Estimating that medical tourism in India to turn into a $9 billion industry by FY 2020, the nation is undoubtedly one of the fastest-growing medical tourism hubs across the globe. Estimated around $4 billion worth back in 2015, this avenue of medical practice has grown exponentially with the tremendous rise in tourism industry.
Ayurveda and yoga have been the forerunners in India setting it apart from other medical tourism hotspots in the world. As per the Grant Thornton CII report, medical tourism in India has witnessed 30% more growth than that of countries like Thailand, Costa Rica, Brazil and Mexico.
Why India gained prominence in medical tourism?
India’s indigenous Ayurveda has caught the attention of most developed nations such as the US, and the European countries. The constant efforts from the Indian government have taken the horizon of medical and wellness tourism policies a step further.
Now, with the emergence of nanotechnology in India, the country’s healthcare sector is transforming India into a major medical tourism hub. According to a recent survey by the Biotechnology and Tourism Department of Karnataka, India already witnessed a footfall of 500,000 foreign tourists between the years 2018-19. This figure is only set to increase several folds by the year 2030.
Factors fostering medical tourism in India
Attracting 45% of the global medical tourists, India is expected to the leading healthcare conglomerate by the next decade. With the exponential growth in the number of multi and super-speciality hospitals – a healthcare facility in Chennai now alone attracts 160 international patients every day.
Similar trends have been witnessed in the southern states like Kerala and Karnataka, where the influx of foreign medical tourists has increased by 30% in the last 5 years. Here are some of the factors fostering medical tourism in India –
1. Cost
India offers the highest quality medical care at the lowest possible price. The cost of treatment here is 1/10th the same in the UK and the US. For instance, heart bypass cost around 123,000 USD in the US. In India, the same surgery costs approximately $7900.
This is accompanied by a minimal waiting period for surgical procedures when compared with nations like US, UK, Australia and Canada.
2. Quality
India provides one of the highest quality treatments employing the latest technology. This has been synonymous with the inception of nanotechnology in India – bringing world-class surgical procedures for the best-in-class treatment. India boasts of 45 JCI accredited hospitals. You too can follow a doctor’s guide on medical tourism in India to start up a clinic for catering foreign tourists.
As for financial assistance is concerned, you can avail advances from any leading financial intuition or NBFC offering loans tailor-made for your requirement. You can consider availing a Doctor Loan from lenders like Bajaj Finserv. Furthermore, if you are an existing customer, you can also benefit from pre-approved offers.
Pre-approved offers streamline make the loan availing process simpler and make availing finances quicker. These offers are available on personal loans, business loans, home loans and numerous other financial products.. All you need to do is share a few necessary details and check your pre-approved offer.
3. Language
Despite the linguistic diversity in India, English is considered the nation’s official language. Due to this, there is no communication barrier with patients – thus contributing to the rise of medical tourism in India.
4. Travel
The Indian Government, the Ministry of Health, along with the Ministry of Tourism are striving hard to catapult India into a more prominent medical destination. Exclusively for this purpose, M-Visa (medical visa) has been introduced. It allows a foreign medical tourist to stay in India for a specific period (time of treatment and recovery.)
This has also fostered the doctors to make their practice more visible as a proponent of medical tourism. As medical practitioners have now had access to patients for an extended time, it helps them to understand and serve better.
All of these factors point out that – India is creating a strong foothold in medical tourism for the years to come. More than just the fastest growing medical tourism hubs in the world, India is already becoming one of the leading nations in the global healthcare landscape.