Medical Crowdfunding Services Market
Medical Crowdfunding Services Market
The market for Medical Crowdfunding Services was estimated at $4.62 billion in 2023; it is anticipated to increase to $9.3 billion by 2030, with projections indicating growth to around $15.3 billion by 2035.
Global Medical Crowdfunding Services Market Outlook
Revenue, 2023 (US$B)
Forecast, 2033 (US$B)
CAGR, 2023 - 2033
The market for Medical Crowdfunding Services is expanding due to increasing healthcare expenses and insurance coverage compelling individuals to explore other financial avenues for medical bills payment. As of 2023 the market was estimated to be worth around USD 4.6 billion with forecasts indicating a surge to USD 9.3 billion by 2030 and USD 15.4 billion, by 2035 showing a Compound Annual Growth Rate (CAGR) of 10.5%.
Medical crowdfunding platforms offer a way for individuals and groups to gather assistance for medical costs like urgent treatments and expensive procedures using online tools.It helps make financial aid more accessible, to those dealing with healthcare expenses.
Market Key Insights
- The Medical Crowdfunding Services market is projected to grow from $4.6 billion in 2023 to $12.5 billion in 2033. This represents a CAGR of 10.5%, reflecting rising demand across Reward-Based Crowdfunding, Equity Crowdfunding and Donation-Based Crowdfunding.
The market leaders in this sector include GoFundMe alongside Kickstarter and JustGiving which determine the competitive dynamics of the industry.
- U.S. and UK are the top markets within the Medical Crowdfunding Services market and are expected to observe the growth CAGR of 7.7% to 11.0% between 2023 and 2030.
- Emerging markets including Brazil, South Africa and Philippines are expected to observe highest growth with CAGR ranging between 10.1% to 13.1%.
The Medical Crowdfunding Services market will experience a $1.1 billion growth boost through 2030 because of the emerging community-based crowdfunding models.
- The Medical Crowdfunding Services market is set to add $7.9 billion between 2023 and 2033, with service providers targeting Long-Term Treatment Costs & Transplant Surgeries Application projected to gain a larger market share.
- With Rising healthcare costs, and Limited access to health insurance, Medical Crowdfunding Services market to expand 171% between 2023 and 2033.
Opportunities in the Medical Crowdfunding Services
Some websites are looking into subscription based plans that enable donors to make recurring contributions to healthcare initiatives to ensure financial backing.
Growth Opportunities in North America and Asia-Pacific
North America Outlook
In North America, medical crowdfunding sector takes the lead due to healthcare services and robust internet connectivity alongside broad awareness of crowdfunding platforms The service providers, in this region emphasize incorporating subscription models and improving data security measures.
Asia-Pacific Outlook
The Asia Pacific region is seeing a surge in crowdfunding platforms due to the escalating costs of healthcare and the widespread use of the internet, on the rise; providers are focusing on enhancing accessibility and forming local partnerships to expand their reach in developing economies.
Market Dynamics and Supply Chain
Driver: Rising Healthcare Costs, and Growing Awareness of Crowdfunding Platforms
The lack of health insurance in certain areas has also led to a rise in the need, for medical crowdfunding to assist with essential healthcare costs.
Restraint: Unpredictable Funding Outcomes, and Privacy and Data Security Concerns
Users are worried about the privacy and security of their medical and financial details when dealing with such information, on crowdfunding websites.
Opportunity: Expansion in Emerging Markets and Focus on Medical Research Funding
Crowdfunding for research is becoming more popular as it provides researchers with an additional funding option and expands the reach of healthcare crowdfunding initiatives.
Challenge: Dependence on Social Media Reach
Supply Chain Landscape
Crowdfunding software
Payment processing systems
GoFundMe
Kickstarter
JustGiving
YouCaring
MedStartr
StartSomeGood
Crowdfunding software
Payment processing systems
GoFundMe
Kickstarter
JustGiving
YouCaring
MedStartr
StartSomeGood
Applications of Medical Crowdfunding Services in Reward-Based , Equity & Donation-Based
Reward based crowdfunding provides incentives to donors in return for their contributions. Is commonly used in areas such as medical research and charitable initiatives. Platforms like GoFundMe and Kickstarter support these approaches, for raising funds in the healthcare sector.
Donation based crowdfunding enables people to contribute funds to individuals or families in need of medical treatments without seeking any form of compensation in return. Platforms like JustGiving and You Caring are well known for hosting fundraisers, for medical purposes.
Raising funds through equity crowdfunding entails offering shares in research or health focused startups to attract investors keen on supporting advancements in healthcare innovation specifically catered for by platforms, like MedStartr and StartSomeGood.
Recent Developments
GoFundMe launched a feature that enables supporters to set up regular donations, for medical fundraising initiatives.
JustGiving introduced a program to improve the protection of personal medical and financial data for its users, on the platform.
MedStartr broadened its equity crowdfunding offerings to support an array of healthcare startups that concentrate on medical research and innovation.