India Medical Tourism Market to grow with a CAGR of 18.15 %
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, 2018-2028”, 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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" India Medical Tourism Market”
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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