Over the last few years, India has been consistently featured among the fastest growing economies in the world, and has created a distinction for itself in several spheres, including medical tourism.
According to data released by credit rating agency Crisil, the number of tourists visiting India for medical purposes is projected to be around 7.3 million in calendar year (CY) 2024, up from 6.1 million estimated in CY 2023.
India was ranked 10 among top 46 countries on the Medical Tourism Index for 2021-22 by Medical Tourism Association, and is already the second-largest medical tourism hub in Asia.
While hospitals in India are investing in creating supply chains to cater to this burgeoning demand, startups are also helping boost accessible healthcare locally as well as globally.
Startups are playing a pivotal role by creating an end-to-end proposition, including case detailing, connecting with the right doctor and facility, medical visa, travel, logistics, translators, specialised food, easy payments, insurance claims, tourism, etc.
Some of the other key factors driving this development include world-class medical facilities, highly affordable and specialised care, large English-speaking audience, easy visas backed by government programmes, availability of alternate medicine, and tourist delights.
With its Heal in India initiative, the Indian government is also targeting global demand for holistic treatments for lifestyle and chronic disorders, and is pitching Ayurveda, Yoga, Unani, Siddha, and Homeopathy as an alternative and supplementary form of medicine to modern science.
Cost savings with world class treatments
Patients from across the globe are looking at India for treatments in cardiology, oncology, orthopaedics, fertility, dental, and aesthetics. These procedures are available at a relatively lower costs compared to developed economies.
The vast network of globally and nationally accredited hospitals, equipped with world class doctors, facilities, and caregivers, ensure the highest standards of care and treatments.
India has over 1,600 hospitals accredited by National Accreditation Board for Hospitals & Healthcare Providers (NABH) and 45 hospitals accredited by Joint Commission International and 184 Ayush hospitals for alternate treatments.
Active oversight from government bodies ensure that the entire ecosystem operates efficiently and transparently in the patient’s interest while enhancing India’s credibility in the healthcare sector.
Startups can be the catalyst for accelerating growth
India is the world’s third-largest startup ecosystem with a total of 92,683 startups officially recognised by Department for Promotion of Industry and Internal Trade (DPIIT), as of February 2023.
Many home-grown startups are now focusing on disrupting the way healthcare is consumed and delivered in India while also focusing on affordability enhancement solutions for both domestic and international patients.
As seen in other industries, entry of startups in traditional domains can infuse a breath of fresh air to ongoing processes, and the same is likely to be true for medical care combined with tourism opportunities. This requires a combination of technology innovation, service excellence, and aggregation capabilities.
Many insurance plans do not cover procedures performed abroad, leaving patients to bear the full cost. However, there are certain platforms that can help provide no cost EMI for preventive healthcare, IVF, Derma Treatments, and much more.
Startups are also developing platforms that aggregate and verify accreditation statuses of hospitals and clinics, ensuring adherence to international standards. Some startups also offer patient reviews and ratings that help potential patients make informed decisions based on past patient experiences.
This makes for an extremely compelling proposition both for patients and providers, and can lead to significantly seamless experiences, enabled by a technology first approach.
Future prospects
This confluence of governmental policy, keen interest by hospital providers and disruptive solutions by startups will further accelerate the pace of India’s growth in this burgeoning sector thereby establishing India’s dominance in the global medical tourism market.
Innovations in telemedicine, AI, and big data analytics will enhance patient care, improve service delivery, and streamline operations in medical tourism.
Partnerships between healthcare providers, insurance companies, and travel agencies will likely become more common, creating more integrated and seamless experiences for patients.
Future developments may see startups expanding their services to include wellness tourism, offering a holistic approach that combines medical treatments with wellness and recuperation.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)
