Medical crowdfunding refers to the use of online crowdfunding platforms to raise funds from a large number of individuals to finance medical costs through donations. The growing burden of healthcare expenses has driven the adoption of medical crowdfunding as an alternative source of financing treatment costs. Medical crowdfunding allows patients to share their healthcare needs and goals online and receive support from a global network of donors. Key features of medical crowdfunding platforms include setting up personal fundraisers, sharing health updates and milestones, and receiving tax receipts for donations.
Global medical crowdfunding market is estimated to be valued at USD 6.10 Bn in 2024 and is expected to reach USD 14.51 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 13.2% from 2024 to 2031.
Key Takeaways
Key players operating in the medical crowdfunding market include GoFundMe, Impact Guru, Kickstarter, Indiegogo, Fundly, YouCaring, GiveForward, FundRazr, Ketto, Milaap, Classy, Crowdfunder, Crowdcube, MedGift, and Plumfund. GoFundMe dominates the market with the largest user base and a wide range of campaigns supported.
The high costs of medical treatment have led to growing demand for alternate financing options like medical crowdfunding from patients seeking help to pay medical bills. According to the WHO, nearly 100 million people are pushed into extreme poverty due to out-of-pocket healthcare costs each year. Medical crowdfunding offers a solution to meet critical treatment costs.
Technological advancements have enabled the development of digital crowdfunding platforms tailored for medical needs. Features like sharing treatment updates, reminding supporters, and building communities around patients have increased the efficacy of Medical Crowdfunding Market Demand campaigns. Mobile-responsive designs and social media integrations have also aided the growth of medical crowdfunding.
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