Challenges and Opportunities for Medical Tourism in India

Yogashemam Vahamyaham”- A Nobel Sanskrit verse highlights the importance of health. Bharath is the nation that gave the world of medicine its first surgeon- Maharshi Shushruth. From the beginning of this century, India has emerged as one of the best, reliable and regulated country for medical treatment. Over the years, progress in developing medical technologies and cost-effective world-class treatments has ensured India became a global hub for treatment in the medical field. The treatment provided is from accredited facilities at par with any developed country in the world at a much cheaper cost is what is making Medical Value tourism (MVT) a competitive advantage over others. With several big investments being made in this sector, the functioning of the industry has become more professional, organized, and efficient. Besides the urgent need for quality treatment services, people worldwide are making India the focal point for cost-effective facilities available. With the integration of surplus talent, technology, tourist attraction, trade, and tradition, India is a potential place to promote itself as a premier global healthcare destination and enable streamlined medical services. Even though Asian countries like Thailand, Malaysia, and Singapore have started moving ahead of India, the distinct healthcare features, and the initiatives taken by India’s prime minister, exponential growth is confirmed in the upcoming years. The overall healthcare market is expected to boom three times, from USD 100 billion to USD 300 billion by 2020. The Indian medical tourism will reach USD 10 to 15 billion, with four times the growth in the IT market. This research paper aims to understand the reasons for the growth of medical tourism in India, the government, and corporate hospitals in promoting Medical tourism. Research throws light on Challenges and road maps ahead for the growth of the medical tourism of India.