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Medical Tourism

Medical tourism gains prominence in filing documents of companies

Medical Tourism

Medical tourism is booming, driven by skilled professionals, advanced treatments, and supportive policies. Companies are capitalizing on this trend to boost revenue and attract international patients.

Medical tourism has been gaining momentum and it is also evident from companies’ discussions that it presents a big opportunity. An in-depth analysis of the filing documents reveals that companies are focusing on the needs of international patients, including access to skilled healthcare professionals, advanced treatments, and world-class facilities, reveals the Company Filing Analytics Database of GlobalData, a leading data and analytics company.

Other factors such as the availability of affordable quality medical care, connectivity and ease of travel, and favorable government policies have also been playing a crucial role in attracting medical travelers to any country.

Medical tourism now provides an additional revenue stream. For instance, Max Healthcare Institute Ltd revealed in its earnings call that its international patient revenue grew by 14% year-on-year in 2023. Fortis Healthcare Ltd revenue from medical travel grew 12% in Financial Year ’24.

Misa Singh, Business Fundamentals Analyst at GlobalData, comments: “Vying for a pie of this big opportunity, businesses are seen discussing strategies such as participation in expos in other countries, expanding agents network, and working with or licensing technology to third parties in countries other than the company’s headquarter country to make certain therapies available for patients traveling abroad for treatment.

“Meanwhile, some are focused on positioning themselves as a key destination for international patients in certain areas of medical care. Other prominent discussion agendas include compliance with regulatory requirements, focus on building reputation and brand in other countries, and rolling out an international patient support program.”

For instance, Malaysia-based TMC Fertility expanded its network of medical referral agents to bring in medical tourists from diverse markets. Furthermore, it participated in expos in Indonesia and China as a part of its strategy to attract patients from Asia.

BioRestorative Therapies Inc discussed to establish, or license technology to adult stem cell therapy facilities outside the US as it intends to work with hospitals and physicians to make stem cell-based therapies available for patients who travel abroad for treatment. The company is also focused on complying with the regulatory requirements in connection with medical tourism in those countries.

HealthCare Global Enterprises Ltd is focused on positioning itself as the destination for international patients in cancer care. They have started driving specific products, –concentrating on specific international markets, It has also opened a women’s wing specifically focused on breast cancer and cervical cancer in this unit.

Rainbow Children’s Medicare Ltd is actively working on international business opportunities. The healthcare company recently signed an MoU with Tanzania and has also got governmental tie-ups with Oman, Zanzibar, and some other African countries.

Novartis AG is rolling out an international patient support program across its priority markets, which will serve as a central resource for onboarding, education, and support to help patients navigate their healthcare.

Singh concludes: “Recognizing this as a significant opportunity to establish themselves as premier destinations for international patients, governments have begun amending policies to enhance medical tourism within their respective countries. For instance, the introduction of e-Medical visas by India has been playing a crucial role in attracting medical travelers. Such favorable policies coupled with strategies adopted by businesses to attract medical travelers are likely to continue boosting medical tourism.”

Co-Founder & Managing Editor - TravelDailyNews Media Network

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.