Developing India is experiencing growth in many sectors. Healthcare is one among them. Indian health care sector is one of the largest sectors, in terms of revenue and employment, and the sector is expanding rapidly. During the 1990s, Indian healthcare grew at a compound annual rate of 16%. Today the total value of the sector is more than $34 billion. This translates to $34 per capita, or roughly 6% of GDP. By 2012, India’s healthcare sector is projected to grow to nearly $40 billion. The private sector accounts for more than 80% of total healthcare spending in India. Unless there is a decline in the combined federal and state government deficit, which currently stands at roughly 9%, the opportunity for significantly higher public health spending will be limited. Growing population and economy one driver of growth in the healthcare sector is India’s booming population, currently 1.1 billion and increasing at a 2% annual rate. By 2030, India is expected to surpass China as the world’s most populous nation. By 2050, the population is projected to reach 1.6 billion. So it is very much need to co-operation between private public partnership for the health care industry. The market for private health plans is expanding in India. In some cases, the government is partnering with the private sector to provide coverage at a low cost.
With this rapidly growing medical infrastructure; India is becoming the favorite medical tourism destination among many western and eastern healthcare seekers. Medical tourism is became one of the major external drivers of growth of the Indian healthcare sector. The emergence of India as a destination for medical tourism leverages the country’s well educated, English-speaking medical staff, state-of-the art private hospitals and diagnostic facilities, and relatively low cost to address the spiraling healthcare costs of the western world. India provides best-in-class treatment, in some cases at less than one-tenth the cost incurred in the US. India’s private hospitals excel in fields such as cardiology, joint replacement, orthopedic surgery, gastroenterology, ophthalmology, transplants and urology. Not only traditional medical facilities, even alternative Indian medication like Ayurveda or Yoga therapy is also gaining increasing popularity among tourists. Southern state Kerala is one of the favorite medical tourist destinations for ayurvedic treatment. The number of medical tourists visiting Kerala was close to 15,000 in 2006 and is expected to reach 100,000 by 2010. To encourage the growth of medical tourism, the government also is providing a variety of incentives, including lower import duties and higher depreciation rates on medical equipment, as well as expedited visas for overseas patients seeking medical care in India. The Fortis Hospital in Bangalore (also known by its old name Wockhardt Hospital) has been voted as Number 1 of the World’s 10 Best Hospitals for Medical Tourists, by the Medical Travel and Tourism Quality Alliance – MTQUA. Beside them Groups like Applo, Escorts Hospital and Research Centre, Indraprastha Medical Corporation are some of the top player of this sector.