The Medical tourism sector has received a lot of attention in the past few years and with market size of $273.72 billion by 2027 as projected, it has huge potential for many economies. India as the front runner in this race has secured 10th Rank in the Medical Tourism Index 2020-21, proving to be an important destination for the global healthcare system.
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International experts as per the Economics Times have given a staggering 110% growth with an estimation of 13 Billion USD in 2022 for India. With these numbers along with an estimation of 3 million international patients to visit India for treatment by 2030, the country is at the ideal start to make 2022 the “Year of Medical Tourism”. The Government initiatives are also on board with full force to bring this commitment to reality.
Contributing to this vision and thought, GoMedii as a digital health enabler and facilitator is working towards playing an instrumental role in boosting the medical tourism ecosystem on all grounds.
Mining the hidden potential of Medical Tourism
India with no doubt is emerging as the “Pharma King” of the global healthcare ecosystem. It is also one of the fastest-growing economies in the world, giving it an edge over most developing countries. The recent government initiatives like the “Heal in India” campaign make it stand out and are certain to have multiple-fold achievements in the coming times.
The honorable Prime Minister has also mentioned the possibility of the right technology, a blend of private and public enterprise, and effective execution that can make India a hub of medical tourism.
As far as the foreign tourist arrivals (FTA) on Medical Visa is concerned, 40% growth was seen from 2017 to 2019. The credit indeed is held by the Government easing the medical Visa and introducing e-Visa which expedited the entire process of getting a treatment done in India
Supporting the idea of public-private partnership are case studies of similar economies like the UAE, Turkey, and Malaysia. Medical tourism added 1.4 billion AED revenue to Dubai in 2016, an impressive 362 million dollars to the Malaysian economy, and Turkey’s medical tourism is valued at 3.5 billion as of 2022.
This shows that a good public-private partnership helped them successfully gain terms of revenue to their GDP from the medical tourism industry.
This solidifies the fact that a fine-tuned partnership between public and private stakeholders can bring efficiency along with the better potential to the medical tourism sector in India.
Bringing Medical Tourism Under An Umbrella
One of the most commendable efforts that the Indian government has embarked upon the organization of the Medical tourism industry with the National Strategy & Roadmap for Medical & Wellness Tourism. It also includes the body of Medical Value Travel Facilitators which would provide a platform for private stakeholders to be part of the policy formation.
This on a larger extent would formalize and recognize health tech platforms like GoMedii which are working to make healthcare accessible and affordable to people across the globe.
Easing out patient care, the government is set to establish a Board and launch an online Portal under the strategy, that would make international patient travel and data management smoother. This would serve as one step solution to all the industry problems and also highlights the importance of private stakeholders in facilitating the patient care system.
The advantages would cover, a well-regulated and policy-driven system under Government supervision and various patient-centric services like quality healthcare, transparent knowledge sharing, & other allied services delivered by medical tourism facilitators.
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Technology as the building block of the Ecosystem
From patient data management to treatment procedures and then post-treatment care, the use of the latest technology to provide end-to-end solutions has made the industry dynamic. India stands out in providing post-operative care and is labeled with exceptional services by most international patients.
The importance of Healthtech in light of the pandemic cannot be overruled. The introduction of Telemedicine, Online pharmacies, & DigiLockers have brought healthcare to the next level of advancements in the post-pandemic world.
The health tech innovations have provided breakthroughs in understanding various diseases and evolved surgical methods like Robotic Surgery improving the patient-care system.
The social impact of it is that Healthcare with technology solutions has helped everyone across the globe. Improving health tech has now become a responsibility shared by facilitators across borders. Making beneficiaries of these improvements empowered patients & medical travelers.
GoMedii: Democratizing In-Patient Care
GoMedii is a technology arm pioneer in democratizing and easing out the In-patient care system. It accelerates the entire treatment journey from pre-treatment hospital & doctor discovery, and treatment planning to in-treatment at hospitals until the post-treatment care.
We come 1st in the patient treatment value chain & collaborate with all stakeholders of the ecosystem. With 10000+ International patients treated so far from across the globe, we are operating in 25+ countries. We have paneled a network of 200+ Hospitals in India, giving a boost to the “Heal in India” campaign.
Spanning horizons, better, with a holistic and true care system to resolve the root problems in the Medical tourism industry, we are integrating the treatment process with patient-centric healthcare technology to ease the medical journey at each step.
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