Press Release

India Medical Tourism Market to grow with a CAGR of 18.15 % through 2029

Increasing healthcare infrastructure and a supportive regulatory environment are the major drivers for the India Medical Tourism Market.

 

According to TechSci Research report, “India Medical Tourism Market Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2019-2029”, India Medical Tourism Market has valued at USD 7431.20 million in 2023 and is anticipated to witness an impressive growth in the forecast period with a CAGR of 18.15 % through 2029.  This can be due to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market.

Cost-effective healthcare is a significant driver of demand in the medical tourism industry. Many individuals seek medical treatment abroad for the specific purpose of obtaining high-quality healthcare services at a lower cost. The primary motivation for many medical tourists is the opportunity to access medical treatments and procedures at a fraction of the cost they would incur in their home countries. This cost advantage is particularly appealing to patients who are either uninsured or have limited insurance coverage. Some medical treatments, especially major surgeries and specialized procedures can be prohibitively expensive in certain countries. Medical tourists opt for destinations where the same quality of care is available at a more affordable price. Many medical tourism destinations offer medical services that are on par with or even superior to those in the patients' home countries. This ensures that patients do not have to compromise on the quality of care in their pursuit of cost savings. Medical tourists seek destinations where they can access advanced and cutting-edge medical procedures that may not be available or may be less accessible in their home countries. Medical tourists can often choose from a variety of healthcare facilities, allowing them to compare prices and quality of care to find the best value for their needs. Patients can take advantage of the cost savings associated with medical tourism by combining their medical treatment with a vacation, reducing the overall financial burden.

 

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In August 2023, the Indian government introduced a new visa category known as the Ayush (AY) visa. This visa is tailored to meet the needs of foreign nationals seeking medical treatment in India through traditional Indian systems of medicine, such as Ayurveda and Yoga. The primary focus of this visa is to accommodate individuals interested in Ayurveda, Yoga, and other traditional wellness and therapeutic practices. The Ayush Visa category is a vital component of the Heal in India initiative, which outlines India's plan to enhance its position as a global destination for holistic healthcare and wellness.

Geopolitical and security concerns pose challenges in the India Medical Tourism Market. These concerns can impact the decision-making process of potential medical tourists and the overall attractiveness of India as a medical tourism destination. Political instability or security issues in certain regions or cities within India may deter potential medical tourists. Patients and their families prioritize safety and may opt for destinations perceived as more secure. Geopolitical tensions or security incidents can lead to travel advisories issued by foreign governments. These advisories may discourage citizens from traveling to India for medical treatment, affecting the flow of medical tourists. Travel insurance providers may adjust coverage or premiums based on perceived risks associated with geopolitical issues and security concerns in the destination country. Patients may face challenges in securing appropriate insurance coverage for their medical trip. Security concerns can lead to increased travel restrictions, including visa denials and more rigorous entry requirements. This can create barriers for potential medical tourists who face challenges in obtaining the necessary travel documents.

India Medical Tourism Market is segmented based on Type, Treatment Type, Service, and by region.

Based on the Treatment Type, India Medical Tourism Market is segmented into Orthopedic Surgery, Cardiac Surgery, Cancer Treatment, Neurology & Neurosurgery, Cosmetic Surgery, Bariatric Surgery, Fertility Treatment, Others. Bariatric surgery, also known as weight loss surgery, is a group of surgical procedures designed to help people who are severely overweight, often referred to as morbidly obese,to lose a significant amount of weight and improve their overall health. These surgeries are typically considered when other methods of weight loss, such as diet and exercise, have not been successful, and when obesity is causing serious health problems. Bariatric surgery aims to reduce the size of the stomach or limit the absorption of nutrients from food, leading to reduced food intake and weight loss. Bariatric surgery helps individuals lose weight by a combination of mechanisms, including restriction (reduced stomach size), malabsorption (reduced nutrient absorption), and changes in hormones that regulate hunger and metabolism. Weight loss can be rapid in the months following surgery, and patients often continue to lose weight for a year or more after the procedure.

Based on Region, North India held the largest share in the India Medical Tourism Market. North India has a well-developed transportation infrastructure, including international airports, well-connected road networks, and a reliable rail system. This facilitates the movement of patients to and from healthcare facilities. The Indian government has been actively promoting medical tourism, and this support extends to healthcare institutions in North India. Government initiatives aimed at streamlining visa processes and making it easier for foreign patients to access healthcare services have benefited the region. Many hospitals in North India have established partnerships and collaborations with international healthcare institutions. These relationships enhance the reputation and trustworthiness of the region's healthcare services.

 

Some of the major companies operating in the India Medical Tourism Market include:

  • Vaidam Health Private Limited
  • Digicore Technologies Pvt. Ltd. (ClinicSpots)
  • We Care Health Services
  • Mediniq Healthcare Pvt Ltd
  • Arinaa Medical Tourism Pvt Ltd.
  • Medmonks Medicare Pvt Ltd.
  • Mediconnect India Pvt. Ltd.
  • Global Treatment Services Pvt. Ltd.
  • Universal Health Help Private Limited
  • TourIndia4Health Consultants Pvt. Ltd.
  • TourMyIndia Pvt. Ltd.

 

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“Certain areas, particularly in North America, are projected to exert significant demand for Medical Tourism. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhance the overall wellbeing of people each year, are expected to contribute to a remarkable growth of the India Medical Tourism Market in the forecast period," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.

India Medical Tourism Market by Type (Inbound, Outbound) By Treatment Type (Orthopedic Surgery, Cardiac Surgery, Cancer Treatment, Neurology & Neurosurgery, Cosmetic Surgery, Bariatric Surgery, Fertility Treatment, Others) By Service (Medical VISA, Appointment Fixation, Treatment/Check-up Packages, Others), By Region, By Competition Forecast & Opportunities, 2019-2029F has evaluated the future growth potential of India Medical Tourism Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Medical Tourism Market.

 

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