Medical Patient Financing in the US - Industry Market Research Report

Medical Patient Financing

The Medical Patient Financing industry exhibits a low degree of market share concentration, with the three largest participants, Synchrony Financial's CareCredit, Citigroup Inc. and Wells Fargo & Company accounting for less of the market each year as a greater number of operators enter the industry amid heightened demand. Most industry activity is conducted by several small financing companies that operate on a regional or local basis.

Economic growth drives revenue

• The largest industry operator, Synchrony Financial, participates in the industry through its CareCredit business. CareCredit is the leading provider of financing to consumers for elective healthcare procedures or services, such as dental, veterinary, cosmetic, vision and audiology. Previously a part of the General Electric (GE) Capital business, the company was spun off in 2014 as a result of GE's strategic plan to streamline its operations. Revenue has risen steadily during the period due to increased demand for loans for elective healthcare procedures, stemming from economic growth and higher disposable income.

Consolidation boosts revenue

• Over the five years to 2019, large industry players have worked to achieve a greater market share through substantial mergers and acquisitions. Most notably, CareCredit, the industry-relevant subsidiary of Synchrony Financial, acquired the Citi Health Card portfolio in February 2017, an acquisition that included 14,500 providers and 110,000 consumer accounts. At the time of the merger, the Citi Health Card portfolio was the third-largest industry operator, widely boosting Synchrony Financial's market share and, thus, revenue.

Interest rates and quality drive internal competition

• Large and small operators compete on the basis of interest rates, network size, promotional offerings and customer service. Smaller, less-established companies typically offer financing to more risky clients in an attempt to expand their customer base. The quantity and quality of promotional offerings varies depending on the size of a medical financing company. Larger companies are able to offer better promotions and lower default fees because they can take advantage of economies to scale. More established companies also often have an edge in network size because they have been able to get more medical professionals under contract.

This industry includes companies that are primarily engaged in extending credit facilities to consumers to cover healthcare costs and related expenses. Financing can be provided for elective and nonelective medical procedures.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.


Synchrony Financial


Industry Definition
Main Activities
Similar Industries
Additional Resources


Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle

Supply Chain
Products & Services
Demand Determinants
Major Markets
International Trade
Business Locations

Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalization


Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance

Industry Data
Annual Change
Key Ratios


Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook