Medical Tourism – scope for future Indian market

The Indian healthcare market is Rs. 15 billion and growing at over 30 % every year. This is the biggest growing area in India. The growth is not only internal or domestic but it covering also large part of medical tourism. According to industry estimates, the size of the medical tourism industry stands at Rs 1,200 - Rs 1,500 crore in India. A recent CII-McKinsey study on Indian healthcare says medical tourism alone can generate Rs 5,000- Rs 10,000 crore additional revenue for tertiary hospitals by 2012, and will account for 3-5 % of the total healthcare delivery market. Report says that India has potential to attract one million health tourists per annum and this could contribute up to US$ 5 billion of tourism revenue to the Indian economy.
 What is Medical tourism?
"Medical Tourism" is a developing concept whereby people travel to distant countries for their medical and relaxation needs”. There are lot of definition of medical tourism. It is also known as health tourism. Usually cosmetic and elective procedures are more incorporated with medical tourism.
 Why is India most suitable?

 India has highest quality medical hospitals and they are at par to developed world. Indian corporate hospitals best in cardiology and cardiothoracic surgery, joint replacement, orthopaedic surgery, gastroenterology, ophthalmology, transplants and urology.
 The total price of overseas medical healthcare travel tour package for many surgery procedure cost, doctors / surgeons fee, all consultations charges, surgery treatment fees, medicines- drugs and procedure consumables, medical tests- investigations, pre and post procedure accommodation at luxury Hotel, personal assistance services- escort, comfortable recuperation, Private car transfers, travel and sight-seeing tours costs can be 60% - 90% cheaper than the procedure alone costs (for the same procedure) one may find in the developed countries.
 The various specialties covered are Neurology, Neurosurgery, Oncology, Ophthalmology, Rheumatology, Endocrinology, ENT, Paediatrics, Paediatric Surgery, Pediatric Neurology, Urology, Nephrology, Dermatology, Dentistry, Plastic Surgery, Gynecology, Pulmonology, Psychiatry, General Medicine & General Surgery.
 The various facilities in India include full body pathology, comprehensive physical and gynaecological examinations, dental check-up, eye check-up, diet consultation, audiometry, spirometry, stress & lifestyle management, pap smear, digital Chest X-ray, 12 lead ECG, 2D echo colour doppler, gold standard DXA bone densitometry, body fat analysis, coronary risk markers, cancer risk markers, carotid colour doppler, spiral CT scan and high strength MRI. Each test is carried out by professional M.D. physicians, and is comprehensive yet pain-free.
 There is also a full range of services running the gamut from General Radiography, Ultra Sonography, Mammography to high end services like Magnetic Resonance Imaging, Digital Subtraction Angiography along with intervention procedures, Nuclear Imaging. The diagnostic facilities offered in India are comprehensive to include Laboratory services, Imaging, Cardiology, Neurology and Pulmonology. The Laboratory services include biochemistry, haematology, microbiology, serology, histopathology, transfusion medicine and RIA.
 All medical investigations are conducted on the latest, technologically advanced diagnostic equipment.
 In addition to the increasingly top class medical care, a big draw for foreign patients is also the very minimal or hardly any waitlist as is common in European or American hospitals. In fact, priority treatment is provided today in many Indian hospitals.
 The hospital which established their name even at abroad are Apollo Group, Escorts Hospitals in New Delhi and Jaslok Hospitals in Mumbai Global Hospitals, CARE and Dr L.V. Prasad Eye Hospitals in Hyderabad, The Hindujas and NM Excellence in Mumbai.
 India has much more expertise than other developing countries like Thailand or Malaysia.
 India being a developing economy so has the very favorable currency exchange rates in comparison to GBP, USD, EURO, YEN, AUD, FRANC etc.(3)
 Doctors are required to pay towards Medical Malpractice Insurance, elsewhere this Insurance usually costs USD 90,000 - 140,000 annually whereas in comparison, doctors in India have to pay insurance cost as low as USD 2500 - 3000 annually.
 India is the world's largest exporter of the quality Bulk Drugs therefore the cost of the high quality medicine is cheaper. (3)
Above all reasons have made India as most attractive place for medical tourism.