The Future Of Medical Value Travel In India looks Promising.
Over the past ten years, India has established a reputation for offering medical tourists from all over the world high-quality care at reasonable prices. It is now one of the factors luring individuals to seek health care and wellbeing from all over the world. However, the number of medical tourists has decreased because of the COVID-19 pandemic’s travel limitations. According to the Tourism Ministry, India had a decline of 79.4% from 2010 to 2020. According to market research, in 2022, demand is expected to expand at a strong 19% compound yearly growth rate.
Following COVID-19 restrictions and lockdowns, health and medical Value tourism have returned to India after a two-year hiatus, showcasing the world-class capabilities of the countries’ health and medical infrastructure, talented doctors, and accessibility to top-tier medical institutes because of favorable exchange rates. The country is a popular choice for medical Value tourism because of its cost effectiveness and accessibility of trained workforce. Given the high volume of elective procedures in this market and the possibility of high demand, it might rise more quickly than domestic revenues in the current year. Watch More: Top Forex Signals 2023
Cosmetic surgery, cardiology/cardiac surgery, orthopaedics, bariatric surgery, fertility therapy, organ transplantation, dentistry, and diagnostics are the primary medical specialties for which patients seek treatment overseas. Every year, an estimated 1.40 crore individuals go to various nations for better medical care. According to data from the Indian Institute of Public Administration, 697,453 medical tourists travelled to India for medical treatment in 2019 alone, prior to the COVID-19 epidemic, and by 2023, India would have 6% of the worldwide market share for medical value tourism. In the upcoming years, it is anticipated that their numbers would increase quickly.
In the upcoming years, medical tourism will likely increase for the following reasons:
- Currently valued at $6 billion, the Indian medical Value tourism sector is anticipated to grow to $13 billion by 2026.
- From 2020 to 2027, the medical industry is anticipated to expand at a CAGR of 21.1%.
- A cardiac operation in India costs between $3,000 and $6,000 compared to between $40,000 and $60,000 in the United States.
- In the organized tertiary and quaternary sector, medical value travel may increase from 12 to 15%.
In addition to its primary source nations in West Asia and Africa, as well as its neighboring areas, India also has the potential to draw patients from wealthy nations. This is mostly due to the fact that the country has the exceptional distinction of having access to all super-specialties, including organ transplantation. The physicians, nurses, and other medical professionals in India are skilled, and the country’s cutting-edge infrastructure is on par with the best in the world. Since many doctors received their medical training abroad, a language barrier is rarely an issue while working with patients from other countries. Excellent diagnostic and imaging services are offered in India, and they are also priced between tenths and fifteenths of what they would be in the USA.
Over 35 hospitals across the country are JCI-accredited, which guarantees high standards of quality, safety, and conformity to international standards. Within the next several years, India has a great chance to overtake the United States as the top international destination for medical tourism because of its value offering of skilled medical professionals, first-rate facilities, and top-notch outcomes.
Significant expenditures are required to make the healthcare sector appealing to foreign patients if the country is to become the leading medical tourism destination. Selling Indian health insurance to foreigners is another opportunity that has to be taken advantage of since it has the potential to bring $9 billion more in patient influx to India. Arriving medical tourists often follow a pattern of picking Delhi, Mumbai, Chennai, Bangalore, Hyderabad, and Kolkata as their destinations. According to reports, Kerala manages about 5-7% of the incoming international patients, whereas Chennai gets about 15%.
The introduction of “Heal in India” is a positive development that will help the medical Value tourism industry. This program is in keeping with our shared goal of delivering high-quality patient care and is a terrific illustration of how public-private partnerships may work to enhance the delivery of healthcare in India.
With a projected market size of over $9 billion in 2019, India has positioned itself as the fifth-largest international destination for medical value travel. However, encouragement and new program that promote the medical value tourism industry will go a long way toward assisting in its recovery following the COVID-19 outbreak.
We firmly think that the country, due to the value proposition of competent physicians, first-rate infrastructure, and high-quality outcomes, has a significant potential to become the top worldwide destination for medical tourism within the next few years. The medical Value tourism sector has fully recovered thanks to the Indian government’s “Heal in India” initiative and is undoubtedly poised for historic expansion.