In a remarkable shift, medical tourism is emerging as a lucrative opportunity for healthcare companies worldwide. As highlighted in a comprehensive analysis by GlobalData’s Company Filing Analytics Database, discussions within corporate filings reveal a growing emphasis on catering to international patients. These discussions underscore the industry’s recognition of medical tourism as a significant revenue stream driven by access to skilled healthcare professionals, advanced treatments, and state-of-the-art facilities.

International Patient Revenue on the Rise

Several leading healthcare providers have reported substantial growth in their international patient revenues. Max Healthcare Institute Ltd, for instance, revealed a 14% year-on-year increase in its earnings call for 2023. Similarly, Fortis Healthcare Ltd experienced a 12% growth in revenue from medical travel in the financial year 2024. This surge underscores the potential of medical tourism as an additional revenue stream for healthcare institutions.

Misa Singh, Business Fundamentals Analyst at GlobalData, commented on the trend: “Businesses are strategizing to tap into this immense opportunity by participating in international expos, expanding their agent networks, and collaborating with third parties to offer therapies abroad. These strategies are essential for positioning themselves as key destinations for international patients.”

Strategic Moves to Attract Medical Tourists

A closer look at the strategies employed by healthcare companies reveals a multifaceted approach to attracting medical tourists. Malaysia-based TMC Fertility, for instance, expanded its network of medical referral agents and participated in expos in Indonesia and China to draw patients from diverse Asian markets. This approach indicates the broader trend where companies seek to establish a global presence.

BioRestorative Therapies Inc., conversely, is focusing on licensing its technology for adult stem cell therapy facilities outside the US. By collaborating with hospitals and physicians, the company aims to make stem cell-based therapies accessible to international patients. Furthermore, BioRestorative Therapies is dedicated to complying with regulatory requirements to facilitate medical tourism in various countries.

HealthCare Global Enterprises Ltd is positioning itself as a premier destination for cancer care for international patients. By concentrating on specific products and markets, the company has opened a women’s wing dedicated to breast and cervical cancer care, further enhancing its appeal to medical tourists.

Government Support Enhances Medical Tourism

Government policies play a pivotal role in fostering the growth of medical tourism. Recognizing the potential economic benefits, several countries have introduced favourable policies to attract international patients. For instance, India’s introduction of e-Medical visas has significantly facilitated the influx of medical travellers. Such policies and corporate strategies are likely to sustain the momentum of medical tourism.

Rainbow Children’s Medicare Ltd is actively pursuing international business opportunities. The healthcare provider recently signed a Memorandum of Understanding (MoU) with Tanzania and secured governmental tie-ups with Oman, Zanzibar, and other African countries. These initiatives reflect the company’s commitment to expanding its international medical tourism market footprint.

Novartis AG is also making strides in supporting international patients. The company has launched an international patient support program across its priority markets. This program is a central resource for onboarding, education, and support, helping patients navigate their healthcare journey.

Conclusion: A Promising Future for Medical Tourism

As medical tourism continues gaining traction, healthcare companies increasingly recognise its potential as a substantial revenue stream. The concerted efforts to attract international patients through strategic initiatives and favourable government policies are set to propel the industry forward. Misa Singh concludes, “With governments amending policies to enhance medical tourism and businesses adopting innovative strategies, the sector is poised for significant growth. The introduction of e-Medical visas by India is just one example of how favorable policies are boosting medical tourism.”

In summary, the burgeoning field of medical tourism offers a promising future for healthcare companies. By leveraging advanced treatments, world-class facilities, and strategic initiatives, these companies can capitalize on the growing demand from international patients. The continued collaboration between the public and private sectors will be crucial in sustaining this upward trajectory, making medical tourism a key driver of growth in the global healthcare landscape.

Written by Yves Thomas

==================================