Global Voluntary Health Organizations Market Report 2022
New York, 16 Feb. 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Voluntary Health Organizations Global Market Report 2022” – https://www.reportlinker.com/p06229726/?utm_source=GNW
The global voluntary health organizations market is expected to grow from $37.40 billion in 2021 to $40.65 billion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $54.33 billion in 2026 at a CAGR of 7.5%.
The Voluntary Health Organizations market consists of the sale of voluntary health services by entities (organizations, sole proprietorships, and partnerships) engaged in raising funds for health-related research, such as the prevention of disease (diseases heart disease, cancer, diabetes and others), health education and patient services. Only goods and services exchanged between entities or sold to final consumers are included.
The main types of organizations in voluntary health organizations are multilateral organizations, bilateral single government agencies, and nongovernmental organizations. The multilateral organization is funded by three or more nations to work on issues that affect all the countries involved.
The different modes of operation involve online donation and offline donation. The various locations of the organization include national and international.
Asia-Pacific was the largest region in the voluntary health organizations market in 2021. North America was the second largest region in the voluntary health organizations market.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increase in voluntary contributions is expected to drive the demand for the voluntary health organizations market. Voluntary health organizations generate their income primarily from voluntary contributions from the general public, which are to be used for general or specific purposes related to health, welfare, or community service.
For example, total voluntary contributions to UNICEF in 2020 exceeded $7 billion. The public sector, including government, intergovernmental, inter-agency partners and global program partnerships, contributed the largest share, $5.45 billion, to UNICEF in 2020. As a result, an increasing number of contributions volunteers from the general public should fuel demand. for the voluntary health organizations market.
High administrative costs associated with voluntary health organizations are limiting the growth of the voluntary health organizations market. Voluntary health organizations need funds to keep their organization running.
One percent of the amount received through funding is spent on staff, IT services (associated with appropriate infrastructure and operations), building utilities, legal services, other office supplies, and maintenance. Each organization allocates one percent to administrative costs.
According to the April 2019 Center for American Progress press release, in the United States, administrative expenses of nonprofit institutions accounted for 25% of the institution’s total expenses. However, in some cases, high administrative costs indicate fraud or wasteful spending. expenses of certain organizations.
Most donors would rather their philanthropic giving go directly to an organization’s core mission, rather than administrative expenses, and such high and unwarranted expenses would affect their willingness to donate. Therefore, the high administrative costs associated with voluntary health organizations are likely to hinder the growth of the voluntary health organizations market.
The introduction of online fundraising is gaining popularity in the voluntary health organization market. Major players operating in the industry are focusing heavily on introducing digital philanthropy which is widely favorable among donors (and the non-profits they support).
For example, according to 2021 fundraising statistics, 60% of millennials donate an average of $481 to NGOs, while online donations accounted for 14.1% of all donations received by nonprofits. In 2020, online donations are expected to increase by 21%. Facebook fundraisers accounted for 1.3% of all nonprofits’ online revenue. In 2020, Facebook fundraising revenue grew by 14%.
In August 2020, Cone Health, a nonprofit healthcare network serving residents of Alamance, Forsyth, Guilford, Randolph, Rockingham and surrounding counties, planned to merge with Sentara Healthcare. With the merger of Sentara Healthcare , Cone Health plans to create a combined organization with a unique values-based approach that aims to keep people healthy and healthy, while providing high-quality, accessible and affordable health care in more ways and more places.
Sentara Healthcare is an American not-for-profit healthcare system corporation operating in North Carolina and Virginia, with 12 hospitals, ambulatory care centers, imaging centers, and more.
Countries covered in the Voluntary Health Organizations market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea , the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06229726/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001