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Pharmacy benefit management market
ONLINE MEDICAL FUNDRAISING MARKET REPORT OVERVIEW
The Online Medical Fundraising Market size was valued at approximately USD 1 billion in 2023 and is expected to reach USD 3 billion by 2032, growing at a compound annual growth rate (CAGR) of about 12% from 2023 to 2032
Online medical fundraising is a process by which an internet based platform is used to raise the necessary medical funds, treatment or procedure. This strategy utilises the internet’s strength and availability to link patients or their relatives to a wider range of prospective donors. People who are involved in massive medical bills, generally caused by diseases, injuries, or chronic conditions, list online fundraising sites to bail out financially. Websites such as GoFundMe, Kickstarter, or medical funding sites provide tools with which to establish accounts, publish photos and tales, and receive donations from friends, family members and even strangers. These campaigns may include physical characteristics of the condition, medical treatment regimen, and the associated cost estimation, with the hope to attract compassion and sympathy from the online community. Online medical fundraising has emerged as a significant resource for the people who need financial help to foot all their health expenses which are not insured well by their insurance policies or other means.
Online medical fundraising market has showed significant growth in last few years which is mainly because of below-mentioned factors. Primarily, social media and crowdfunding platforms have simplified the global communication processes thus it cannot be hard for individuals or organizations to reach a huge audience and have their friends and followers contribute towards saving lives. This accessibility has levelled up the fundraising process, as now there is no need to have the internet connection to find finances for health care purposes. Additionally, the combination of increasing healthcare costs have exacerbated the problem, efficiently creating demand for alternative funding options. A lot of people face a very serious financial situation caused by a critical healthcare condition, permanent illnesses, or by medical services that are not fully covered by insurance. Online fundraising acts as hope for those experiencing the financial implications that attend diseases whereby they can pay for medical bills, travel for treatment, among other expenses. Other technologies such as secured payment processing and personalized fundraising campaigns have also increased the impact and authority of web-based medical fundraising activities.
COVID-19 IMPACT
"Market Growth increased by Pandemic due to Widespread Lockdown"
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The online medical fundraising market experienced a dramatic increase during the coronavirus pandemic. The strain and the limitation on the traditional health system resulted in individuals seeking financial support from the online platforms for medical costs. The health emergency made many people more aware of their weaknesses in healthcare, leading to the increase of empathy and giving to their neighbours all over the world. Through these online platforms for fundraising, people were able to get over this hurdle that their illness had posed causing a path for others to donate to the affected who would hence support them financially. Consequently, the tendency of working online and digital interaction made the platforms to extend the area of interaction so that individuals could attract yet more attention and support. This substantial increase in online medical fundraising was not only a way to help many patients financially but also an act that the community collectively showed its strength and compassion.
LATEST TRENDS
"Increasing Awareness and Acceptance of Crowdfunding to Drive Market Growth"
The online medical fundraising market witnessed tremendous growth and development throughout the recent time due to several key trends. Firstly, since crowdfunding has proven to be a wide-spread and reliable means for covering medical costs there is more or less a familiarity with it. A growing number of people and households are now resorting to the internet as a source of money to cover their rising healthcare bills as well as healthcare limitations in insurance. Also, the growing social media and digital connectivity makes the internet fund-raising for online medical fundraiser to become stronger and increasing the area covered. The crowd funding platforms like GiveForward, GoFundMe and YouCaring allow people to not just create unique fund raising campaigns, but also share their stories and play the role of an ambassador of their cause on the world platform. In addition, there is a growing fashion towards niche-targeted medical crowdfunding sites for specific medical conditions or for specific communities. These platforms provide individualized assistance, and features of community and group cohesion which comes to persons suffering from the same health conditions. Furthermore, there has been technological advancements like mobile optimization and integration with payment gateways which have made the donation experience between donors and campaign organizers easier and direct.
ONLINE MEDICAL FUNDRAISING MARKET SEGMENTATION
By Type
Based on type the global market can be categorized into Therapeutic Fundraising, Transplant Fundraising, Cancer Fundraising.
- Therapeutic Fundraising: This kind of fundraising is mostly supporting personal medical treatments and interventions for individuals with chronic diseases, disabilities or other traumatic injuries. The raised money is used to pay hospital bills, purchase medications, counselling or relaxation services, and assist with any other relevant expenses.
- Transplant Fundraising: Transplant surgeries such as kidney, liver, heart or bone marrow are among the most expensive types of surgeries. It covers costs such as surgery expenses, preoperative checks, postoperative care, and sometimes long-term drug prescriptions.
- Cancer Fundraising: Financial cancer treatment that includes chemotherapy, radiation therapy, surgeries, and medication can be expensive. Fundraising for cancer patients provides financial aid for treatment, transportation expenses for medical visits, lodging for out-town treatments, and other associated costs.
By Application
Based on application the global market can be categorized into Children, Adults, Elders.
- Children: Children’s fund-raising efforts give donors a straight-to-the-heart motive and they see young lives fighting against diseases. Campaigns for health conditions that mainly target children include cancer, congenital disorders or rare diseases aiming to help families which impacted emotionally and face financial problems.
- Adults: Sometimes adults who have such medical cases as surgery, healing, or ongoing treatment may launch online fundraising to pay for it. It is a general practice for these campaigns to focus on incapacitation of the patients to work and livelihood, which forces friends, family, or strangers to contribute.
- Elders: The elders, particularly those who have limited-income and/or insurance provisions, may require help for paying off the expenses related both to everyday medical care as well as for the more specialized treatments of age-related diseases. Fundraising campaigns for elders typically highlight the vital role of respect and well-being for the aged during this period, and invites assistance from people with similar values and care for the elderly.
DRIVING FACTORS
"Rise of Social Media and Online Platforms to Boost the Market"
The main factor responsible for the online medical fundraising market growth is the rise of online platforms. Social media and online platforms first and foremost have radically altered the process of people communicating and spreading information. These channels create a very versatile tool for people to increase their voices and communicate to an expanded market which includes pals, family and even strangers and get their support for medical cases. The convenience of sharing personal stories and planning affiliate financial campaigns on social media has accelerated the development of medical crowdfunding, encouraging many people to quickly collect the resources and support for their health needs. Consequently, maintaining high-deductible health insurance policies and escalating medical bills has left lots of people to bear significant out-of-pocket expenses. This in turn brings the necessity of looking for other ways of getting money to pay for medical expenditure and cover of unforeseen healthcare costs. Online medical crowdfunding websites are a convenient method of investing in medical help for patients struggling with the costs of medical treatment, thus giving them the capability to embrace the power of community backing.
"Democratization of Fundraising to Expand the Market"
The democratization of fundraising via online platforms has provided a levelled playing field giving the opportunities to the low-income earners to access medical financing for their needs. The fundraising methods utilized in the traditional way usually rely on the already existing networks of wealth and privilege, thus making it difficult to such communities to access funds for their medical expenditures. Nevertheless, online medical fundraising platforms have an open and equal approach, which gives every person of the world the right to communicate with and ask for help from a large audience. Furthermore, emotions featured in medical crowdfunding campaigns create a basis for the accumulation of donations and support. It is the emotional connection that a personal narrative of resilience, bravery, and hope creates between donors and causes they are passionate about that ultimately leads to a donation. Being able to relate on a personal level and realize a tangible difference in someone’s life connects with donors more and as a result they feel compassion profoundly.
RESTRAINING FACTORS
"Regulatory Challenges to Impede Market Growth"
One of the major obstacles for fundraising platforms for medical facilities online is the strict regulatory force which changes with time. Healthcare fundraising regulations are highly diverse depending on region and country, and many times these platforms have to follow strict compliance to ensure transparency, privacy, and adherence to the law. The operators of platforms of different sizes may face challenges when complying with the rules, as well as it can require legal council and compliance of huge resources. Trust is an essential factor in donation-making, particularly when it comes to sensitive matters, such as healthcare. The websites of online platforms must struggle with distrust and persuade donors that their financial support will reach the specified recipients and used for the exact medical purposes.
ONLINE MEDICAL FUNDRAISING MARKET REGIONAL INSIGHTS
"North America Dominating the Market due to Presence of a Large Consumer Base"
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
North America has emerged as the most dominant region in the global online medical fundraising market share due to several factors. The U.S., especially, has some of the most popular medical fundraising web platforms, which are, among others, GoFundMe, Giveforward, and YouCaring (now part of gofundme). These platforms have changed the way individuals seek financial aid for medical expenses. It is now very easy to use, spreads far and wide and there is also a facility for social media sharing. The platform uses powerful storytelling and the social media integration, allowing users to grow their campaigns; their friends, families, and even people from around the world, not only supporting them. Additionally, health insurance gaps and high deductibles in the U.S. contribute to market growth.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
The Online medical fundraising market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in Online medical fundraising, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.
List Of Top Online Medical Fundraising Companies
- GoFundMe (U.S.)
- Ketto (India)
- ImpactGuru (India)
- FundRazr (Canada)
- MedGift (IU.S.)
- CoFund Health (Australia)
- Milaap (India)
INDUSTRIAL DEVELOPMENT
November 2023: Impact Guru Foundation and Sagility India, who are dedicated to easing the healthcare service delivery with affordable costs, are proud to announce the launch of the ‘Thank-A-Nurse Digital Health Program’ in Coimbatore (Tamil Nadu).
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 1 Billion in 2023 |
Market Size Value By |
US$ 3 Billion by 2032 |
Growth Rate |
CAGR of 12% from 2023 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2024 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
|
|
By Application
|
Frequently Asked Questions
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Which is the leading region in the Online medical fundraising market?
The North America is the prime area for the Online medical fundraising owing to the presence of key industry players in the region.
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Which are the driving factors of the Online medical fundraising market?
Increasing digitalization and the rising costs of healthcare are some of the driving factors of the Online medical fundraising market.
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What are the Online medical fundraising market segments?
The Online medical fundraising market segmentation that you should be aware of, which include, Based on type the Online medical fundraising market is classified as Therapeutic Fundraising, Transplant Fundraising, Cancer Fundraising. Based on application the Online medical fundraising market is classified as Children, Adults, Elders.