India's Medical Tourism Set to Surpass Pre-Pandemic Levels in CY24.

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India's Medical Tourism Set to Surpass Pre-Pandemic Levels in CY24.

Team Finance Saathi

06/May/2024

Key Points:

Projected Surge: India's medical tourism industry is set to exceed pre-pandemic levels, with an estimated 7.3 million medical tourists expected in 2024.
Driving Factors: Factors such as world-class healthcare infrastructure, skilled medical professionals, and cost-effective treatments are fueling this resurgence.
Hospital Growth: Major hospital chains like Max Healthcare, Fortis Healthcare, and Apollo Hospitals are witnessing substantial growth in international patient revenue, leading to strategic expansions and initiatives.

In the wake of the COVID-19 pandemic, India's medical tourism industry is experiencing a remarkable resurgence, poised to surpass its pre-pandemic glory. Projections from Crisil, a leading global analytics company, paint a promising picture, estimating that a staggering 7.3 million medical tourists will flock to India in the calendar year 2024. This resurgence is fueled by a convergence of factors, including India's top-notch healthcare infrastructure, renowned medical professionals, and the allure of cost-effective treatment options.

Revitalizing the Industry:

India has long been hailed as a hub for medical tourism, attracting patients from across the globe seeking high-quality healthcare services at affordable prices. Despite the temporary setback caused by the pandemic, the country's medical tourism sector is experiencing a robust rebound, outpacing the overall growth rate of the healthcare industry. Private hospitals, in particular, are poised to reap the benefits, with medical tourism projected to constitute 10-12% of their revenue in the fiscal year 2025.

Hospital Chains Leading the Way:

Major hospital chains such as Max Healthcare, Fortis Healthcare, and Apollo Hospitals are at the forefront of this resurgence, witnessing a surge in international patient revenue. Max Healthcare, for instance, has reported an impressive 27% year-on-year growth in international patient revenue, underscoring the growing demand for its services on a global scale. Similarly, Fortis Healthcare continues to bolster its overall business revenues through its focus on international patients, reaffirming its position as a trusted healthcare provider.

Apollo Hospitals: Pioneering Excellence:

Among these industry leaders, Apollo Hospitals stands out as a beacon of excellence in the realm of healthcare. Renowned for its world-class facilities and unwavering commitment to patient care, Apollo Hospitals has emerged as a preferred choice for international patients seeking medical treatment in India. With a keen eye on future growth, Apollo Hospitals is targeting double-digit expansion, leveraging its extensive network of international offices to cater to the evolving needs of patients worldwide.

Strategic Expansions and Initiatives:

To capitalize on the burgeoning demand for high-quality healthcare services, hospital chains are embarking on strategic expansions and initiatives. One such initiative involves the establishment of international offices in key geographies, aimed at providing seamless assistance to patients throughout their medical journey. These offices serve as hubs for facilitating visa processes, arranging travel logistics, and devising comprehensive treatment plans tailored to each patient's needs.

Capacity Building and Medical Training:

In addition to expanding their global outreach, hospital chains are actively engaged in capacity-building programs and medical training initiatives within target countries. By sharing their expertise and knowledge, these hospitals are not only enhancing healthcare delivery abroad but also fostering long-term partnerships and collaborations with healthcare providers worldwide.

Conclusion:

India's medical tourism industry is undergoing a renaissance, driven by a convergence of factors that make the country a compelling destination for patients seeking world-class healthcare services. With major hospital chains leading the way and strategic initiatives underway to cater to the needs of international patients, India is poised to reclaim its status as a global healthcare destination of choice. As the industry continues to thrive, it promises to not only bolster the country's economy but also to elevate the standard of healthcare delivery on a global scale.

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India's Medical Tourism Set to Surpass Pre-Pandemic Levels in CY24.

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