Positioning India As A Medical Value Travel Destination
Today, the world is connected well with geographical barriers fading away. In the modern world medical tourism has emerged as an upcoming industry, where individuals can combine their healthcare and treatment plans with international travel. With the availability of high-quality medical facilities at competitive costs, and shorter waiting times, an increasing number of people are opting for medical tourism as a viable alternative to their domestic healthcare systems.
In this article, we will discuss about the concept of Medical Tourism, its benefits and challenges, and potential business stream.
Medical tourism also coined as Medical Value Travel is defined as traveling to a particular healthcare destination for receiving medical treatment or healthcare services. The business has gained popularity due to rising healthcare costs around the globe, long waiting period for certain surgical procedures, lack of access to specialized treatments in some regions and a increasing desire of customers for combining treatment with recreational and wellness experiences.
Several countries have become sought-after Medical Value Travel destinations and are renowned for their state-of-the-art medical facilities, highly skilled healthcare professionals, and competitive prices at which treatments are being offered. Some of the popular destinations for Medical Value Travel include Thailand, India, Malaysia, Mexico, Turkey, and Costa Rica.
The range of medical treatments available through medical tourism is vast, covering a wide spectrum of specialties. Common procedures sought by medical tourists include cosmetic surgery, dentistry, fertility treatments, orthopedic surgeries, cardiovascular procedures, and cancer treatments. These treatments are often accompanied by comprehensive aftercare, wellness and rehabilitation services.
One of the major motivations behind Medical Value Travel of customers is the significant cost savings which they achieve by getting the treatment done in the chose destination, accessibility to high-quality medical care with shorter waiting period with opportunities to explore exotic destinations, experience different cultures and enjoy recuperation in serene surroundings, contributing to their overall well-being and recovery process.
Language and cultural differences which patients may encounter in communicating and understanding of the medical procedures to be undertaken, logistics behind follow-up care and rehabilitation , legal and ethical considerations, law of the land and travel risks of international travel like transportation, accommodation, and unfamiliar environments are the challenges which cannot be ignored in the business.
The growth of Medical Value Travel has sparked discussions and debates about development of modern healthcare infrastructure at destinations with cutting-edge medical facilities and advanced technologies, Brain Drain and Workforce Challenges by way of their migration to medical tourism hotspot and Knowledge Exchange and Collaboration between healthcare professionals across borders.
Medical Value Travel has emerged as a dynamic and rapidly growing industry, offering patients access to affordable, high-quality medical treatments while also providing them with opportunities for travel and cultural experiences. Medical Value Travel in India, in 2020, was estimated to be worth around USD 9 billion which makes India stand at Number 10 in the Global Medical Tourism Index. India, as destination for MVT has a vast potential in this field as approximately 2 million patients visit the country every year from around 80 countries for medical, wellness and IVF treatments, generating $6 billion for the industry which is expected to reach $13 billion by 2026 backed by the government's Heal in India initiative which is also providing an online platform to exchange communication between customers, MVT operators and other stake holders for planning of medical treatment tours.
(Source : - Medical Tourism in India: Top destinations, scenarios and all ...
https://www.hindustantimes.com.)
Alliance News via COMTEX has also mentioned that India Medical Tourism Market size is zooming at robust CAGR of 19% and is expected to cross a whopping USD 25 Billion by 2029. The global MVT market size has been estimated at USD 11.56 billion in 2020 and was projected to grow from USD 13.98 billion in 2021 to USD 53.51 billion in 2028, at a CAGR of 21.1%.
(Source : - https://www.fortunebusinessinsights.com/industry-reports).”
The Government of India has is also aggressively promoting Medical Value Travel Business in India and has formulated the “National Strategy and Roadmap for Medical and Wellness Tourism” which was published by Ministry of Tourism and Culture in the year 2020. The policy gives an comprehensive inside to the entire MVT industry, the challenges and opportunities the industry offers and the plan of developing India as a major hub of Medical Value Travel and the role of all stakeholders in the business.
India has immense potential as a medical tourism destination. However, looking into the technicalities involved in the business, a well coordinate action plan will be required in the long run to ensure that the business thrives and flourishes.
The above blog contains personal opinion based on study and relevant research. The blog is produced purely for educational purpose.