India stands as a health tourism powerhouse
2023 is expected to be a booming year for medical tourism. Increased demand, inflation driving up the cost of treatments in the West and the Ukraine-Russia war driving more patients from both countries to India for treatments are key factors as the sector is expected to grow by 21 percent by 2023.
Additionally, government initiatives such as accreditation of AYUSH centers and launch of AYUSH visas will further boost India’s medical tourism sector in the wellness space, which is witnessing global revival after global revival. Apart from this, increased attention to psychological problems and depression-related stress may lead to a significant increase in Ayurvedic patients in India.
Another notable trend is the increased demand for IVF treatments from India, which has seen unprecedented demand post-Covid. Fertility problems are widespread across the developed world and more couples are now opting for IVF to fill treatment gaps during Covid.
To leverage all these growth factors, the Government of India intends to launch its Heal in India campaign in 2023, allocating over 2000 crores in the budget under the champion service sector to promote medical tourism to India, scaling it from the current $6 billion to $13 billion. billion by 2025.
India’s top competition in the space comes from Turkey and Thailand, which offer similar treatment with more attractive tourist attractions and easier visa regulations. With these two countries allocating huge budgets for health tourism, the global competition for quality healthcare services is up a notch, offering better experiences and options to patients.
Post-Covid 2023 is expected to see many startups raising capital, reviving investor interest in the health and travel sectors. Startups such as HealthTrip and CunoMedical have already announced investments in 2022 and are expected to raise larger rounds in 2023 to capture the global market in health tourism.
However, global demand for better healthcare is growing at an unprecedented rate, and rising dollar prices and fuel costs may affect growth rates in 2023, even though most patients coming to India represent the wealthiest segment of their countries.
Conversely, a further reduction in fuel or dollar prices will also increase demand for medical and health tourism, which is driven by other factors mentioned earlier.
Medical Tourism to India Healthcare began to see the emergence of corporate chains such as Apollo, Fortis and Max Group in the early 2000s to serve both Indian and foreign patients. Two decades later, India’s healthcare brand has been established globally and the sector is now receiving much-deserved government support.
The growth of medical tourism will encourage investment in world-class equipment, robotic surgery and new AI-enabled technologies, which will attract more patients domestically and internationally.