The growth of medical tourism in India

Recession has hit hard and affected almost all spheres. Medical tourism is probably the only sector which has remained unaffected by the recession and seems to be an ever booming industry especially in India. Market research studies suggest that medical tourism is set to experience an annual growth rate of 30%, almost doubling its turnover by 2015. This industry has immense potential considering it has only reached its budding stage and is yet to reach its peak. The growth of medical tourism has also benefited the associated industries like the medical equipment industry, hotel industry, hospital industry and pharmaceutical industry.

India is one of the first countries to have recognized the potential of medical tourism and has promoted this lucrative industry. India has created a brand name for itself in this sector within a very short span of time. Asian countries like Thailand, Singapore, Malaysia, Philippines, South Korea and Taiwan, are soon becoming the competitors of India in this industry. As per a recent survey, Asia is set to receive more than 10 million medical tourists by 2015.

An insight to the medical and hospital industries in the developed countries bring forth the reason for the sudden rise of Medical tourism. The exorbitant cost of treatments in the developed nation’s forces patients to look for cost-effective destinations to get their treatment completed. There are many factors that make India such a popular destination for this purpose. The treatment available is low cost, high in quality and affordable. Indian medical fraternity is abreast with the latest developments in the field of medical sciences and the latest medical technologies are available here; and there is a growing compliance on meeting international quality standards. In comparison to its competitors, India has the advantage of language; it is unlikely that the visiting medical tourists will face a language barrier here. Moreover hospitals are now employing medical translators on regular payroll to ensure the comfort of their foreign patients. Hospitals now have their own travel desk for the convenience of their overseas patients. The treatments that attract medical tourists to this country are hip surgery, hip replacement, and alternative medicines, dental surgeries, cosmetic surgeries and bone marrow replacement.

Medical tourism provides the scope to individuals and companies to cut cost on health care without having to compromise on health and the necessary treatment. The Government of India, Ministry of Tourism has also undertaken several promotional activities like distribution of brochures and films to the target market in order to further promote the Indian medical tourism. This is just the nascent stage of this industry and there is enormous potential in this sector.