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There are several hospital stocks listed in India, like - Kovai Medical, Apollo Hospitals, Narayana Hrudayalaya and a few more.
Our team recently looked at some data with respect to Medical Tourism and would like to share with you details on the same.
Before Covid-19 struck, Medical tourism was growing at a fast pace with India being a key beneficiary of the same. Now that things are back to normal, people are raring to travel, medical tourism should again resume its growth trajectory.
Thus, the details might be of interest to you if you are invested in or planning to invest in healthcare stocks:
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- Medical tourism, also called health tourism, surgical tourism, or medical travel is the process of traveling outside the country of residence for the purpose of receiving medical care. It may be broadly classified into following 3 categories:
- Medical Treatment for curative purpose that may include cardiac surgery, organ transplant, hip and knee replacement, etc.
- Wellness & Rejuvenation offerings focused on rejuvenation or for aesthetic reasons such as cosmetic surgery, stress relief, spas etc.
- Alternative Cures - Alternative systems of medicines such as India’s offering of AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homeopathy)
Why do people travel to another country -
- Cheaper Cost: To get treatment or a procedure that may be cheaper in another country
- Unavailable or Unapproved procedure: To get a procedure or therapy that is not available or approved in their own country
- Improved healthcare, cutting-edge technologies, breakthrough medicines, sophisticated devices, superior hospitality, and individualized care are some of the major reasons for medical tourism
India - A major medical tourism destination -
- As per Ministry of Tourism, proportion of medical tourists grew from 2.2% (0.11 Mn tourist) in 2009 to 6.4% (0.69 Mn tourists) in 2019
- 88% of medical tourists are from Africa, West Asia and other South Asian nations
- India receives most of its medical tourists from Afghanistan, Pakistan, Oman, Bangladesh, Maldives, Nigeria, Kenya and Iraq
- India is ranked 10th out of the top 46 countries in the world in the Medical Tourism Index 2020-21 by Medical Tourism Association
- In 2015, foreign tourist arrivals (FTAs) in India on grounds of medical visa were recorded as 2,33,918, which more than doubled in 2017
- Between 2017-19, India experienced 40% growth in FTAs, with the no. of tourists increasing from 495,056 in 2017 to 697,000 in 2019
- In India, procedures such as knee replacement, hip replacement, and gastric bypass are more affordable
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