MEDICAL CROWDFUNDING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Medical Crowdfunding Market Size and Trends

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.

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Global medical crowdfunding industry is witnessing positive trends due to growing financial needs for medical treatments. High cost of healthcare services and treatments accompanied with lack of universal healthcare forces many people to resort to crowdfunding for financial assistance. Raising funds through crowdfunding platforms helps cover uninsured medical costs or costs not covered by health insurance. The convenience and outreach of online crowdfunding campaigns allows patients to access funds from friends, family and wider communities to pay for medical bills.

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Top Strategies Followed by Global Medical Crowdfunding Market Players

• Established Players- Leading crowdfunding platforms, such as GoFundMe and YouCaring, have significantly enhanced their services through R&D investments aimed at improving user experience and platform accessibility. In September 2023, GoFundMe launched a new AI-driven feature that recommends personalized medical fundraising options, aiming to increase the success rate of medical campaigns.
• Mid-level crowdfunding platforms, such as Fundly and GiveForward, focus on offering budget-friendly services that cater to price-sensitive users. For instance, in April 2023, Fundly launched a feature to lower platform fees for medical campaigns, allowing more funds to go directly to the patients.
• Smaller players in the medical crowdfunding space, like Spotfund and MedStartr, focus on niche markets. MedStartr specializes in raising funds for medical innovations and startup healthcare companies. In June 2023, MedStartr launched a campaign to fund a novel diabetic treatment device, targeting a specific medical community and generating significant support.

Emerging Startups in the Global Medical Crowdfunding Market

Startups like Spotfund and MedStar uses innovative technologies to enhance medical crowdfunding. Spotfund integrated AI-powered donation targeting features in March 2023 to match medical campaigns with likely donors based on historical donation patterns. This innovation is expected to increase the success rates of campaigns by 30%.

Some emerging startups in medical crowdfunding, like MedStartr, focuses on sustainability by supporting environmentally friendly healthcare initiatives. In April 2023, MedStartr hosted a campaign to fund a green medical device manufacturing startup, encouraging eco-friendly products in healthcare.

Emerging startups like MedStartr target specific medical fields, such as rare diseases or innovative treatments. For example, in July 2023, MedStartr raised funds for a startup like CarThera, developing a treatment for rare pediatric cancers. This niche focus has helped connect specialized medical campaigns with a community of dedicated donors.