INDIA: According to TechSci Research report on India Medical Tourism Market: by Inbound v/s Outbound, Treatment Types, Service type, Region, Top 3 States, Competition Forecast & Opportunities, India medical tourism market has shown promising growth in historical years until FY2020 and is expected to continue its growth in upcoming forecast years FY2023 to FY2027. India’s medical tourism market owes its growth to the factors like growing need for affordable and efficient healthcare facilities.
The Healthcare industry in India is rapidly evolving and with the technological advancements in treatment procedures, the Indian medical tourism market is anticipated to grow exponentially in the upcoming five years. Moreover, consistent research and advances in medical devices have made it possible for early diagnosis. Thereby, patients traveling in the country for healthcare are able to find the root cause of their diseases and thus can be treated efficiently soon and supporting the growth of the market in the next five years.
Various governmental schemes, healthcare facilities ’ assistance, and the tourism sector providing favorable transportation as well as travel care facility are aiding the growth of the Indian medical tourism market in the forecast years until 2026. The government is also working toward easier and more smooth processes for the documentation, VISA approvals, and partial reimbursements for the patient thus inviting more consumers to avail the services in India, thus supporting the growth of the market in the next five years. Furthermore, rising disposable income among the high-class population is also supporting the outbound tourism for medical purposes and aiding the growth of the Indian medical tourism market in the five years of forecast.
You can see the report at India Medical Tourism Market
The Indian medical tourism market
The Indian medical tourism market is segmented by type, treatment type, services, regional distribution, top three state analyses, and competitional landscape. Based on treatment type, the market is further segmented into orthopedic surgery, cardiac surgery, cancer treatment, neurology & neurosurgery, cosmetic surgery, bariatric surgery, fertility treatment, and others.
Orthopedic surgery is anticipated to hold the largest revenue shares of the market on the account of the rising number of populations traveling in India for orthopedic treatments. Also, the cost for orthopedic surgeries is quite affordable in the country and the advancement in technology is further substantiating the growth of the market segment along with the Indian medical tourism market in the next five years. Cardiac surgeries are also multiplying in recent years. The rising number of experts and procedural surgeons with vast experience and efficiency is supporting the significant growth of the market segment in the upcoming five years.
Based on type, the market is differentiated between inbound and outbound medical tourism. Inbound medical tourism involves patients from outside India, visiting the country for healthcare facilities. Outbound medical tourism involves the patients from India visiting other countries to avail healthcare facilities. Inbound medical tourism is anticipated to register the largest revenue shares of the market and dominate the market segment on the account of affordable and effective healthcare facilities available in the country.
Patients from neighbouring countries like Thailand, Myanmar, Nepal, are often visiting the country for the healthcare facility, and the market is bound to experience due to these factors. Outbound medical tourism is also expected to register significant growth in the next five years, due to the inclination of the population with their disposable incomes to visit larger economies like the United States for the top-tier healthcare facility.
Some of the top players in the Indian medical tourism market is GlobalCare Health, Vaidam Health Private Limited, Digicore Technologies Pvt. Ltd. (ClinicSpots), We Care Health Services, Mediniq Healthcare Pvt Ltd, Arinaa Medical Tourism Pvt Ltd, Medmonks Medicare Pvt Ltd., Mediconnect India Pvt. Ltd., Alphine Life Solutions, Forerunners Healthcare Consultants Private Limited, Global Treatment Services Pvt. Ltd., Al Afiya Medi Tour Private Limited, Universal Health Help Private Limited, India Medical Centre, TransEarth Medical Tourism, HealthOpinion, Anavara Limited, Tour2India4Health Consultants Pvt. Ltd., TourMyIndia Pvt. Ltd., SafeMedTrip, among others.
The companies are involving themselves in research and development for more advanced medical devices. With the evolving technology, it is appropriate to say that the effective research and development of technologically advanced instruments and methods to satisfy consumer demands would support the market growth and benefit the market players as well as the consumers. New market players may focus on the research and development to provide such products and services that satisfy the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
“India medical tourism is expanding with the government support. The Indian government has come up with supportive and efficient schemes for medical provision travelers. Easier processes for the VISA approvals, financial support through reimbursements, and comfortable and efficient transport vehicles including ambulances, medical buses, medically equipped airbuses, etc. New market entrants may focus on patient transport services since it is one of the major service improvement areas. Also, technological advancements would aid the growth of the market players in the subsequent years of the forecast,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.