Over two thirds of the top 40 medical equipment manufacturers in the world have seen demand for asset finance increasing over the past two years, according a poll by Siemens Financial Services.

The remainder of respondents had seen requests for medical equipment finance remain consistent over the past two years with no drop in demand.

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The overall penetration rate of asset finance in global medical equipment sales grew by an annual average of 6.9%, with over 60% saying it would continue to rise over the next two years.

Respondents put the average projected penetration rate rise at 3% per annum, with a predicted 7% rise in the total growth of the medical equipment market, meaning the providers put the overall growth in the adoption of asset finance at 10% year-on-year.

Although Siemens did not reveal specific figures, respondents said demand was particularly strong from Chinese hospitals with less than 500 beds, with strong demand also coming from southern and eastern Europe, the middle East and Turkey, South America as well as from private sector hospitals in Russia and India.

The report noted that in emerging economies healthcare systems are under pressure due to rapid infrastructural growth and are turning to finance to avoid taking on alternative levels of debt.

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The report said that western healthcare systems are turning to asset finance due to increased pressure from capped or reduced budgets in the face of growing demand. According to Siemens finance is being used to spread payments and avoid large upfront costs.

57% of those questioned reported an increasing demand for tailored financing for healthcare organizations to acquire new equipment.

Similarly, 64% observed an increasing amount of customers applying ‘total cost of ownership’ methodologies in equipment acquisition evaluation. Siemens said this reflected recognition that other costs such as service, maintenance and energy consumption.

Chris Wilkinson, head of sales for Healthcare and Public Sector for SFS in the UK said; "Using sustainable financing techniques such as asset finance, healthcare organisations can afford essential equipment upgrades and replacement to deliver better diagnoses and improved health outcomes despite budget pressure."