India can very well emerge as the medical service provider to the world
India can very well emerge as the medical service provider to the world

Medical Value Travel segment in India to scale past $10 billion by 2020

 

The medical value travel (MVT) industry has emerged as one of the fastest growing segments of Indian tourism industry. According to a FICCI-IMS report, more than 500,000 foreign patients seek treatment in India each year, making it a key medical tourism destination in Asia. However, coordinated efforts are required by key stakeholders to turn India into “The Healthcare Service Provider to the World” and accelerate MVT growth from the existing 15% to 25%. The Indian medical tourism industry gets maximum patients for heart surgery, knee transplant, cosmetic surgery and dental care, as the cost of treatment here is considered the lowest in Asia, much lower than Thailand, Indonesia, Singapore and Hong Kong.

Delegates from various parts of the world have found Advantage Healthcare India relevant (File Picture from AHCI 2016)

Delegates from various parts of the world have found Advantage Healthcare India relevant (File Picture from AHCI 2016)

In this pursuit India has engineered a show called- Advantage Healthcare India 2017. Its third international summit on medical value travel (medical tourism) jointly organised by FICCI, Dept. of Commerce, Ministry of Commerce & Industry, Govt. of India, and Service Export Promotion Council (SEPC), will be held at Bengaluru from October 12-14, 2017.

The launch of the mega event was officially announced by Rita Teaotia, Secretary, Ministry of Commerce, Sudhanshu Pandey, Joint Secretary with Dept. of Commerce, Ministry of Commerce & Industry; Sangeeta Godbole, Director General, SEPC and A Didar Singh, Secretary General, FICCI.

Advantage Healthcare India 2017 is meant to promote India as a premier global healthcare destination and enable streamlined healthcare services exports. Over 70 countries and 600 hosted buyers from Africa, Middle East, Europe, US, UK, and Asia (including SAARC) would participate, with thousands of international and national business visitors.

Speaking on the occasion, Rita Teaotia said, “I am happy to see that many Ayush companies and institutions are also participating in Advantage Healthcare India 2017 this year. I wish that even the finest hospitals also have Ayush facilities. The finest hospitals of India should also provide Ayurvedic treatment”.

Growing at a robust pace, industry estimates suggest that the Medical Value Travel segment in India to scale past $10 billion by 2020. In a more manner a reputed Industry body FICCI pitches the market size of medical value travel to India at $9 billion by 2020. According to A Didar Singh, Secretary General, FICCI, said: “Medical value travel can be a USD 9 billion opportunity for India by 2020. To fully exploit this potential, the country needs to diversify its sources of medical tourism and create a strong value proposition for foreign patients by focusing on perimeters like cost effectiveness, alternate medicine, clinical outcomes, tourism friendliness, accreditation, and patient centricity. Advantage Healthcare India 2017 will bring Indian healthcare providers and global healthcare stakeholders under one roof. It will showcase India’s medical capabilities and create opportunities for healthcare collaboration between India and other nations to boost healthcare services exports. The last two summits have been a great success, and I look forward to the 2017 event being a great facilitator and enabler of Indian medical tourism.”

Medical Value Travel in India is growing and requires special focus and enabling environment

MVT is growing in India and requires policy focus on creating enabling environment

Advantage Healthcare India 2017, spread across three days, will have more than 40 speakers, 600 hosted buyers and over 5,000 business visitors. The exhibition will host more than 160 exhibitors to showcase medical services and expertise. Thousands of reverse buyer-seller meetings will offer opportunities for tie-ups with Indian hospitals and healthcare centers for medical tourism.

A Roundtable Session with Health Ministers from select countries will be organised to discuss issues encompassing medical value travel and formulate the way forward. They will also visit the Exhibition. The event will showcase India’s medical devices sector to encourage foreign companies to start manufacturing locally with Indian partners. Internationally renowned Indian doctors and AYUSH experts will deliver lectures on different topics.

 A key highlight of the event will be Medical Value Travel Awards 2017, which will recognise and showcase innovations which have helped promote India as a premier medical travel destination.Participants at Advantage Healthcare India 2017 would include international hospitals, government organisations, insurance firms, medical tourism organisations, global medical associations, medical journalists, doctors, and investors. Advantage Healthcare India 2017 supporting partners include EEPC India and Pharmaceuticals Export Promotion Council of India (Pharmexcil).

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