India’s healthcare industry offers a combination of both modern and traditional forms of medicine which sets the country apart from others. First, it has a set of world-class doctors and hospitals that provide treatment at fractional rates when compared to other countries.
With every passing year, we could see how India is transforming into the most preferred healthcare destination among foreigners. India is witnessing a surge in the number of tourists coming to get medical treatment done by the skilled doctors of the country. This has resulted in India becoming a hub for medical tourists every year. The most crucial reason behind the surge is that the cost of medical treatment in India has been cheaper than in other developed countries. Over the past 4 to 6 years, the right amount of revenue turnover is generated from medical tourism in India.
The growth rate of Medical Tourism in India
An estimate of ₹1,35,193 crore in 2015, ₹1,54,146 crore in 2026, and ₹1,77,874 crore in 2017 was declared as the foreign exchange revenue by the tourism minister of India. The primary source of this foreign exchange earning was identified as medical value travel. As per the reports of IMS Health and FICCI, the country has about 18% of the global medical tourism market. MVT in the year 2015 was estimated at $3 billion, which was expected to grow at a compound annual growth rate of 15%.
As per the stats, the Indian medical tourism industry is expected to see a surge of worth $9 billion and account for about 20% of the global market share by 2020. The report pointed out towards the sole reason for this surge is the nation’s credibility in wellness, alternative medicines, and prevention.
Research shows that in the year 2017, about 4.95 lakh patients visited India for medical treatment, while it was 2.34 lacs in 2015 and 4.27 lacs in 2016. Of this number, patients from Bangladesh and Afghanistan have always stayed at the top numbers of medical tourists arriving in India. The report stated that in 2017 about 2.2 1 lakh medical tourists from Bangladesh came to India, while the figure was 2.10 lakh in 2016 and 1.20 lakh in 2015. This report clearly shows how the numbers are increasing with every passing year.
Similarly, the number of medical tourists from Afghanistan in 2015 accounted for 27,505, while in 2016, it increased to 61,231 and then declined a little later in the year 2017 to 55,681. Other than these two countries, the majority of medical tourism in India comes from Maldives, Sudan, Yemen, Uzbekistan, Iraq, and Oman.
TOP REASONS BEHIND THE GROWING MEDICAL TOURISM IN INDIA
India has emerged as the fastest-growing medical destination around the world and is expected to grow more with time. Anyone from any nation can get their medical treatment done in the country at an affordable cost. Several medical tourism companies in India are readily available to help out patients from across the world.
Here are some of the primary reasons behind the growing medical tourism in India.
- Lower cost of treatment when compared to the other developed countries
- Getting a visa for medical treatment in India is easier
- The patients can get access to immediate service
- India provides world-class and standardized medical facilities with the help of the latest technology
- The patients can receive post-treatment recovery with therapies like Ayurveda, yoga, and naturopathy
- The patient taking the medical tourist trip can visit some of the most alluring and inspiring places in India
- The nation is full of qualified and skilled doctors in various fields
Getting medical treatment in India was never so easy. With an increase in the demand for medical treatment, there is an increase in the medical tourism companies in India, which are there to provide patients with the best and most affordable medical tourism in India.