Medical Crowdfunding Market Size, Share, Growth and Industry Analysis, By Type (Therapeutic Crowdfunding, Transplant Crowdfunding and Cancer Crowdfunding), By Application (Children, Adults and Elders), Regional Insights, and Forecast To 2032

• 

   Request a Free Sample To Get More Information on this Market

Medical Crowdfunding Market REPORT OVERVIEW

The global medical crowdfunding market size was USD 7.45 billion in 2024 and market is projected to touch USD 21.1 billion by 2032, exhibiting a CAGR of 13.9% from 2024 to 2032. Asia-Pacific is dominating the medical crowdfunding market share in 2024.

Medical crowdfunding services are an emerging alternative source of finance for the healthcare industry. Crowdfunding platforms provide a variety of venture purposes and funding options, including projects that reimburse medical costs, raise money for health initiatives, support medical research, and finance commercial healthy innovation. By increasing market participation, bringing attention to underserved health issues, raising funds, and facilitating access to finance, medical fundings has a positive economic impact on the health industry. These elements fuel the market's expansion for funding. Increasing awareness of medical care is the main factor driving this growth.

COVID-19 Impact: The Market Expanded as People Started Donating to Support those Battling Illnesses.

With the COVID-19 outbreak, the market for medical donations significantly expanded, particularly medical funding to support and aid those battling the pandemic. For instance, Facebook created "Facebook fundraiser" in April 2020 as a forum for people to gather money for charitable causes to support people with their medical requirements during the epidemic.

LATEST TRENDS

"Increase in Online Donations Promoted Organizations to Invest in Security for Safe and Secure Transactions"

According to a recent development in the medical crowdfunding sector, donations are now being made through methods other than bank transfers or credit cards. A few medical crowdfunding platforms noticed a 150% increase in UPI-based transactions in 2021. A safe and secure transaction process is proven to be a powerful motivator for donations from throughout India. It is crucial for all platforms to uphold the greatest level of security in light of this change in payment methods. To ensure that transactions are safe and secure, these platforms use SSL encryption and collaborate with the top payment gateways in India and overseas.

Medical Crowdfunding Market SEGMENTATION

• By Type

Based on type, the market is distributed into Therapeutic Crowdfunding, Transplant Crowdfunding and Cancer Crowdfunding

• By Application

Based on application, the market is divided into Children, Adults and Elders.

DRIVING FACTORS

"Use of Internet Portals and Rise of Illnesses has Promoted this Sector to Support People who Struggle Financially and are Unable to Treat Themselves"

The rise in illnesses such as cancer and need for organ transfer are some of the main forces behind the worldwide medical crowdfunding sector since it helps to support people who are struggling financially and who are unable to treat oneself because they lack the resources. Medical organizations are looking forward to raising money using internet portals and software, notwithstanding the rise in the usage of social networking sites. For those in the medical crowdfunding market, this element is anticipated to offer considerable growth

"Free Social Media Promotion Helps to Raise the Required Money to Help Individuals Without Having to Spend Money on Advertisements"

Another reason fueling the rise of the crowdfunding industry is free social media promotion. Therefore, a continuous campaign can accomplish more than just raise the required funds. These commercials are reasonably priced and can reach several networks immediately. The usage of social media platforms by many medical donation projects makes it easy to monitor referral traffic to the websites. Social media therefore enables people to give money to those in need without having to pay for advertisements, which is likely to boost the expansion of the worldwide medical crowdfunding industry over the course of the forecast period.

RESTRAINING FACTORS

"Rising Concerns about Frauds and Scammers is Anticipated to Hinder the Market Expansion"

During the anticipated period, the medical crowdfunding market growth is anticipated to be hindered by the rising concerns about fraud or scammers. Online fraud and scam incidents have increased in recent years. Online thieves defraud people of their hard-earned money under the pretense of collecting donations from kindhearted individuals in the name of helping some great cause. People are becoming more cautious and fearful with their money as a result of the increase in these types of cases, and they occasionally refuse to donate to these campaigns because they believe the person in charge will not actually assist those in need but will instead use the funds for personal gratification.

• 

   Request a Free Sample To Get Analysis on Major Geographic Market
•  

Medical Crowdfunding Market REGIONAL INSIGHTS

"Asia Pacific to Lead the Market due to the Growing Demand for Crowdfunding in the Region"

Asia Pacific would hold the largest medical crowdfunding market share throughout the anticipated period. The region's countries, China and India, where the demand for fundings is at an all-time high, are to blame for this. Because a large portion of the population in India is from the labor class and cannot afford to pay for their own care in the event of major illnesses, they rely on the funds that organizations in India set up to assist these individuals in need. In addition to this, a number of organizations have been established that promote initiatives like medical crowdfunding for the treatment of critical illnesses on their social media platforms in addition to focusing on assisting startups and small businesses.

KEY INDUSTRY PLAYERS

"The Major Players of this Sector are Investing in Research and Using Social Media to get More People to Donate"

The international medical crowdfunding industry is moderately consolidated since a few companies control the majority of the market, and there are many other businesses that compete with them. These groups are also making use of social media to their advantage by posting about various initiatives to pique people's attention and ultimately compel them to donate to support various causes, all the while incurring minimal advertising costs. In order to avoid experiencing threats of being robbed while making online transactions , they are also investing in safety. Additionally, they are spending money on research in order to assist people and maintain their business.

LIST OF TOP Medical Crowdfunding COMPANIES

• GoFundMe (U.S.)
• Ketto (India)
• ImpactGuru (India)
• FundRazr (Canada
• MedGift (U.S.)
• CoFund Health (U.S.)
• Milaap (India)
• JustGiving (U.K.)
• Plumfund (U.K.)
• WATER DROP (Austria.

REPORT COVERAGE

This report covers the medical crowdfunding market. The CAGR expected to be in during the forecast period, and also the USD value in 2021 and what it is expected to be in 2031. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.