Today, the medical industry is highly evolved and it has different departments under its umbrella. The life support equipment that includes incubators, anesthetic machines, ECMO and ICU Ventilator etc. are used to maintain a patient’s bodily function.
The treatment equipment may include LASIK surgical machines, medical lasers and infusion pumps etc. Diagnostic equipment includes medical imaging machines such as MRI machines, ultrasound machines and X-Ray machines etc. These kind of medical equipment are used in clinics, hospitals and diagnostic laboratories. Diagnostic Medical Equipment such as equipment for the control of diabetes may be used in home.
The industry of medical consumables in India is having a steady growth. Valued at USD 3.5 billion in 2015, it may expand to USD 4.8 billion by 2019. The growth numbers undoubtedly attract foreign manufacturers who are actively being part of the Indian medical equipment market. India has skilled man power in the medical industry and hence it has become a preferred medical tourism destination with people from foreign continents visiting India to address their health needs. The medical tourism industry is projected to grow $7-8 billion by the year 2020.
Medical tourism industry in India has witnessed large number of people from US and UK. People from neighbouring countries such as Bangladesh and Afghanistan are not left far behind. People from CIS countries, Russia and the African continent also accounted for a large portion of numbers. There is a great deal of demand for cancer diagnostics, orthopaedic and prosthetic equipment and electromagnetic equipment. Some of the factors that are playing a key role in attracting good number of medical tourists to the country include cost, ease of travel, quality of care and language.
Treatment costs in India start at one tenth of the price at which people are treated in US or the UK. Specialties related to eye, heart and hips have been the major medical departments that witnessed significant number of foreign patients. Indian has 28 JCI or Joint Commission International accredited hospitals. JCI accreditation is a significant milestone for a hospital. In US, majority of the states recognize JC accreditation as a condition of licensure. The government of India has removed various restrictions on visa by implementing measures such as visa on arrival thus playing its role in increasing the number of visitors from various foreign countries
Corporate companies and startup companies are cashing the opportunity of demand that the increased medical equipment supply has created. Companies are finding various avenues to fill the demand and supply gap. Recent startups such as Medventura have created an online platform wherein buyers and sellers can interact with each other & find best hospital medical supplies. The manufacturers/sellers can market their products by listing them on the site. Interested parties can create an account, login into the site, review the description of the equipment and indicate their interest in purchase to the buyer. The site provides a unique platform that benefits all the players. Platforms such as these are gaining momentum as they provide a seamless experience for both buyers and sellers wherein buying and selling are no more a tedious job.
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