INTRODUCTION
India in recent years has emerged as a major hub for medical tourism and is now considered among the top 6 medical value travel destinations in the world.
Medical Tourism or Medical Value Travel refers to the industry where international patients travel across the border for medical, cosmetic, or wellness treatments. India in recent years has emerged as a major hub for medical tourism and is now considered among the top 6 medical value travel destinations in the world. Its rapidly growing medical tourism industry has put Delhi, Chennai, Mumbai, and Kochi on the globe for millions of people across Asia and Africa, who turn to these cities for all their surgical needs. The unrivaled knowledge, top-notch doctors, extensive experience, and premier hospitals enable it to dominate the Indian medical tourism market. The patient can receive affordable treatment packages in India.
MEDICAL TOURISM SCENARIO IN INDIA 2023
The medical tourism market in India is expected to reach INR 2,670.37 Bn by 2027, expanding at a CAGR of ~34.92% during the 2023 – 2027 forecast period. India has become a center for medical tourism due to well-trained medical staff and doctors, access to cutting-edge medical equipment, and reasonably priced medical care.
2023 is expected to be a booming year for medical tourism. Pent-up demand, inflation increasing the cost of treatments in Western countries driving more patients from India are key factors because of which this sector is expected to grow 21 percent in 2023.
In addition, the government’s initiatives of accrediting Ayush centers and launching Ayush visas will further boost India’s medical tourism sector in the wellness space which is seeing a global revival. Another noticeable trend is the increased demand for IVF treatments from India, which has seen unprecedented demand. Fertility issues are widespread across the developed world and more couples are now opting for IVF to make up for treatment gaps.
To add momentum to all these growth factors, the Indian government is expected to launch its Heal in India campaign in 2023, allocating over 2000 crores in budgets under the champion service sector to promote medical tourism to India and scale it from $6 billion currently to $13 billion by 2025.
WHY INDIA IS FAMOUS FOR MEDICAL TOURISM?
One of the most critical factors is low-cost treatment by esteemed hospitals in India. People usually look for similar treatment in nations that can provide it at a lower cost. Apart from that, in some countries, obtaining a visa requires a lengthy process. India is consistently working to simplify and improve the process allowing more international medical tourists to visit the country and has some of the best hospitals in the world.
Due to the low-cost treatments available in India, it ranks at number 7 amongst the 20 wellness tourism markets with over 560 lakhs trips made to India for medical value tourism generating 16.3 billion USD in revenue. It also ranks at number 3 in wellness- focused countries in the Asia Pacific. The low cost of medical treatments is the primary factor in attracting tourists from around the globe.
COST OF HAIR TRANSPLANTATION IN DIFFERENT COUNTRIES
The graph compares the cost of Hair Transplant Treatment in different countries. It shows that India has one of the lowest costs, thus making it one of the most affordable places for medical treatments.
COST OF STEM CELL TRANSPLANTATION IN DIFFERENT COUNTRIES
The graph compares the minimum & maximum cost treatment of Stem Cell Transplant in USA, India & Turkey. It depicts that India has become a popular destination for medical tourism due to its low-cost treatment options and quality medical care.
LEADING HEALTHCARE COMPANIES
India has many medical tourism companies operating 24*7 to provide services to medical tourists. Some of the best medical tourism companies are :
1.Vaidam, Gurgaon
2. Clinicspots, Mumbai
3. We Care Health Services, Mumbai
4. ARINAA Medical Tourism, Chennai
5. Mediniq, Bangalore
6. Alphine Life Solutions, Mumbai
7. MediConnect India, New Delhi
8. TransEarth Medical Tourism, Mumbai
9. Health Opinion, Tamil Nadu
10. Anavara, Chennai
Source: Clinicspots.com
WHAT TREATMENTS DO INTERNATIONAL PATIENTS PREFER FOR MEDICAL TOURISM IN INDIA?
India is doing exceptionally well in the following sectors-
- Oncology treatments
- Organ transplants
- Dental procedures like veneers, dental implants, dentures, maxillofacial surgeries
- Cosmetics and Plastic surgery procedures like hair transplants, liposuction, rhinoplasty, and another skin related issue
GOVERNMENT INITIATIVE TO SUPPORT MEDICAL TOURISM IN INDIA
- Chennai: One of the most well-liked locations in India for receiving medical care. According to research by the Confederation of Indian Industries, almost 40% of patients choose Chennai because of the city’s high standard of care. Chennai, the “health capital of India,” sees foreign patients annually for hip replacements, eye surgeries, cardiac bypasses, bone marrow transplants, and alternative medical procedures.
- Mumbai: It is the city with India’s fastest expanding medical tourism industry, and is home to several super specialty hospitals as well as a Research and Diagnostic Center for orthopedic and weight reduction procedures. Mumbai is also well-known for its Ayurvedic therapies and cosmetic surgery.
- New Delhi: Numerous outstanding private hospitals, including ones that offer packages for general surgery, eye surgery, heart care, and neurosurgery to foreign patients, can be found in the nation’s capital.
- Ahmedabad: Ahmedabad is another Indian city that is gradually rising to prominence as a center for medical tourism seeking treatment for Orthopaedic conditions in Ahmedabad because of its hospitals with top-notch amenities.
- Bengaluru: Due to the vast quantity of top-notch medical facilities and specialists among its medical professionals. These are Bangalore medical tourism’s main attractions. There are also doctors in Bangalore who have had advanced training in the West with almost little wait time and quick access to medical care for visitors seeking treatment.
TOP BEST MEDICAL TOURISM HOSPITALS IN INDIA
- Blk-Max Super Specialty Hospital, Delhi
It was established in 1959. It is one of the largest private sector hospitals in Delhi, which spreads over 6,50,000 sq. ft. It has 650 beds, 20 state-of-the-art modular operation theatres, and 125 critical care beds. It is one of Asia’s largest Bone Marrow Transplant Centre.
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Primus Super Specialty Hospital, Delhi
It was established in 2010. It has a bed capacity of 130. The hospital focus on treating brain tumors, as well as tumors in the head and neck, epilepsy, movement disorders, cranial nerve dysfunction syndromes, peripheral nerve injuries, pain, and more.
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Apollo Hospitals, Bangalore
It was established in 1983. It is a 250 bedded hospital, located in the heart of the capital. The hospital is equipped with state-of-the-art technology making it a powerhouse of healthcare in Bangalore.
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Narayana Institute Of Cardiac Sciences (NICS), Bangalore
It is a JCI and NABH-accredited heart hospital situated in NH Health City Bangalore. It was established in 2000. This super specialty flagship cardiac hospital of Narayana Health is one of the largest in the world and is equipped with 16 dedicated Cardiac Operation Theatres and 6 Digital Cath Labs of which one is a Hybrid, capable of performing both interventional cardiac procedures as well as complex heart surgeries. It specializes in complex cardiac surgeries & other cardiac procedures such as Pulmonary Endarterectomy for chronic pulmonary embolism, Aneurysm repairs, and Electrophysiology.
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Global Hospitals, Chennai
It was established in 1999. It has a bed capacity of 200 along with 13 Ots. It is one of India’s most renowned multi-organ transplant centers. It’s also one of the top tertiary care multispeciality hospitals in the city with path-breaking Liver, Neuro, Heart, Lung, and Kidney procedures.
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Apollo Hospital, Ahmedabad
It was established in 1983. It is situated in the heart of the Gujarat state, is spread over 10 acres, and has a built-up area of over 440000 square feet. Currently, the hospital has 300+ beds with a capacity to expand to 400 beds. The Hospital focuses on centers of excellence like Cardiac Sciences, Neuro Sciences, and Orthopaedics including Knee Replacement, Hip Replacement, and Spine Surgery.
Source: Mediniz
CONCLUSION
India has the potential to become a leader in the medical tourism industry, offering affordable, high-quality healthcare services to patients from around the world.
However, it must address the key problems and provide solutions to attract more medical tourists. By adopting a niche marketing approach, providing alternative medicine, and offering excellent customer service, India can achieve its vision of becoming the most trusted and affordable healthcare provider of high quality.
Medical tourism to India started in the early 2000s when healthcare started seeing corporate chains like Apollo, Fortis, and Max Group emerge to serve Indian and foreign patients. Two decades on, India’s healthcare brand is established worldwide and the sector is now getting much-deserved government support.
Above is the superficial and macro level study if you need a refined market and financial feasibility or any other study related to healthcare required you can contact us: Hospaccx healthcare business consulting Pvt. Ltd on hospaccx.india@gmail.com. Or you can visit our website on www.hospaccxconsulting.com
