Medical tourism is growing very fast in India. According to data released by credit rating agency – Crisil, the number of medical tourists visiting India is expected to be around 7.3 million in the year 2024, up from 6.1 million estimated in the year 2023.
What is Medical Tourism?
Health tourism is a broader term that includes medical tourism. It usually involves traveling to international destinations for affordable healthcare and well-being unavailable in the home country.
In this blog post, we shall discuss major opportunities for starting a medical tourism business in India that targets patients from foreign countries.
Medical Tourism Business is Booming in India
The medical tourism business in India has taken off in recent years. More and more people from other countries are coming to India for medical treatment. This is because treatment costs in India are often much lower than in their home countries. Many times, it may happen that an individual from a foreign country can reduce your total cost, including health or medical services, travelling costs, food, and accommodation when doing treatment in India.
Indian doctors are also very skilled; many have been trained abroad or at top medical schools. Hospitals now offer world-class facilities and care at very affordable prices.
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Major Areas of Business Opportunity in Medical Tourism
The major areas of business opportunity in health tourism and medical tourism are as follows:
Healthcare Facilities and Hospitals
Establishing or partnering with hospitals and specialty clinics that treat foreign patients can be highly lucrative. The health tourism market in India is valued at $6 billion and is projected to reach $13 billion by 2026. Consider investing in advanced medical equipment, diagnostic technologies, and infrastructure to provide world-class treatment. This will attract more international customers looking for quality healthcare at lower costs.
Wellness and Preventive Medicine
The global Ayurvedic market has been growing at an average annual rate of 16.2% since 2015. Many medical tourists want to incorporate holistic wellness and prevention into their treatment plans. Therefore, consider starting spas and centers specializing in Ayurveda, yoga, and naturopathy. Develop packages tailored for health conditions covering both allopathic and alternative therapies.
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Medical Travel Agencies and Facilitators
By establishing agencies to guide international patients seeking treatment in India, opportunities abound. Agencies can assist with pre-booking consultations and surgeries, making travel and stay arrangements, translation support, and coordinating the entire medical journey seamlessly. Also, customizing affordable packages for various ailments can maximize clients.
Telemedicine and Remote Consultations
Technology-enabled platforms for telemedicine allow virtual consultations and remote monitoring of chronic illnesses. This is highly useful for post-operative follow-ups of medical tourists. Develop apps and tools leveraging IoT AI/ML for continuing engagement even after patients return home.
Ancillary Services and Support
Ancillary Services and Support include:
- Accommodation and Hospitality:
Developing hotels and serviced apartments near hospitals exclusively serving medical tourists and their attendants. It includes providing room services like hygienic meals, nursing assistance, translation help, and a comforting ambiance.
- Transportation and Logistics:
Operating fleets of ambulances, wheelchairs, and cars specially equipped for safe patient transfer and travel within cities. Businesses can offer to coordinate all travel arrangements, from airport pickup to local commutes, ensuring a hassle-free experience.
- Legal and Insurance Services:
Guiding compliance with medical malpractice insurance coverage for international patients and developing customized healthcare packages, including coverage for pre-existing illnesses and air ambulance facilities.
Challenges and Considerations in this Field
Regulatory and Ethical Concerns
- Adhering to governing healthcare, privacy, and anti-bribery compliances.
- Ensuring ethical patient acquisition and treatment methods.
Quality Assurance and Accreditation
- It requires obtaining recognized accreditations to gain the trust of foreign clients.
- Constant monitoring and compliance with global quality benchmarks.
Cultural Sensitivity and Expertise
- Hiring multicultural staff and embedding cultural training.
- Addressing potential issues like post-operative difficulties away from home countries sensitively.
Takeaway
The health tourism business in India shows great potential for business opportunities, as evidenced by the statistical data. However, setting up a business in this industry in India would require a significant amount of capital. This is where Indifi steps in as a one-stop solution. With Indifi’s hassle-free financing, entrepreneurs can realize their business dreams and capture emerging opportunities in India’s burgeoning healthcare industry.
FAQs
- What are some major business opportunities in the health and tourism sector?
Some key opportunities include setting up hospitals or offering ancillary services like transport, accommodation, and translation/guidance. Establishing clinics/wellness centers near hospitals or small shops selling medical supplies is promising.
- Which medical treatments are in the highest demand?
Cardiac surgeries, orthopedic procedures like knee/hip replacements, and dental/cosmetic surgeries attract the most foreign patients due to their significantly lower costs than other countries.
- How can an entrepreneur promote and market their healthcare tourism business?
They can create multilingual websites, attend global medical expos, work with insurance providers, and use targeted digital marketing on relevant platforms and social media to spotlight real patient journeys and experiences.