Medical Tourism An unprecedented Opportunity
Group No. 9
What is medical tourism
• People who live in one country travel to another country to receive medical, dental and surgical care • To receive equal or greater care than they would have got in their own country • Travel for medical care because of affordability, better access to care or a higher level of quality of care.
Medical tourism in INDIA at a glance
• India offers vast range of medical treatments from simple dental procedures to the complex cardiac surgeries. Patients can save 60%-95% of their treatment costs by undergoing treatment in India. Wellness tourism, comprising of spa, yoga and Ayurveda, has a very bright future in India as foreigners are increasingly flocking to India to seek physical and mental healing. In 2007, around 272,000 medical tourists visited India for medical tourism and together, they brought US$ 656 Million in revenues.
• Lack of proper hospital accreditation system and inefficient laws against malpractice can be the biggest factor limiting the growth of India’s medical tourism Industry. • India enjoys a considerable superiority over both Singapore and Thailand as preferred medical destination. • Both foreign employers and insurance firms are expected to outsource large share of medical treatments to India. • The Indian medical tourism market is expected to generate over US$ 2.5 Billion in revenues by
India as a Medical Tourism Hub
• • • • • • Industry is growing by 15% YOY 150K foreigners visited India for medical in 2007 Estimated figure of US $ 45bn by 2012 contributing to 8.5% of GDP Less waiting time for treatment Highly qualified physicians/surgeons and hospital support staff. Options for private room, translator, private staff, dedicated staff and many other tailor made services Key Players in India: Wockhardt, Apollo, Fortis Healthcare & Max India
• Cost Comparison:
• Increasing tourism along with medical tourism • Arranging seminars and campaigns in foreign countries • India should play on its competencies of providing Yoga, Spa & Ayurveda • Strategic alliances to promote medical tourism
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