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Voluntary Health Organizations: Market Insights and Trends for 2024
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According to The Business Research Company's, The voluntary health organizations market size has grown strongly in recent years. It will grow from $43.73 billion in 2023 to $46.25 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to public health awareness, fundraising and donations, disease-specific focus, research and advocacy.
The voluntary health organizations market size is expected to see strong growth in the next few years. It will grow to $57.13 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to pandemic preparedness and response, digital engagement, aging population, telemedicine and digital health. Major trends in the forecast period include digital engagement, telehealth and remote support, mental health focus, collaboration and partnerships.
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Market Drivers and Trends:
Increased voluntary contributions are expected to drive the demand for the voluntary health organizations market. Voluntary health organizations generate their revenue primarily from voluntary contributions from the general public, which are to be used for general or specific purposes that are connected with health, welfare, or community services. For instance, the total voluntary contributions to UNICEF in 2021 increased to $8,122 million from $7,219 million in 2020. In 2022, UNICEF's total income increased to $9,326 million from $8,122 million in 2021. Therefore, a growing number of voluntary contributions from the general public are predicted to fuel the demand for the voluntary health organizations market growth.
Major companies operating in the voluntary health organizations market are integrating their efforts in introducing online platforms to promote healthcare volunteerism and gain a competitive edge in the market. Online platforms to promote healthcare volunteerism refer to digital platforms that connect volunteers with healthcare organizations and patients in need. These platforms allow volunteers to complete tasks remotely, using the internet from home, work, or public places. For instance, in January 2023, Sigma Xi, a US-based non-profit honor society, launched the Interactive Volunteer Platform, a new online platform that aims to promote volunteerism in the healthcare sector. The platform will give members and volunteers chances to interact and participate in society activities, mentorship opportunities, and chapter events. The new portal is being launched through a partnership with Galaxy Digital, a US-based software company that helps nonprofits track and manage volunteer opportunities and community impact. The platform will also help Sigma Xi members find volunteer opportunities related to health and wellness, such as volunteering at hospitals, clinics, and other healthcare organizations.
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Major Key Players of the Market:
Mercy Ships, American Heart Association, Angelwood Inc., Valley Aids Council, March of Dimes, Amyotrophic Lateral Sclerosis Association, American Lung Association, Muscular Dystrophy Association, Center Industries Corporation, AccessCNY, American College of Cardiology, American Diabetes Association, Arizona Partnership For Immunization, Arc of NEPA, Acadiana Concern For Aids Relief, Mains'l California, Maui Family YMCA, Parkview Huntington Family Young Men's Christian Association, American Cancer Society, Alzheimer's Association, American Red Cross, American Kidney Fund, American Liver Foundation, American Parkinson Disease Association, Arthritis Foundation, Autism Speaks Inc., Cystic Fibrosis Foundation, Epilepsy Foundation, Leukemia and Lymphoma Society, Lupus Foundation of America, National Multiple Sclerosis Society, National Psoriasis Foundation, National Stroke Association, Susan G. Komen for the Cure, Michael J. Fox Foundation for Parkinson's Research
Voluntary Health Organizations Market 2024 Key Insights:
• The voluntary health organizations market size is expected to see strong growth in the next few years. It will grow to $57.13 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Growing Voluntary Contributions Drive Demand For Voluntary Health Organizations Market
• Healthcare Volunteerism Enhanced Through Online Platforms In Voluntary Health Organizations Market
• Asia-Pacific was the largest region in the voluntary health organizations market in 2023
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