The first few years of the 21st century saw significant expansion in the medical tourism industry across the world. An ever-rising number of individuals are seeking medical services overseas because of the rising cost and varying condition of healthcare in different parts of the globe.
Keeping up with this development, India has become one of the prominent names in the world medical industry. Medical tourism in India has grown at an exponential rate, overtaking many other countries in the South-East Asian region.
Medical tourism industry in India highlights
20% – India’s share in the global medical tourism market.
25% – Hike in the total number of foreigners coming to India seeking medical attention every year.
Rs. 4,261.56 Crore – Revenue generated by the Indian healthcare sector in 2018 from medical tourists.
With an extensive network of public as well as private healthcare centres, manned by teams of highly-qualified physicians, Indian medical industry has witnessed phenomenal growth at a rate of 18% CAGR every year.
The highly competitive market has encouraged the growth of competitive yet quality facilities; according to an international study group, medical tourism in India currently offers the best quality treatment, at the lowest cost available.
The Government of India has also taken several steps to promote this particular industry. Training on medical tourism and relevant guidance for doctors has helped both the doctors and clinics gain the necessary expertise to cater to their patients in a more efficient manner.
Reasons for the growth of Indian medical sector
There are several reasons for the substantial growth experienced in medical tourism in India. India is one of the largest English speaking countries in the world. Communication is one of the most important pre-requisites for medical tourism. Moreover, a healthy exchange ratio and robust infrastructure also ensure affordable yet high-quality treatment.
Affordability is one of the key driving factors of the growth of medical tourism in India. There are hundreds of internationally classified medical institutions in India, boasting certified and experienced professionals for various disciplines.
The cost of treatment at such facilities can drop as low as 70% when compared to foreign facilities. It is largely due to the competition in the Indian medical industry. A large number of newly graduated doctors can invest to start their own medical practice thanks to the availability of credit from various sources. The competition creates scope for better services at an affordable rate.
Implementation of the latest technology –
Indian medical facilities have successfully introduced and implemented the latest in healthcare, helping the nation’s facilities stay at par with their foreign counterparts. From advanced AI-driven diagnostics systems to the latest tech in patient engagement, inventions reshaping the future of healthcare are well implemented throughout the higher end of the Indian healthcare community. The availability of credit facilities also helps doctors benefit from additional financial support to upgrade their existing healthcare setups and bring them at par with global standards.
Personalised care –
Indian SME and MSME sector’s prowess have ensured a strong foothold of private players and start-ups in the medical industry. These small scale organisations usually offer tailor-made medical tourism plans, especially for elderly citizens, offering personalised care. It has seen significant demand in recent years and is predicted to grow by at least 13% by the end of 2020.
Professionals like doctors also benefit from such industries by offering standalone services to medical tourists. The financial shortcoming is usually handled with a loan for doctors, offered by both Government-backed and financial institutions in India.
Non-banking financial companies often disburse these credits at borrower-friendly terms and affordable interest rates. Companies like Bajaj Finserv even provide pre-approved offers that simplify the process of applying for credit and help an applicant save time. Bajaj Finserv provides such offers against both secured and unsecured credits, on personal loan, loan for doctors, home loans, etc. You can check your pre-approved offer by sharing only some essential details online.
Indian healthcare offers a vast range of alternative medicine and natural therapeutic practices. Ayurveda, Yoga, and other natural healing methods are a significant importance of medical tourism in India, drawing a large number of treatment seekers from across the globe every year. Moreover, with Ayurveda becoming recognised as an alternate form of medicine by the WHO, it has become one of the most popular forms of treatment sought by international tourists.
The Indian healthcare industry has recognised the potential and importance of medical tourism in India in the global market. With the introduction of several initiatives by the Government and credit facilities offered by both the public and private sector players, it has been able to strengthen its position as a medical tourism hub in South-Eastern Asia.