Cancer Fundraising Landscape in India Unveiled by CarePal Group: Crowdfunding and Loans Provide Essential Support for Cancer Patients Nationwide in 2024

CarePal Group Unveils State of Cancer Fundraising Report 2024

In a significant move towards addressing the financial challenges associated with cancer treatment in India, the CarePal Group has released its State of Cancer Fundraising Report 2024. The comprehensive report focuses on medical crowdfunding, healthcare loans, and health insurance.

According to the report, cancer remains one of India's most financially burdensome diseases, with advanced treatments costing up to Rs 50 lakhs. The report highlights that over 600 million middle-class Indians have no health insurance, and the majority of the 300 million insured individuals have plans covering less than Rs 5 lakhs.

CarePal Group's solutions aim to help patients and families manage these financial challenges. The organisation offers targeted health insurance and protection packages through CarePal Secure. In addition, CarePal Money can disburse loans up to Rs. 25 lakh, including at 0% interest, to help cover the high costs of cancer treatment.

The report also reveals that medical inflation is a concern addressed by CarePal Group's integrated healthcare financing ecosystem. The CarePal Group's approach integrates crowdfunding, lending, and insurance in a first-in-the-world approach for cancer care.

The top 100 highest-funded cancer campaigns on Impact Guru in FY2024 raised an average of Rs. 10 lakhs. Over 30% of the funds raised on the platform in FY2024 supported cancer patients. 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.

The report emphasises a collaborative ecosystem involving patients, donors, hospitals, and financial partners. Tamil Nadu saw a remarkable 45.7% growth in donation amounts. Mumbai emerged as the top contributor to cancer donations, followed by New Delhi, Bengaluru, Hyderabad, and Chennai.

Patients aged 36-60 years received 39.7% of the donation value. Advanced cancer treatments like Proton Therapy and CAR-T Cell Therapy can cost beyond Rs. 20 lakhs and Rs. 40 lakhs respectively. Rs. 18 lakh was provided to co-borrowers for Proton Therapy through CarePal Money.

The CarePal Group's goal is to make critical and elective healthcare treatments accessible and affordable to every household in India. The full report can be viewed at State of Cancer Fundraising Report_CarePal Group.pdf. For more information, visit the CarePal Group's website at www.carepalgroup.com.