India has earned a reputation for offering medical tourists from around the world high-quality care at reasonable prices. People from all over the world are presently attracted to it as one of the factors driving them to seek health care and wellbeing. However, the number of medical tourists has decreased as a result of the COVID-19 pandemic's travel restrictions. The Tourism Ministry forecasts a 60% decline in India between 2010 and 2022.
Following a two-year hiatus caused by COVID restrictions and lockdowns, health and medical value travel has resumed in India, showcasing the nation's world-class capabilities in terms of health and medical infrastructure, talented doctors, and accessibility to top-tier medical institutions due to favourable exchange rates. Because of its low rates and accessibility to trained workers, the country is a favourite among medical tourists. Due to the high volume of elective treatments in this market and the potential for high demand, it may grow more swiftly than domestic revenues in the upcoming year.
Cosmetic surgery, cardiology/cardiac surgery, orthopaedics, bariatric surgery, fertility treatments, organ transplantation, dentistry, and diagnostics are the top medical disciplines for which patients fly overseas for care. Every year, 1.40 crore individuals are thought to travel overseas for better medical treatment. According to data from the Indian Institute of Public Administration, 697,453 medical tourists travelled to India for medical treatment prior to the COVID-19 pandemic in 2019, and by 2023, India would have 6% of the worldwide market share for medical value tourism.
The following variables point to an increase in medical value travel during the next years:
- By 2026, it is anticipated that the $6 billion Indian medical value travel market would have grown to $13 billion.
- Between 2020 and 2027, the medical industry is anticipated to expand at a CAGR of 21.1%.
- In India, a cardiac operation costs between $3,000 and $6,000 as opposed to between $40,000 and $60,000 in the United States.
- In the organised tertiary and quaternary sector, the cost of medical travel might increase by 12 to 15%.
In addition to its primary source regions in West Asia and Africa and its surroundings, India has the capacity to draw patients from more affluent nations. This is primarily due to the nation's unique ability to provide access to all super-specialties, including organ transplantation. India has highly skilled physicians, nurses, and other medical professionals on duty, and the country's cutting-edge facilities are comparable to the best in the world. Since many doctors received their medical school abroad, a language barrier is seldom the root of communication issues with patients from other countries. The cost of diagnostic and imaging services in India is between tenths and fifteenths of what it would be in the United States.
More than 35 hospitals around the country have JCI certification, which guarantees high standards of quality, safety, and conformity with international regulations. Within the next several years, India has a good chance of overtaking the United States as the most popular foreign destination for medical value travel because of the value it provides in terms of skilled medical people, first-rate facilities, and superior results.
Incoming medical tourists frequently choose Delhi, Mumbai, Chennai, Bangalore, Hyderabad, and Kolkata as their destinations. According to reports, Kerala barely handles 5-7% of the inbound patients from abroad, whereas Chennai receives about 15%.
The introduction of "Heal in India" is an advancement that will help the medical travel industry. This programme is aligned with our shared goal of delivering excellent patient care and is a great illustration of how public-private partnerships could enhance India's healthcare system.
With a market size projected to exceed $9 billion in 2019, India has established itself as the fifth-largest destination worldwide for medical value travel. However, encouragement and fresh measures that help the medical value travel industry while it recovers from the COVID-19 outbreak would be extremely helpful.
We firmly think that the country has a great potential to surpass other nations on the planet in the next few years in terms of medical value travel due to the value proposition of qualified medical professionals, first-rate infrastructure, and high-quality outcomes.
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