NewsVoir
Mumbai (Maharashtra) [India], April 5: CarePal Group, India's integrated healthcare financing ecosystem released the State of Cancer Fundraising Report 2024, shedding light on the critical role of medical crowdfunding, healthcare loans, and health insurance and protection benefits in bridging the financial gap for cancer treatment in India.
With cancer remaining one of the country's most financially burdensome diseases with advanced treatments that can cost up to Rs 50 lakhs, the report highlights inspiring trends, regional contributions, and innovative solutions driving life-saving care. Unfortunately, over 600mm middle-class Indians still have zero health insurance, and the vast majority of the ~300mm insured individuals (through group health insurance by employers or self-purchased plans) don't have a health insurance plan covering more than Rs 5 lakhs in total costs.
Key Findings from the Report:
* Crowdfunding Impact: Over 30% of the funds raised on Impact Guru platform in FY2024 supported cancer patients.
* Average Fundraise: The top 100 highest-funded cancer campaigns on Impact Guru in FY2024 raised an average of Rs. 10 lakhs, reflecting the incredible generosity of online donors.
* The generosity of Donors: A single donor from Mumbai contributed Rs. 19.59 lakh to a blood cancer patient in Lucknow--the highest individual donation among cancer fundraisers in FY2024.
* Rising Costs: Advanced cancer treatments like Proton Therapy and CAR-T Cell Therapy can cost beyond Rs. 20 lakhs and Rs. 40 lakhs respectively, underscoring the need for alternative healthcare financing.
* Regional Leaders: Mumbai emerged as the top contributor to cancer donations, followed by New Delhi, Bengaluru, Hyderabad, and Chennai. Tamil Nadu saw a remarkable 45.7% growth in donation amounts.
* Age Demographics: Patients aged 36-60 years received 39.7% of the donation value.
Top 100 campaigns: Among the top 100 cancer campaigns that received the most donations, infants (0-3 years) saw the highest average fundraise per campaign at Rs. 19.91 lakh.
* Donation trends: Blood cancer campaigns received the most funds, followed by lung and breast cancer cases.
* Most common fundraisers: Most campaigns were initiated for blood cancer, followed by mouth and breast cancer cases.
Besides, CarePal Money can disburse loans up to Rs. 25 lakh, including at 0% interest, enabling access to advanced treatments. In one case, Rs. 18 lakh was provided to co-borrowers for Proton Therapy.
Piyush Jain, Khushboo Jain, and Vikas Kaul, Co-founders of CarePal Group said, "Cancer is the single largest illness where patients face the highest financial distress. With over 30% of funds raised on Impact Guru going towards cancer treatments, crowdfunding has become a crucial lifeline. By combining community-driven fundraising with 0% interest loans at partner hospitals, we are ensuring that thousands of patients receive access to life-saving treatments without financial barriers. Beyond crowdfunding and loans, CarePal Group also offers targeted health insurance and protection packages through CarePal Secure, providing essential protection against cancer. These solutions help patients and families manage the financial challenges of a diagnosis, offering peace of mind alongside treatment access."
The report emphasizes a collaborative ecosystem involving patients, donors, hospitals, and financial partners. With medical inflation on the rise, Impact Guru and CarePal Group are committed to integrating crowdfunding, lending, and insurance in a first-in-the-world approach to make cancer care accessible for all Indians.
You can view the full report here: State of Cancer Fundraising Report_CarePal Group.pdf
CarePal is an integrated healthcare financing ecosystem combining a medical crowdfunding technology platform (ImpactGuru.com), an insurance and protection solutions marketplace (CarepalSecure.com), and a lending marketplace (CarepalMoney.com). We aim to make critical and elective healthcare treatments accessible and affordable to every household in India. www.carepalgroup.com.
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