues earned by entities by providing services such as personal medical loans, healthcare financing, medical credit cards, patient financing, patient assistance programs and medical bill consolidation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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