Medical Crowdfunding Market Summary
Medical crowdfunding refers to the practice of using online platforms to raise funds for medical expenses. Individuals or families facing high healthcare costs, often due to medical emergencies, surgeries, or ongoing treatment, turn to crowdfunding as a way to collect financial support from a large number of people. These platforms typically allow users to create fundraising campaigns, share their stories, and request donations.
According to the new market research report “Global Medical Crowdfunding Market Report 2023-2029”, published by QYResearch, the global Medical Crowdfunding market size is projected to reach USD 12.59 billion by 2029, at a CAGR of 14.3% during the forecast period.
According to QYResearch Top Players Research Center, the global key manufacturers of Medical Crowdfunding include GoFundMe, Ketto, ImpactGuru, FundRazr, MedGift, etc. In 2022, the global top four players had a share approximately 72% in terms of revenue.
Market Drivers:
Rising Healthcare Costs: Escalating healthcare costs, including expenses related to medical treatments, surgeries, and ongoing care, drive individuals and families to seek alternative sources of funding. Medical crowdfunding provides a platform for people to bridge the financial gap created by high healthcare expenses.
Limited Insurance Coverage: In many regions, insurance coverage may be insufficient or may not cover certain medical procedures, experimental treatments, or alternative therapies. Patients turn to crowdfunding to access funds for treatments not covered by insurance.
Restraint:
Trust Issues: Some potential donors may be hesitant to contribute due to concerns about the legitimacy of the campaigns or how the funds will be utilized.
Campaigner's Personal Network: The success of a medical crowdfunding campaign can be heavily dependent on the size and engagement of the campaigner's personal network. This could be a limitation for those with smaller social circles.
Opportunity:
Flexible Funding Models: Crowdfunding allows for flexible funding models, such as reward-based or donation-based crowdfunding. Campaign organizers can choose the model that best suits their needs and audience.
Global Reach: Medical crowdfunding platforms provide a global reach, allowing individuals to access financial assistance from people around the world. This is especially beneficial for rare diseases or cases where specialized treatments are available in specific regions.
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