The Indian healthcare sector is expected to grow to $50 billion by 2025. Meanwhile, the global medical tourism industry is worth $72 billion.
With the newest technological tools implemented across care delivery, India has become one of the world’s most cost-effective healthcare destinations. This was announced on Thursday by Union Minister of State for Science and Technology Jitendra Singh during the Healthcare Leaders’ Summit 2022. The minister also said that over 10 lakh medical visas were given between 2019 and 2022.
He stated, “This is a notable figure because foreign travel was almost prohibited throughout the Covid-19 pandemic. India is quickly developing as the world’s media tourist hotspot. The country has around 600 globally and domestically certified hospitals that give world-class care at a low cost.”
Singh went on to say that the Indian healthcare industry is predicted to rise to $50 billion by 2025, while the worldwide medical tourism business is estimated to be worth $72 billion.
“By the next year, India’s share of medical tourism is expected to be about $10 billion. In addition, the nation is the world’s largest provider of generic pharmaceuticals.”
He stated that the government’s goal and policies are perfectly aligned in terms of providing cheap healthcare to everybody.
“The Modi administration is guiding scientists in channeling their excitement, tackling the most important healthcare concerns of the present generation, and being future-ready.”
The minister stated that huge efforts are being made via science and research to develop a vibrant life sciences ecosystem.
“This, in turn, will minimize health disparities and lay out a clear path for the continued success of vaccinations, treatments, and diagnostics. The government’s action plan to assist healthcare stakeholders in creating a thriving healthcare ecosystem in the country is being implemented through funding, incentives, government and industry-academia collaboration, and incubation.”
Singh went on to say that the whole world applauded India’s leadership role during COVID-19, when it accomplished the uncommon accomplishment of giving over 220 crore vaccines using a totally digital platform – Cowin, and the process is still ongoing.
“During the epidemic, India was critical in the quick production and global distribution of vaccinations. What are the emerging methods for supporting the end-to-end research and testing pipeline for vaccines by enhancing interaction among business, academia, and government in the future?”
Singh said, “As the Summit’s title suggests, Modi’s aggressive government initiatives are best shown by his launch of Startup India from the ramparts of Red Fort in 2015. And we currently have over 80,000 start-ups, up from around 400 in 2014. The Prime Minister’s special emphasis on Science, Technology, and Innovation has sparked the imagination of the country’s youth to innovate and solve problems with new ideas, and startups are rapidly emerging in fields such as IT, agriculture, aviation, education, energy, health, and space “
He went on to say that there are currently over 4,000 healthtech startups in India, ranging from platforms that help monitor health conditions to apps that use AI to detect illnesses and diseases, platforms that connect patients with doctors, and much more, and that he hoped that this ecosystem would grow even more and become the world’s leading sector.
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