India among most preferred countries for medical treatments globally: FICCI-EY Knowledge Paper

As per ‘FICCI-EY Knowledge Paper on Medical Tourism in India', India, Malaysia, Thailand and Singapore are the most preferred countries for medical treatments globally due to advanced quality healthcare and affordable healthcare costs

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New Delhi: Asia accounts for the 58 percent share of total disease burden, while Africa stands at 24 percent, indicating the disease burden stress to be highly prominent in Asian region. This was one of the key takeaways of the ‘FICCI-EY Knowledge Paper on Medical Tourism in India’ released by Federation of Indian Chambers of Commerce and Industry in association with Ernst and Young.

As per report, the largest disease burden comes from cardiovascular diseases which accounts for 14-15 percent of the total. This is followed by cancers, mental and neurological disorders, new born complications and other NCDs. Diarrhea and other infectious disease also account for 10 percent.

The report was released at the ‘Advantage Health Care – India 2018’ (4th International Summit on Medical Value Travel) organized by FICCI jointly with the Department of Commerce, Ministry of Commerce & Industry, Government of India on 4th December at Noida in Delhi-NCR.

‘FICCI-EY Knowledge Paper on Medical Tourism in India’: Key takeaways of the report:

♦ Medical Value Travel (MVT) is a burgeoning multi-billion dollar industry and likely to grow higher due to many benefits offered to patients.

♦ 95 percent of the medical travelers from Africa prefer travelling to Asia for medical treatments. A high-quality treatment at lower healthcare costs coupled with the possibility to travel to exotic places made Asia the preferred region for foreign medical travelers

♦ India, Malaysia, Thailand and Singapore are the most preferred countries for medical treatments globally due to advanced quality healthcare and affordable healthcare costs

♦ Countries like Costa Rica, Mexico, Barbados and Antigua are expanding their services faster thus attracting patients from North America and Europe. The UAE is also developing itself as MVT hub by promoting developments in Dubai. Huge amounts of investment have been made in Dubai by the government, as it envisages itself as the medical hub in coming years

♦ The lowest spending by the government has been observed in countries like Bangladesh and Myanmar indicating inadequate medical infrastructure. Thus, the inadequate infrastructure in source countries and higher prices of healthcare in developed economies like US and Canada, becomes the high potential region where India can focus for the development of MVT.