Impact of Medical Value Tourism on India’s Economy & Healthcare Industry
India has been fast turning into a top spot for Medical-Value-Travel (MVT) in the recent decades. MVT tends to involve traveling to some other nation for medical treatment purposes. This is usually done in order to save bucks, receive higher quality healthcare, and get specialized treatments. The inflow of medical travellers to India from all around the planet has seen a mammoth surge. The Indian healthcare industry is really, really booming! Let us explore the impact of medical value tourism on India‘s economy & its healthcare sector.
Economic Impact
- Revenue Generation: Medical tourism has come up as a supreme revenue generator for our country. As per KPMG, this industry is growing at a rate of fifteen to twenty percent annually and is anticipated to surge further at a rate of 200 percent in the forthcoming 5 years. This inflow of medical tourers has produced sizable revenue for the hospitals, healthcare providers, and the medical travel industry in India as a whole.
- Job Creation: The progression of medical travel has also boosted job creations here. Hospitals & healthcare establishments in the country have spurred their staffing requirements to meet the needs of foreign medical travelers. This has literally created more & more employment opportunities for the locals here. Also, the tourism industry too has benefited a lot from these increased job creations in the hospitality industry, transportation segment, and the entertainment sector as well.
- Increase in Foreign Exchange: Medical travel has shown a positive impact on the foreign exchange reserves in India. As medical tourists bring foreign exchange into our country, this improves the balance of payments here. The spendings on medical services, travellers’ accommodation, food & other necessities contribute substantially to the economy. This makes medical traveling a sizable source of foreign exchange earnings.
Impact on Healthcare Industry
- Quality of Medical Care: The surge in medical tourism in India has improved the quality of healthcare here. To accommodate such a high demand of foreigners coming here, Indian hospitals & healthcare establishments are adopting global standards. This betterment in quality also advantages the local population. The expanding demand for skilled medical professionals in varied specialties including cardiology, neurology, oncology, and orthopaedics etc., has prompted many Indian doctors abroad to come back to their home country in search of good prospects.
- Infrastructure Development: The upsurge in medical tourism here has led to the development of first-rate medical setups. State-of-the-art hospitals & healthcare establishments have started investing in cutting-edge technologies and best-in-class equipment to accommodate the demands of medical travellers. This has resulted in advanced medical facilities that benefit not just international patients but locals too.
- Specialty Treatment(s): Medical tourism has expanded access to speciality treatments here. Super-speciality hospitals & progressive healthcare centres now provide a gamut of modern treatments that were previously unavailable in India or available in limited quantities here, including cancer treatments, organ transplants, & cardiac surgeries. Such an expansion has made our country a favoured spot for international patients seeking specialized medical care abroad.
Health Trawell Will Remain with You 24×7 on Your Medical Travel in India!
Health Trawell will remain hand-in-hand with you on your medical journey in India. We are devoted to providing personalised support to foreigners. This ensures that patients coming from the outside world receive the highest quality care, comfort, & convenience throughout their stay in India. From arranging doctor consultations & OPD appointments to handling all the travel logistics, we can be your trusted partner here, dedicated to making your medical travel experience in our country easy & tension-free.
