Indian Medical Tourism Industry : Growing Steadily , Rapidly And Dynamically
In the modern well connected world, medical tourism has emerged as an upcoming industry, where individuals trying to avail high-quality medical facilities at competitive costs with shorter waiting times. The concept of Medical tourism is gaining popularity across globe due to rising healthcare costs, long waiting period for certain surgical procedures, lack of access to specialized treatments in some regions and a increasing desire of customers for combining treatment with recreational and wellness experiences at exotic destinations on one hand and simultaneously experiencing different cultures and enjoying recuperation in serene surroundings, contributing to their overall well-being and recovery process., Language and cultural differences logistics behind follow-up care and rehabilitation,legal and ethical considerations, law of the land and travel risks of international travel like transportation, accommodation, and unfamiliar environments are the challenges which have to be tackled to boost its growth further.
Through this article, we will try to evaluate its growth in Indian tourism market .
Some of the popular destinations for Medical Value Travel include Thailand, India, Malaysia, Mexico, Turkey, and Costa Rica. have become sought-after Medical Value Travel destinations and are renowned for their state-of-the-art medical facilities, highly skilled healthcare professionals, and competitive prices at which treatments are being offered. The range of medical treatments available through medical tourism is vast, covering a wide spectrum of specialties. Common procedures sought by medical tourists include Cosmetic Surgery, Dentistry, Fertility Treatments, Orthopedic Surgeries, Cardiovascular Procedures, And Cancer Treatments. These treatments are often accompanied by comprehensive aftercare, wellness and rehabilitation services.
In India ,Medical tourism has emerged as a dynamic and rapidly growing industry, offering patients access to affordable, high-quality medical treatments while providing opportunities for travel and cultural experiences as well. Approximately 2 million Patients visit India each year for medical treatment According to the Ministry of Tourism India, the number of foreign medical tourists coming to India has been steadily growing. Medical tourism has become a substantial revenue generator for India. The industry's contribution to the Indian economy has been noteworthy. Medical Tourism in India, in mid-2020, was estimated to be worth around USD 9 billion which made India stand at Number 10 in the Global Medical Tourism Index India has seen the rise of specialized medical tourism facilitators and companies that help international patients with travel arrangements, treatment planning, and accommodations. Medical tourism has flourished in India over the years. India again ranked 10th for Medical Tourism Index in the 2020-2021. The arrival of foreign tourists for medical purposes had increased from 1.83 lakh in 2020 to 3.04 lakh in 2022. A news article of leading Newspaper had mentioned of Revenue generation $6 billion for the industry during this period may reach to $13 billion by 2026 after strong backing by the Government Of India in the form of “Heal in India initiative “. The Indian government has identified 44 countries from where a large number of people visit for medical purpose. Further studies have revealed that 40% of the people choose to get treated in Chennai for its high-quality treatment.
The Indian Medical Tourism industry was estimated to be valued at US$ 7,417 Million in 2022 b and it is projected to surpass US$ 42,237.47 Million by 2032. According to the analysis, demand is expected to grow at a healthy 19% CAGR from 2022 to 2032. (Medical Tourism in India: Top destinations, scenarios and all:https://www.hindustantimes.com.) .“National Strategy and Roadmap for Medical and Wcllncss Tourism” issued by Ministry Of Tourism And Culture Of India is a sincere effort highlighting details of business is welcome step at right time. The Indian medical tourism market is expected to develop at a fast speed throughout the forecast period. Indian medical tourism accounts for approximately 6.5% of the global medical tourism market and may grow at this higher pace due to :
- The rise of inbound medical travel and Continuous advancements in healthcare
- Telemedicine, telehealth, and other technology playing vital role in getting the patients connected to right person
- Medical care in Asian countries is significantly less expensive than private institutions in wealthy countries such as the United States (Medical and Health Tourism Congress (MHTC)
- Majority of the population being well-versed in English also lowers the chances of facing a language barrier.
- Support from local governments and tourism bureaus
Alliance News via COMTEX had also mentioned that India Medical Tourism Market Size Zooming at Robust CAGR of 19% to Cross Whopping USD 25 Billion by 2029 where as the The global medical tourism market size has been estimated at USD 11.56 billion in 2020 and was projected to grow from USD 13.98 billion in 2021 to USD 53.51 billion in 2028, at a CAGR of 21.1% in the 2021-2028 (https://www.fortunebusinessinsights.com/industry-reports).” The medical expertise of India has earned an international reputation, making it one of the most popular medical tourism destinations, with key cities including Delhi, Mumbai, Chennai, Bangalore, Hyderabad, and Kolkata. The increasing number of hospitals and centers that are accredited internationally makes India a very promising destination for medical tourism. The country also boasts some of the top surgeons from across Asia, attracting patients from across the globe, and opening profitable opportunities in the Indian medical tourism market.
The primary drivers of the medical tourism market expansion are accessibility and affordability of high-quality healthcare services, as well as Additionally, the availability of cutting-edge medical technology in medical tourism hotspots around the globe is anticipated to fuel the Indian medical tourism market expansion. Online medical tourism business is gaining lot of grounds in the country wherein the Medical Tourism aggregator offers its services to the customers on the basis of the queries they feed online about their ailments. Online booking of medical tourism services has gained massive popularity in recent years. This is due to the ease of assessing the cost and the plethora of options it provides for the consumers to choose from. Trustworthy and established tour agencies having an online presence makes it a more comfortable option for consumers to book from, raising the demand for online booking in the Indian medical tourism market and as evident that this need based tourism may give tough competition to other relaxed type tourism in times to come.