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Medical tourism is on the rise, as indicated by corporate discussions highlighting its potential. An analysis of company filings, according to the Company Filing Analytics Database by GlobalData, points out that businesses are tailoring their services to meet the demands of international patients. This includes access to qualified healthcare professionals, advanced treatments, and top-tier facilities.
Additionally, factors like affordable high-quality medical care, good travel connectivity, and supportive government policies are essential in drawing medical tourists to countries.
This sector is also proving to be a lucrative revenue source. For example, Max Healthcare Institute Ltd reported a 14% increase in international patient revenue in 2023. Similarly, Fortis Healthcare Ltd saw a 12% rise in its medical travel revenue in the 2024 fiscal year.
Misa Singh, Business Fundamentals Analyst at GlobalData, comments: “Vying for a pie of this big opportunity, businesses are seen discussing strategies such as participation in expos in other countries, expanding agents network, and working with or licensing technology to third parties in countries other than the company’s headquarter country to make certain therapies available for patients traveling abroad for treatment.
“Meanwhile, some are focused on positioning themselves as a key destination for international patients in certain areas of medical care. Other prominent discussion agendas include compliance with regulatory requirements, focus on building reputation and brand in other countries, and rolling out an international patient support program.”
For example, Malaysia’s TMC Fertility has broadened its network of medical referral agents to attract medical tourists from various markets. The company also participated in expos in Indonesia and China as part of its strategy to draw patients from across Asia.
BioRestorative Therapies Inc. is looking to establish or license technology for adult stem cell therapy facilities outside the U.S. The company plans to collaborate with hospitals and physicians to provide stem cell-based therapies to international patients seeking treatment abroad. Additionally, it is committed to meeting the regulatory requirements related to medical tourism in those countries.
HealthCare Global Enterprises Ltd is aiming to establish itself as a premier destination for international cancer care patients. The company has launched specific products targeting particular international markets and opened a women’s wing dedicated to breast and cervical cancer care.
Rainbow Children’s Medicare Ltd is actively pursuing international business opportunities. The company recently signed a Memorandum of Understanding with Tanzania and has secured governmental partnerships with Oman, Zanzibar, and other African nations.
Novartis AG is introducing an international patient support program in its key markets, designed to be a central resource for patient onboarding, education, and support, helping them navigate their healthcare journeys.
Singh concludes: “Recognizing this as a significant opportunity to establish themselves as premier destinations for international patients, governments have begun amending policies to enhance medical tourism within their respective countries. For instance, the introduction of e-Medical visas by India has been playing a crucial role in attracting medical travelers. Such favorable policies coupled with strategies adopted by businesses to attract medical travelers are likely to continue boosting medical tourism.”
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