- 27 Jun 2022
- ICICIdirect Research
Government to augment medical infra under Heal in India initiative
News: According to The Economic Times, the government plans to augment the medical infrastructures of 17 cities, which see an inflow of overseas patients for treatment and wellness therapies, in a bid to boost medical travel as part of its Heal in India initiative. Besides, the Health Ministry is working on easing medical visa norms and other requirements for patients and their companions from 44 countries identified based on the number of patients visiting India. 37 hospitals including 30 in the private sector across 17 cities have been identified for promoting medical value travel.
Views: According to estimates, the medical tourism market, which was valued at US$6 billion in FY20 is expected to reach US$13 billion by FY26. During pre-Covid time, ~10-12% patient mix was international, which has reduced sharply due to travel restrictions. Initiatives like nodal agency, Medical Value Travel Council to streamline integration of all stakeholders along with a digital portal will boost medical tourism experience and boost hospital's International patient mix. We believe any such initiative would be a major positive for large multi-speciality format hospitals.