Indian hospitals equipped with state of the art technology take great pride in providing a high level of medical care. These hospitals engage some of the world class physicians and surgeons in India. In 2005, there were approximately 16,000 hospitals in India, with 900,000 beds.
The healthcare industry in India, which is growing at an annual rate of 14%, is one of its largest in terms of revenue and employment. It has witnessed an astronomical growth in the last couple of years. A report by PWC (Price Waterhouse Coopers) stated that this sector, placed at a value of $34 billion today, is expected to cross the $40 billion mark by 2012.
This number has been steadily increasing and the leading hospitals in India have spread out to almost every state. Around 80% of India’s medical industry is accounted for by the private sector and the remaining by the public.
Reasons for Healthcare Boom in India
Strong Indian Economy
In an article by Goldman and Sachs the annual growth of the Indian Economy was predicted to be 5%.
- At present, India is the 4th largest economy, when taking into consideration purchasing power parity.
- Touted as the next major economic power along with China, India showed a GDP growth of 9.6% in 2006-07.
- In such a scenario there is an increased opportunity for healthcare financing, which has resulted in the setting up of some of the best hospitals in India.
- India’s population is growing at the rate of 2% annually.
- A decrease in the infant mortality rate, eradication of diseases like polio and the availability of the large number of hospitals in the country have gone a long way in increasing the life expectancy of Indians, which is now almost at par with the Western countries.
- The PWC report cited above, also states that the number of people above 60 years of age will increase to 180 million, by the year 2025, placing a huge responsibility on the top hospitals in India.
- India’s thriving economy has given urbanization a big boost, creating a new strata of middle class population able to afford good healthcare for themselves and their families.
- Indian hospitals provide quality service and are fully equipped to cater to the needs of the western medical tourist.
- It is estimated that at present around 50 million Indians can afford western medicine, a proof of the growing prosperity.
- There is an increased awareness of the importance of good health, timely health check-ups and regular visits to the doctor, contributing to the growth of the healthcare sector in India.
Emerging Health Insurance Market
Liberalization of the medical sector, allows greater practice experience for the Indian doctors.
- Health insurance aims at making medical care from the best hospitals in India affordable to the general population, thereby increasing the money spent on healthcare for each person in the family and increasing the demand for quality care.
- The Insurance Regulatory and Development Authority (IRDA) estimated that the premium collected from insurance companies was as high as 50% in 2010.
Healthcare infrastructure expansion
- WHO predicted that an expenditure of $25 billion would be required by the health sector in India by 2010. Of this amount, the government contributed a mere 15-20%, with the gap being filled by the private sector.
- There has been an increase in the number of multi specialty private hospitals in India in the recent years equipped with cutting edge, state of the art infrastructure, and specialists in different fields, able to treat a wide range of ailments.
- A few among the top ten hospitals in India are also in collaboration with Western Hospitals like the Harvard Medical Centre, creating a chain of super specialty hospitals, which provide world class medical treatment.
Pharmaceutical industry opportunities
- India is slowly becoming a major drug supplier, providing medicines at a much lower cost than elsewhere.
- The FDA has approved approximately 85 API (Active Pharmaceutical Ingredient) set ups in India. India is expected to cater to 15% of the world’s pharmaceutical needs by 2012.
- According to Goldman and Sachs, the cost of setting such a plant in India is around 1/5th of that in the West, attracting many Western companies in the field.
Medical Tourism in India
The recent corporate boom coupled with government enterprise has made India one of the most favorable destinations for medical tourists from all over the world.
A joint study by Confederation of Indian Industry and McKinsey stated that medical tourism in India has the potential to cross the $2 billion mark by 2012. Approximately 2 million medical tourists were treated in the year 2004 and this number has been increasing by 20-25% annually, according to a report by RNCOS.
India is fast becoming a global health destination due to the following reasons:
Medical Care in India
- India has a number of highly skilled and experienced physicians and surgeons, many of whom have international experience and are affiliated to leading medical boards.
- The nurses and the paramedical staff is warm, understanding and help in providing comprehensive & personalized medical care.
- There are over 10 JCI (Joint Commission International) accredited and over 70 NABH (National Accreditation Board for Healthcare & Hospital Providers) accredited hospitals in India.
- These hospitals have the latest technology and provide a repertoire of treatment at the hands of highly qualified English speaking doctors, which are at par with the procedures conducted in countries like US, UK and Canada.
- The cost of medical treatments in India is around 35-40% of that in the West, sometimes, even less than that.
- Even after adding the travel and living expenditure, this falls to a fraction of the cost in US, UK or Canada.
- India offers a high level of medical care at an affordable price without once compromising on the quality of care administered.
Rich cultural heritage
- India is a land of many cultures and beautiful historical landmarks, which makes for an ideal medical vacation.
- Patients have the opportunity to bask in the glory of the rich Indian hospitality, explore a different culture and recuperate at leisure in one of the many beautiful resorts the country has to offer.
- Right from the Taj Mahal in Agra, to the ancient monuments of Delhi, the beautiful beaches of Goa and the spiritually healing touch of the Himalayas, India has a lot to offer to its medical tourists.
Medical Tourism Companies in India
- There are a number of medical tourism companies in India which iron out all the hurdles for the tourists intending to visit the country for medical purposes.
- These companies make the tourists get in touch with the top, JCI accredited hospitals in India. This recognition ensures that such healthcare providers maintain international standards of healthcare and hygiene, else they risk losing their license.
- Patients receive all the information they desire about any particular procedure and can get their queries answered by specialists in the field working in such medical tourism related hospitals in India
- The healthcare system in the country ensures that there is a negligible waiting period to schedule any surgery in India.
- The itinerary for the entire trip is chalked out for the patients much before the anticipated date of arrival in the country.
Today, hospitals in India, furnished with sophisticated machinery, run by experienced and highly qualified doctors, are well matched to meet the demands of the growing Indian economy as well as the medical tourism sector, that too at a reasonable cost.
Quality Surgery India facilitates affordable medical treatments at various hospitals under our network in India. For more information and FREE quote, submit the estimate–request form on the right.