The contribution of medical tourism to the entire Indian hospital sector is around 3 to 5 percent. (File)
Bombay:
The socio-political unrest in Bangladesh has impacted the flow of medical tourism from the neighboring country and if the turmoil persists, the country’s total footfall could decline by 10-15 percent this year, says a report.
Bangladesh is the top contributor to medical tourism among neighboring countries and accounts for 50-60 percent of India’s total medical tourism inflow, the report released on Wednesday said.
Current internal challenges in Bangladesh have impacted patient flow as a considerable number of these travelers have canceled or postponed their visits, according to a report from knowledge-based analytics group CareEdge Ratings.
According to CareEdge Ratings, if the unrest persists, Bangladesh’s footfall is likely to decline by 10-15% during 2024.
The contribution of medical tourism to the entire Indian hospital sector is around 3% to 5%.
Considering the drop in the number of people coming from Bangladesh, along with its gradual return to normalcy by the end of 2024, the sector will see minimal impact, according to the report.
“The effect on individual hospitals will vary depending on their dependence on medical tourists from Bangladesh. Hospitals with a high dependence on these tourists may experience revenue declines in the second and third quarter of FY25, while larger, multi-location hospitals in India will likely suffer a relatively minor impact.
“Most Indian industry players appear to be unaffected by the crisis, supported by their strong financial resilience and robust cash accumulations,” added CareEdge Ratings Associate Director D Naveen Kumar.
In recent years, medical tourism in India has been on a gradual upward trend, driven by the relatively low cost of surgery, high-quality intensive care, technology-advanced hospitals and the growing e-medical visa facility.
Although 2021 saw some growth in medical tourism following the significant impact of the Covid-19 pandemic the previous year, it remained subdued due to ongoing travel restrictions for parts of that year.
However, 2022 marked a significant return, with medical tourism almost returning to pre-Covid levels, and the trend continued into 2023, showing annual growth of 33 percent.
The government’s initiative to extend the e-medical visa facility to citizens of 167 countries is expected to further boost medical tourism in the coming years, the report states.
This particularly benefits hospitals in metropolitan cities as they are the main beneficiaries of international patient flow, the report said, adding that almost 70-80 percent of medical tourists arriving in India are from Bangladesh and Middle East countries. East.
India is among the top 10 countries for medical tourism globally and is especially preferred among countries in South Asia, Africa and the Middle East.
Bangladesh stands out as the top contributor to medical tourism among neighboring countries, surpassing the Middle East, Myanmar, Maldives, Sri Lanka and Pakistan.
However, the recent socio-political instability in Bangladesh poses a risk to this burgeoning segment of the industry, as current internal challenges have shown signs of affecting patient flow.
The hospital sector in India was valued at around 5.8 lakh crore in FY23, with an expected annual growth rate of 12 percent over the next three years. Every year, around 3 to 3.5 lakh Bangladeshi individuals seek medical treatment in India.
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