INDIAN MEDICAL INDUSTRY

MEDICAL VALUE TRAVEL INDUSTRY IN INDIA

• A growing sector globally, in 2021 medical value travel was estimated to have a market size of INR 3.9L crores around USD 49. 6 billion and it is expected to grow at a CAGR of 29.3 % to reach a market size of 15L crores around USD 192.9 Billion by 2026.
• Marketwise, 46% is dominated by Asia Pacific region including India i.e., it comes from USD 22.8 billion.
• Based on the Medical Tourism Index 2020-21, India is ranked 10th out of the top 46 countries, 12th out of the world’s top 20 wellness tourism markets and 5th out of 10 wellness tourism destinations in Asia-Pacific.
• Bangladesh, Iraq, Maldives, Afghanistan, Oman, Yemen, Sudan, Kenya, Nigeria and Tanzania account for about 88 per cent of the total international patients visiting India. Bangladesh alone accounts for 54 per cent of the total medical tourists.
• The medical tourism industry in India gets maximum patients for heart surgery, knee transplant, cosmetic surgery and dental care as the cost of treatment in India is considered to be the lowest in Asia, much lower than Thailand, Indonesia, Singapore and Hong Kong.
• The government has implemented various initiatives to push India’s rise as a hub of medical tourism through promotion of ayurveda, yoga and other Indian systems of medicine in the international market.