Medical tourist market
India is one the key Medical Value Travel (MVT) destinations in Asia with projected growth to US$9 billion by 2020, according to a study by the Federation of Indian Chambers of Commerce and Industry (FICC).
As per 2015 data, while 11 million people travelled to seek treatment globally, but with only 500,000 foreign patients seeking treatment in India.
India’s MVT market size was estimated at US$3 Billion with CAGR (2010-15) of 15 per cent, however, there is significant potential for accelerated growth given the opportunity size.
Globally the market is estimated at around US$40-US$55 billion.
The study revealed that cost effectiveness, superior clinical outcomes and alternative medicine are key parameters on which India differentiates itself from other MVT destinations.
FICCI, in association with IMS Health, has launched the knowledge paper titled ‘Medical Value Travel in India: Enhancing Value in MVT’, at the second International Summit on Medical Value Travel (MVT) – Advantage Healthcare India (AHCI 2016) in Greater Noida on October 3, 2016.
The FICCI – IMS Health study was commissioned in order to carry out an unbiased evaluation of India vis-à-vis other popular MVT destinations across Asia and developed markets.
The aim was also to understand key considerations for MVT patients and define guidelines that can strengthen as well as improve India’s position thereby emerging as one of the most preferred MVT destinations across the world.
Bhavdeep Singh, Chair, FICCI Medical Value Travel Committee & CEO – Fortis Healthcare said, “Over the last decade, India has grown to become a sought after destination for medical value travel because it has proven to be superior across multiple factors that determines the overall quality of care.
“However, to position ourselves as leading providers of quality healthcare, the medical value travel stakeholders in India will need to consolidate our efforts and strategize on how to leverage the available opportunities”.
SAARC countries such as Bangladesh, Afghanistan and Maldives are major sources of medical value travel followed by African countries such as Nigeria, South Africa and Kenya.
Proximity, cultural connect and connectivity are key reasons for inflow of patients from these regions. Few new sources of medical value travel too have emerged in the recent years such as Russia, CIS countries and Myanmar.
Dr Harish Pillai – Co-Chair, FICCI Medical Value Travel Committee, CEO, Aster Medcity & Head – Kerala Cluster, Aster DM Healthcare, said, “India can leverage its civilizational connections with Middle East and SAARC countries to deepen relationships and leverage this advantage through wider MVT offerings.”
Within treatments sought by MVT patients, India is considered preferred destination for cardiology, orthopedics, transplant and ophthalmology in curative care. India also enjoys high credibility in wellness and prevention through Alternative Medicine.
MVT in India has been spearheaded by large corporate hospitals who have created strong global equity with their high-end technology and qualified surgeons in super specialty areas like cardio surgery and orthopedic surgery.
The medical value travel industry has emerged as one of the fastest growing segment of the tourism industry. fii-news.com
