Medical tourism is experiencing a surge in popularity, with businesses recognizing its potential and tailoring their services to meet the demands of international patients. A recent analysis of company filings by GlobalData reveals that companies are implementing strategic initiatives to cater to this growing market. These strategies include providing access to qualified healthcare professionals, offering advanced treatments, and ensuring top-tier facilities.
Factors like affordable high-quality medical care, strong travel connectivity, and supportive government policies are playing a crucial role in attracting medical tourists to various countries. The sector is proving to be a lucrative revenue source, with companies like Max Healthcare Institute Ltd reporting a 14% increase in international patient revenue in 2023 and Fortis Healthcare Ltd seeing a 12% rise in medical travel revenue during the 2024 fiscal year.
Misa Singh, Business Fundamentals Analyst at GlobalData, highlights the strategies businesses are employing to capitalize on this opportunity. These strategies include participating in international expos, expanding their agent networks, and licensing technology to third parties in foreign countries to make specific therapies available to traveling patients.
Many companies are positioning themselves as leading destinations for international patients in specific areas of medical care. Other key discussion points include ensuring compliance with regulatory requirements, building strong reputations and brands internationally, and rolling out comprehensive international patient support programs.
Examples of these strategies in action include TMC Fertility in Malaysia, which has expanded its network of medical referral agents to attract patients from diverse markets. They have also participated in expos in Indonesia and China to draw in patients from across Asia. BioRestorative Therapies Inc. is focusing on establishing or licensing technology for adult stem cell therapy facilities outside the U.S. They aim to collaborate with hospitals and physicians to provide stem cell-based therapies to international patients seeking treatment abroad, while adhering to the regulatory requirements of those countries.
HealthCare Global Enterprises Ltd is aiming to become a premier destination for international cancer care patients. They have launched targeted products for specific international markets and have opened a women’s wing dedicated to breast and cervical cancer care. Rainbow Children’s Medicare Ltd is actively pursuing international business opportunities, recently signing a Memorandum of Understanding with Tanzania and securing government partnerships with Oman, Zanzibar, and other African nations. Novartis AG is introducing an international patient support program in key markets to provide a central resource for patient onboarding, education, and support, facilitating their healthcare journeys.
Singh concludes that governments are recognizing the significant opportunity to establish themselves as leading destinations for international patients and are amending policies to enhance medical tourism within their countries. India’s introduction of e-Medical visas is an example of this, playing a key role in attracting medical travelers. The combination of favorable policies and strategic initiatives adopted by businesses is expected to continue driving the growth of medical tourism globally.
