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The US Lifesciences Equipment Leasing Market size is forecast to increase by USD 685.99 million, at a CAGR of 7.7% between 2023 and 2028.
Moreover, there has been a growing demand for life sciences equipment from low-budget research institutions across the globe. Low-budget research institutions often face financial limitations, making it difficult to invest in expensive life sciences equipment. Therefore, leasing provides a viable alternative, enabling these institutions to access necessary tools without a substantial initial capital outlay. In addition, this allows them to participate in crucial research endeavors that would otherwise be out of reach due to budgetary constraints. Hence, such factors are positively impacting the market.
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The market is marked by significant players such as Eqmarket Equipment Leasing and Finance Foundation and Agiliti, catering to the needs of healthcare providers and facilities. Organizations like Sizewise Rentals and the American Hospital Association play pivotal roles in providing refurbished equipment and promoting modern healthcare practices. With a focus on improving patient outcomes, the market addresses the challenges posed by chronic diseases, diverse patient populations, and the increasing demand for diagnostic and surgical procedures. Technological advancements such as artificial intelligence and wearables are reshaping the landscape of healthcare product, enabling better management of cardiovascular disorders, cataracts, pregnancies, and cancers. The Centers for Medicare and Medicaid Services (CMS) regulations and the Affordable Care Act influence leasing dynamics, ensuring compliance and quality standards. As healthcare equipment obsolescence remains a concern, leasing arrangements between lessees and lessors offer flexible lease rentals for acquiring state-of-the-art medical imaging procedures, surgical instruments, and other critical equipment. The market thrives on a blend of financial solutions from entities like Stonebriar Commercial Finance and operational expertise from industry leaders to meet the evolving needs of healthcare providers.
The pharmaceutical companies segment is estimated to witness significant growth during the forecast period. Leasing enables pharmaceutical companies to acquire essential tools for drug discovery, development, and manufacturing without a significant upfront capital expenditure. In addition, this frees up valuable capital for other critical areas, such as R&D or clinical trials. Furthermore, predictable monthly lease payments further enhance budgeting and financial management for pharmaceutical companies.
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The pharmaceutical companies segment was the largest segment and was valued at USD 741.30 million in 2018. Moreover, the pharmaceutical industry is constantly evolving, with new technologies emerging regularly. In addition, leasing allows companies to access the latest tools without the risk of quick obsolescence associated with purchasing. Furthermore, the growing aging population requiring more medication, the growing prevalence of chronic diseases such as diabetes, and the increasing focus on targeted therapies for specific conditions are driving the demand for pharmaceuticals in the US. In addition, advancements in medical research led to new drug discoveries, further fueling demand for pharmaceuticals in the US healthcare system. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Chromatography systems segment are used in many different disciplines, such as forensic science, chemistry, biochemistry, pharmaceuticals, and food testing. In addition, by combining sophisticated systems with chromatography procedures, scientists and researchers can accomplish accurate component identification, high-resolution separations, and target material purification. Moreover, the chromatography system is now a crucial tool for drug development, environmental analysis, forensic investigations, quality control, and research and development. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Centrifuges are key pieces of laboratory equipment that are used to separate particles according to their size, shape, density, and viscosity from a solution. In addition, nowadays, laboratory centrifuges are one of the most often utilized instruments in both clinical and scientific settings. Therefore, such tools is used in many kinds of laboratories, with a particularly high usage rate in chemistry, biochemistry, and molecular biology labs. Furthermore, these versatile instruments are used for a variety of processes, including the isolation, purification, and separation of cells, organelles, and other biological components. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Agilent Technologies Inc: The company offers life sciences equipment leasing solutions with an Agilent Instrument Subscription with bundle instruments, software, consumables, and services through Agilent Financial Solutions.
American Capital Group Inc., Avtech Financial Group of companies, Commercial Finance and Leasing Cardiff Bank Inc., Crestmont Capital LLC, CSC Leasing Co., Danaher Corp., Excedr Inc., GeNESIS Commercial Capital, GenTech Scientific LLC, Olympus Corp., Peoples Bancorp Inc., Rabobank Group, Royal Bank of Canada, Scientific Equipment Source Inc., Siemens AG, STINSON LLP, Sun South Equipment Leasing Inc., Thermo Fisher Scientific Inc., and Waters Corp.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is driven by a multitude of factors including the need for modernization and cost-effectiveness in the healthcare sector. Organizations like the Eqmarket Equipment Leasing and Finance Foundation facilitate this process. Trends include the rise in demand for diagnostic and surgical procedures, and the need to address chronic diseases. Challenges such as equipment obsolescence and technological advancements necessitate continuous adaptation. Additionally, regulatory frameworks like the Affordable Care Act influence market dynamics. Artificial intelligence and wearables are emerging as pivotal trends shaping the future of healthcare equipment leasing. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Continuous technological advancements coupled with shorter lifecycles are notably driving the market. Lifesciences is a dynamic field with frequent technological advancements. Leasing offers institutions the flexibility to stay at the forefront of innovation by regularly upgrading tools without the burden of ownership. This agility is crucial for maintaining competitiveness in healthcare and research. Healthcare equipment obsolescence is caused by the rapid pace of technological evolution. Leasing mitigates the risk of investing in outdated tools, providing a solution for organizations to adapt to emerging technologies seamlessly.
Moreover, shorter lifecycles of healthcare tools often mean higher turnover, driving demand for newer, more advanced models. Manufacturers and leasing companies benefit from increased sales and leasing activity as organizations seek to stay updated with the latest technological advancements. Emerging technologies, such as artificial intelligence and wearables, and medical imaging procedures, may have shorter lifecycles as newer, more efficient models emerge. Hence, such factors are driving the market growth during the forecast period.
Integration of digital platforms by life sciences equipment lessors is an emerging trend in the market. Digital platforms can automate manual tasks including application processing, document management, and lease agreement finalization. In addition, this expedites the leasing process, allowing institutions to acquire tools faster and focus on their research endeavors. Furthermore, online platforms provide institutions with real-time access to tool availability, lease terms, and pricing information.
Moreover, this transparency empowers end-users to make informed leasing decisions and fosters a more user-friendly customer experience. In addition, digital platforms generate valuable data on tool usage, customer preferences, and market trends. Furthermore, leasing companies can leverage this data to tailor their offerings, optimize pricing strategies, and potentially expand into new market segments within the life sciences sector. Hence, such factors are driving the market growth during the forecast period.
The growing popularity of refurbished life sciences equipment is a major challenge hindering market growth. The refurbished tool provides significant cost savings compared to leasing or purchasing new equipment. In addition, this can be particularly attractive for budget-conscious institutions, potentially diverting them from the leasing market. Furthermore, reputable companies subject refurbished tools to rigorous testing and certification processes, ensuring that they meet stringent performance and safety standards.
Moreover, the availability of refurbished life sciences tools can make them a viable alternative to new tools, especially for institutions with less demanding research needs. In addition, acquiring refurbished tools often involves faster turnaround times compared to leasing new tools, which can go through lengthy procurement processes. Furthermore, this can be advantageous for institutions that require tools quickly to meet research deadlines. Hence, such factors are hindering the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is witnessing significant growth with the involvement of key players such as Eqmarket Equipment Leasing and Finance Foundation, DLL Financial Solutions Partners, GE Healthcare, and Wells Fargo & Company. Companies like Siemens Healthineers and Agiliti are also making notable contributions. The market caters to diverse healthcare sectors, including hospitals, diagnostic centers, and medical imaging facilities. Moreover, the patient population and the rising number of diagnostic and surgical procedures drive demand for healthcare equipment, leading to a surge in leasing activities. Equipment such as X-ray machines, MRI machines, and ventilators are in high demand. Lease options cover a wide array of medical imaging procedures, including ultrasound and dental X-rays, along with surgical instruments.
Moreover, technological advancements, including artificial intelligence, wearables, and 3D printing, are reshaping the landscape, while virtual reality and augmented reality enhance training and patient care experiences. Internet of Things integration ensures efficient equipment management. Furthermore, the market serves a wide range of healthcare needs, from cardiovascular disorders to cataracts, pregnancies, and cancer diagnoses. Patient safety remains paramount, driving advancements in equipment and lease offerings. The market also addresses global health challenges by providing solutions to low- and middle-income countries (LMICs), emphasizing import regulations and in-house manufacturing standards. Segmentation analysis ensures tailored leasing options for medical imaging equipment, surgical instruments, patient monitoring, and durable medical equipment.
Also, the market is witnessing significant growth, driven by factors such as the increasing demand for advanced medical equipment, rising healthcare expenditure, and the need for cost-effective leasing solutions. Entities like EMBO Reports, Centers for Medicare and Medicaid Services (CMS), and the American Hospital Association play crucial roles in shaping industry standards and regulations. Companies like Sizewise Rentals and Stonebriar Commercial Finance offer leasing options for various medical equipment to address Healthcare Equipment Obsolescence and cater to the diverse needs of healthcare providers.
Furthermore, with Cancers and other chronic diseases on the rise, there's a growing requirement for state-of-the-art medical equipment such as CT Scanners and PET/SPECT machines. The Affordable Care Act has also spurred demand for leasing solutions, especially among Radiology/Medical Imaging Centers, Clinics & Physician Offices, and Clinical & Research Laboratories. As technological advancements like Artificial Intelligence and 3D Printing continue to revolutionize healthcare, leasing options for Surgical & Therapeutic Equipment and Durable Medical & Storage/Transport solutions become increasingly vital. Additionally, Imports and equipment from In-house Manufacturing Companies contribute to the dynamic landscape of the life sciences equipment leasing market, offering a wide array of choices for lessees.
Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.7% |
Market Growth 2024-2028 |
USD 685.99 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.63 |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agilent Technologies Inc., American Capital Group Inc., Avtech Financial Group of companies, Commercial Finance and Leasing Cardiff Bank Inc., Crestmont Capital LLC, CSC Leasing Co., Danaher Corp., Excedr Inc., GeNESIS Commercial Capital, GenTech Scientific LLC, Olympus Corp., Peoples Bancorp Inc., Rabobank Group, Royal Bank of Canada, Scientific Equipment Source Inc., Siemens AG, STINSON LLP, Sun South Equipment Leasing Inc., Thermo Fisher Scientific Inc., and Waters Corp. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Market Segmentation by Type
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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