Global Medical Crowdfunding Services Market Outlook
Revenue, 2023
$4.6B
Forecast, 2033
$12.5B
CAGR, 2024 - 2033
10.5%
The Medical Crowdfunding Services industry revenue is expected to be around $5.6 billion in 2024 and expected to showcase growth with 10.5% CAGR between 2024 and 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.
- GoFundMe, Kickstarter, JustGiving are among the leading players in this market, shaping its competitive landscape.
- 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%.
- Transition like Rise of Community-Based Crowdfunding Models is expected to add $409 million to the Medical Crowdfunding Services market growth by 2030.
- 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 also 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
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.
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
01
Driver: Rising Healthcare Costs, and Growing Awareness of Crowdfunding Platforms
The rising costs of healthcare lead people and families to turn to crowdfunding platforms for financial assistance. This makes medical crowdfunding an option. The popularity of crowdfunding for purposes has also grown significantly due to platforms actively promoting campaigns and reaching a broader audience. This has also led to an increase, in donors supporting healthcare initiatives.
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.
02
Restraint: Unpredictable Funding Outcomes, and Privacy and Data Security Concerns
Achieving success, in crowdfunding for purposes is uncertain; fundraisers may fall short of their financial targets resultin individuals being left without sufficient funds.
Users are worried about the privacy and security of their medical and financial details when dealing with such information, on crowdfunding websites.
03
Opportunity: Expansion in Emerging Markets and Focus on Medical Research Funding
In developing countries medical crowdfunding is on the rise due to increasing healthcare expenses and higher internet usage leading to accessibility, through online platforms.
Crowdfunding for research is becoming more popular as it provides researchers with an additional funding option and expands the reach of healthcare crowdfunding initiatives.
04
Challenge: Dependence on Social Media Reach
Crowdfunding campaigns effectiveness frequently hinges on the extent of their social media outreach. This can pose a challenge, for those lacking an online presence or a strong support network.
Supply Chain Landscape
1
Component Suppliers
Crowdfunding softwarePayment processing systems
2
Manufacturers
GoFundMeKickstarter
3
System Integrators
JustGivingYouCaring
4
Service Providers
MedStartrStartSomeGood
1
Component Suppliers
Crowdfunding softwarePayment processing systems
2
Manufacturers
GoFundMeKickstarter
3
System Integrators
JustGivingYouCaring
4
Service Providers
MedStartrStartSomeGood
Use Cases of Medical Crowdfunding Services in Reward-Based & Equity
Reward-Based Crowdfunding : 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 : 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.
Equity Crowdfunding : 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
The latest advancements in the Medical Crowdfunding Services sector underline the shift towards subscription based models and improved data protection measures. Additionally there is an increased emphasis on expanding equity crowdfunding opportunities for research. These trends reflect the industrys commitment, to funding strategies and ensuring security.
October 2024 : GoFundMe launched a feature that enables supporters to set up regular donations, for medical fundraising initiatives.
August 2024 : JustGiving introduced a program to improve the protection of personal medical and financial data for its users, on the platform.
March 2024 : MedStartr broadened its equity crowdfunding offerings to support an array of healthcare startups that concentrate on medical research and innovation.
Impact of Industry Transitions on the Medical Crowdfunding Services Market
As a core segment of the Core BFSI industry,
the Medical Crowdfunding Services market develops in line with broader industry shifts.
Over recent years, transitions such as Rise of Community-Based Crowdfunding Models and Increased Focus on Corporate Social Responsibility have redefined priorities
across the Core BFSI sector,
influencing how the Medical Crowdfunding Services market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Rise of Community-Based Crowdfunding Models
Local communities are increasingly embracing crowdfunding approaches that rely upon the contributions of community members. This method provides a means of assistance for individuals seeking financial aid, for medical purposes. This industry transition is expected to add $409 million in the industry revenue between 2023 and 2030.
02
Increased Focus on Corporate Social Responsibility
Organizations are showing backing for medical crowdfunding as a component of their corporate social responsibility initiatives. They are urging their employees and connections to donate to healthcare campaigns.