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

Regional Analysis

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Dominating Region- North America

North America dominates the medical crowdfunding market with an estimated market share of 37.3% in 2024, due to factors such as high penetration of internet and smartphones, ease of online donations, and reliance on crowdfunding platforms for medical funding. The region is also home to some of the leading medical crowdfunding platforms like GiveForward & MedGift in the U.S. that have established a strong presence over the years.

Fastest-Growing Region- Asia Pacific

Asia Pacific region exhibits the fastest growth due to large underinsured population faced with rising medical costs. Countries like China and India have shown a notable increase in campaign success rates as awareness about crowdfunding as an alternate source of funding spreads.

Medical Crowdfunding Market Outlook for Key Countries

U.S.’s Medical Crowdfunding Market Driven by Regulatory Support and Generational Shifts

The U.S. medical crowdfunding market growth is driven by enhanced regulatory support, with recent initiatives from the U.S. Federal Government for improving the legal framework for medical fundraising platforms. For instance, in February 2024, GoFundMe announced it had raised USD 30 billion since 2010, with 150 million users, as younger generations increasingly prefer crowdfunding over traditional charity donations.

U.K.- Rising Investment to Boost Clinical Trials and Medical Crowdfunding

The U.K. has witnessed rapid growth in online medical crowdfunding due to increased fundings. In August 2024, The U.K. government has secured up to USD 507 million in investment to boost clinical trials and accelerate patient access to innovative treatments. On August 28, 2024, the Association of the British Pharmaceutical Industry announced that the funding will be used to create 18 new clinical trial hubs across the U.K., enhancing research infrastructure and improving medicines manufacturing.

Japan- New campaign launches for Patient-Centered Improvements

Japan's medical crowdfunding market growth is driven by new crowdfunding campaign launches. For instance,

in September 2024, Toyama University Hospital launched a crowdfunding campaign to decorate its surgery corridor with cheerful murals to ease patient anxiety before surgery. The crowdfunding initiative was seen as the only viable option to enhance the patient experience.