MEDICAL CROWDFUNDING MARKET Challenges and Opportunities

Major challenges faced by global medical crowdfunding industry includes lack of consistent regulations and standardization across various crowdfunding platforms. Different countries and regions have implemented varied laws and regulatory frameworks like, The Jobs Act (jumpstart our business startups act) to monitor the fundraising activities for medical treatments and expenses. This leads to confusion and complexities for donors as well as patients seeking cross-border crowding funding. Moreover, there are no set guidelines and standards for crowdfunding platforms to verify the identity of patients or ensure proper usage of collected funds.

Market Opportunity- Expansion of digital platforms facilitating easier access to crowdfunding

Major opportunities in the global medical crowdfunding market includes expansion of digital platforms that facilitate access to crowdfunding. With growing penetration of internet and smartphones, there is a continual surge in the number of people accessing crowdfunding campaigns online. Several new platforms are entering the market with user-friendly interfaces and payment options catering to varied customer segments. This enables patients from remote locations to create fundraising campaigns with just a few clicks and receive donations from a global donor network.