Monday, August 2, 2021

Can Medical Tourism in India Bring the Next IT Revolution?

Why is Medical Tourism in India continuously on a Rise? The Indian medical tourism sector was estimated to be worth $3 billion in 2015 and is projected to touch about $9 billion by 2020.

India is one of the most economically priced medical treatment destinations in the world, with world-class doctors and facilities. Will the Indian medical industry revolutionize the nation just like the IT sector?

A unique blend of exceptional facilities, proficient doctors, and cost-effective treatment have made India a hot-spot for medical tourism, drawing a massive number of international patients every year. The total number of patients seeking medical treatment in India in 2017 was 4.95 lakh, according to Minister of State for Tourism (Independent Charge) K.J. Alphons. This number had stood at about 2.34 lakh in 2015, and 4.27 lakh in 2016.

South Asian neighbours and key Indian allies, Bangladesh and Afghanistan remained the biggest source for medical tourist in Indian. In 2017, nearly 2.21 lakh tourists from Bangladesh were estimated to have visited Indian for medical treatment, compared to 1.20 lakh in 2015 and 2.10 lakh in 2016.

Similarly, the number of medical tourists from Afghanistan stood at 27,505 in 2015 and 61,231 in 2016. The number dwindled to 55,681 in 2017. Other nations from where Indian received a considerable number of medical tourists include Iraq, Oman, Maldives, Yemen, Uzbekistan and Sudan.

The exact data for revenue generated from medical tourism is not available, but rough estimates of the total fee generated via medical tourism during 2015, 2016 and 2017 were ₹1,35,193 crore, ₹1,54,146 crore, and ₹1,77,874 crore, respectively,” according to the Indian minister

India currently has around 18% of the global medical tourism market. Its medical value travel (MVT) was pegged at $3 billion in 2015 and is predicted to increase at a CAGR of 15%, according to FICCI. By 2020, India’s medical tourism industry could be worth $9 billion, with around 20% of the global market share.

More News at EurAsian Times

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