The global landscape of medical tourism is experiencing a significant surge, with companies increasingly recognizing its immense potential. According to an in-depth analysis by GlobalData, a leading data and analytics firm, businesses are diligently strategizing to cater to the growing needs of international patients. This strategic focus includes enhancing access to skilled healthcare professionals, offering advanced treatments, and ensuring world-class facilities.
The Momentum Behind Medical Tourism
Medical tourism has emerged as a vital revenue stream for healthcare providers worldwide. Key factors contributing to its rise include affordable, high-quality medical care, improved connectivity and travel ease, and supportive government policies. These elements collectively attract a steady influx of medical travellers to various countries, driving significant revenue growth.
Revenue Growth from Medical Travel
Prominent healthcare institutions are witnessing remarkable growth in their international patient revenue. For instance, Max Healthcare Institute Ltd reported a 14% year-on-year increase in revenue from international patients in 2023. Similarly, Fortis Healthcare Ltd experienced a 12% growth in medical travel revenue in the financial year 2024.
Misa Singh, a Business Fundamentals Analyst at GlobalData, commented on the strategies companies are adopting to capitalize on this opportunity: “Businesses are actively discussing strategies such as participating in international expos, expanding their network of agents, and working with third parties to license technology, making certain therapies available for patients traveling abroad for treatment.”
Strategic Initiatives and Global Outreach
Companies are engaging in various strategic initiatives to attract a diverse range of medical tourists. For example, Malaysia-based TMC Fertility has expanded its network of medical referral agents and participated in expos in Indonesia and China. This strategic outreach aims to attract patients from across Asia.
In the realm of advanced therapies, BioRestorative Therapies Inc. is focused on establishing or licensing technology for adult stem cell therapy facilities outside the United States. The company collaborates with hospitals and physicians to make stem cell-based therapies accessible to international patients while ensuring compliance with regulatory requirements.
Positioning as Premier Healthcare Destinations
Several healthcare providers are positioning themselves as key destinations for specialized medical care. HealthCare Global Enterprises Ltd, for instance, is dedicated to becoming a leading destination for international cancer patients. The company has launched specific products targeting international markets and opened a specialized women’s wing for breast and cervical cancer care.
Rainbow Children’s Medicare Ltd. is actively pursuing international business opportunities, having recently signed an MoU with Tanzania. To expand its reach, the company has also established governmental tie-ups with Oman, Zanzibar, and other African nations.
Comprehensive Patient Support Programs
Global healthcare giant Novartis AG is implementing an international patient support program across its priority markets. This initiative is a central resource for onboarding, education, and support, assisting patients in navigating their healthcare journeys.
Government Support and Policy Enhancements
Recognizing medical tourism’s significant economic and healthcare potential, governments worldwide are amending policies to enhance this sector. For instance, India has introduced e-Medical visas, significantly easing the process for medical travellers. These favourable policies and business strategies are expected to continue boosting medical tourism.
Conclusion
As medical tourism gains prominence globally, businesses and governments are making concerted efforts to capitalize on this lucrative market. The focus on international patient care, advanced treatments, and strategic outreach is driving substantial revenue growth and establishing countries as premier destinations for healthcare. With continued investment and policy support, the future of medical tourism looks exceptionally promising.
Written by: My Thanh Pham