Hospital Tourism in India and Investment Opportunities associated with it | Getting Response as Medical and Patient Hub in india
India has developed a reputation for offering low-cost, high-quality medical care to medical tourists from around the world during the past ten years. But as a result of the travel restrictions imposed during the COVID-19 epidemic, the number of medical tourists had decreased. India experienced a negative growth of 79.4% over 2020, according to the Tourism Ministry. But thanks to the efforts taken to deal with the pandemic scenario, things appear to be looking up once more. Market analysis predicts that in 2022, demand will grow at a strong CAGR of 19%.
Reason India is Getting Response as Medical and Patient friendly Hub
In order to differentiate itself from other nations, India's healthcare system combines both contemporary and traditional medical practices. First, compared to other nations, it boasts a collection of hospitals and medical professionals of the highest calibre. Second, the most traditional types of medicine from India, known as AYUSH, including Ayurveda, Yoga, Panchakarma, Rejuvenation Therapy, etc., are now hugely popular around the world.
The launch of an AYUSH Mark was also recently announced by PM Modi. A unique branding designed to boost the Indian medical tourism industry and lend credibility to AYUSH products.
The industry has seen the introduction of more cheap options in recent years, as well as a rise in knowledge of health insurance products. The largest government-funded healthcare programme in the world was also started by the Indian government. These developments should make medical bills more affordable.
There is a major need for large hospital chains, specialty centres, and other facilities to build the necessary infrastructure to meet the rising demand due to the huge shortage of needed beds and the availability of cutting-edge diagnostic tools.
Managing the lack of medical specialists with online consultation - There is a strong need for online technology platforms that enable consultations with patients who are located afar, particularly in the case where medical experts are hard to come by. A 30.20 percent CAGR is predicted for the Indian telemedicine market, which is projected to generate $830 million by 2022-2027.
Due to the high quality healthcare services offered in urban areas for less money than in industrialised nations, the Indian healthcare sector is also attracting a lot of foreign patients. The ongoing influx of international patients will aid in the expansion of this industry's overall economy.
Over the past ten years, rising per capita incomes worldwide have enhanced people's ability to pay for high-quality healthcare. Tier-2 and Tier-3 cities are offering a tremendous opportunity to put up the full infrastructure, in contrast to Tier-1 cities where availability and utilisation of health infrastructure are high. By establishing modest centres and collaborating with reputable local doctors, many large hospital chains have already begun to develop in small communities.
(Bonus Line: Government budget for 2021 states that $9.87 billion, including $915.72 million for the PMJAY health programme, has been set aside for the health sector. These hospitals have been treating qualified patients as part of the Ayush programme. Approximately 8,059 private and 7,980 public hospitals are included in this system. In addition, by 2023, the Center wants to spend 3% of GDP on healthcare. Existing hospitals are growing their offerings of new services through technological platforms, employing next-generation diagnostic technologies, partnering with insurance providers, expanding geographically, and putting more of an emphasis on pharmaceuticals.)
Telemedicine Market of India by 2027
The need for efficient home monitoring devices, wearables, smartwatches, and mobile apps to monitor various health metrics, including blood pressure, sugar levels, and sleeping patterns, has increased due to the rising prevalence of numerous chronic and heart disease, particularly among the older population.
The expansion of the Indian telemedicine market is hence predominantly driven by this. The Government of India is also implementing several initiatives to develop the healthcare information industry, including the deployment of mobile health to monitor, diagnose, and advice sufferers.
As outpatient patients prefer to use telemedicine services to lessen the transmission of the virus, this is especially beneficial during the coronavirus diseaseepidemic and the ensuing deployment of mandatory lockdowns. In keeping with this, the increased demand for telemedicine is a result of patients' growing awareness of the many positive attributes it offers, including virtual support, convenience, and a lack of a need for patients to actually visit hospitals or clinics.
Another element driving growth is the tremendous technology progress and the incorporation of bots and robots on mobile applications and web portals for collecting personal and health-related data. Component, deployment model, kind, tech, geography, and firm are the different market segments for telemedicine in India.
You can divide the market into cloud-based and on-premises deployment models. With a market share of roughly 71.68% in FY2021, the internet segment is anticipated to rule the industry. This might be attributed to advantages like the availability of remote access to data and generally lower operational expenses related to the cloud segment. The market can be divided into tele-hospitals, mHealth, and tele-homes based on kind.
Through FY2027, the market is anticipated to be dominated by the tele-hospitals sector. This is due to the fact that telemedicine services are being adopted and used by doctors in hospital settings more frequently to consult with different specialists.
Bottom Line |Conclusion
To sum up, in the post-Covid world, the need for the healthcare sector is certain to increase, and India has a tremendous opportunity to realize this potential and actively work toward luring medical tourists from other regions of the world, including Europe and the Americas.
Given that the government has prioritized making India the centre of medical tourism, the steps taken in conjunction with the soaring demand will undoubtedly make India the destination for all medical tourists in the future. India will not only lead in the effort to save millions of lives, but will also produce worthwhile employment opportunities and more than $13 billion in foreign exchange.
(Note: We gratefully acknowledge all of the sources provided for their insightful research data. We sincerely hope that this post will be helpful to you. These articles are only meant to provide information; if more explanation is needed, contact the field experts. There are no products or advertisements on this website.)