The medical tourism industry in India is poised for an explosive rise. Valued at US$ 10,362.9 million in 2024, it’s projected to reach a staggering US$ 50,670.5 million by 2034, growing at a phenomenal 17.2% CAGR. This presents a golden opportunity for healthcare providers to attract patients seeking high-quality, cost-effective medical care. But how can your facility stand out in this competitive landscape?
Delivering Value Beyond Borders
- Cost-Effectiveness is King: Cater to the global demand for affordable healthcare. Offer competitive pricing for medical procedures, making sophisticated treatments accessible to a wider patient pool.
- Quality Never Compromised: Maintain exceptional standards of care. Highlight the expertise of your medical professionals, advanced medical technology, and commitment to patient safety.
- Beyond Treatment, a Vacation: Leverage India’s unique appeal. Showcase the potential for patients to combine their medical journey with leisure activities, exploring the country’s rich culture, scenic beauty, and diverse landscapes.
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- Embrace Alternative Therapies: Become a leader in holistic wellness. Offer Ayurvedic treatments, yoga therapy, and other alternative healthcare options alongside conventional medicine.
- Government Support on Your Side: Partner with government initiatives. Benefit from India’s growing focus on promoting medical tourism and attracting patients seeking alternative therapies.
Understanding the Growth Drivers:
- Post-Pandemic Health Focus: Capitalize on the increased health consciousness. Target patients seeking high-quality medical care at affordable prices, even if it means traveling abroad.
- Affordable Excellence: Become a haven for global patients. Highlight the cost advantage India offers compared to developed nations, while maintaining excellent medical standards.
A Competitive Advantage in Costs:
- Real-World Example: Emphasize the significant cost savings. Use comparisons like a knee replacement surgery costing US$40,000 in the US versus US$8,500 in India, while offering superior medical care.
The low cost of consultation, accommodation, treatment, medicines, and surgery make India one of the most affordable options for availing healthcare services, setting new India medical tourism market trends and opportunities.
The quality of the procedure matches up to the top facilities available in developed nations, while being very affordable compared to developed nations like the US. Government schemes and interventions have also had a positive impact on the overall growth of the Indian medical tourism market.
Availability of medical visas under the e-visa section, offering long-term visas for an extended stay, official guidelines, and organizing campaigns like ‘Heal in India’ are some of the positive government interventions which are elevating the Indian medical tourism market share.
Wellness services like yoga and meditation have also been popular among tourists visiting India for medical reasons. ‘Ministry of Ayush’ established in 2014, regulates all the affairs related to alternative treatments and wellness sector in the country.
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The ministry has also been working on promoting these services among the visiting tourists, while providing official guidelines and platforms for the firms operating within the sector, improving India’s medical tourism market statistics.
Competitive Landscape:
Leading players of India medical tourism are focused on providing the consumers with a luxury stay and the utmost high-quality treatment. The key players have also focused on increasing their network of hospitals and doctors to provide a holistic experience for their consumers.
Key Players
- WorldViewer Dot Com (India) Pvt. Ltd
- Top Travel & Tours Pvt. Ltd.
- eLand Holidays Pvt. Ltd
- ToursinIndia Tourist Agency
- Forerunners Healthcare
- Vaidam Health
- Top Indian Holidays Pvt. Ltd.
- Dynasty Tours & Travel.
- CredihealthPvt. Ltd.
- ClinicSpots
- MediConnectPvt. Ltd.
- Medmonks Medicare Pvt Ltd.
- Mediniq Healthcare Pvt. Ltd.
- Global Treatment Services Pvt Ltd
- FrontEnders Healthcare Services Pvt. Ltd.
Recent Developments:
- Fortis Healthcare Group, with a chain of 29 hospitals in India, has started offering its own consultation packages for foreign medical patients seeking treatment.
- Indian insurers ought to make a serious effort to market their health plans to foreigners. An additional $9 billion in premium and patient influx to India could result from this.
India Medical Tourism Market by Category
By Treatment Type:
- Dental Treatment
- Cosmetic Treatment
- Cardiovascular Treatment
- Orthopedic Treatment
- Neurological Treatment
- Cancer Treatment
- Fertility Treatment
- Others
By Services:
- Wellness Services
- Therapeutic Services
By Tour Type:
- Independent Traveler
- Tour Group
- Package Traveler
By Consumer Orientation:
- Men
- Women
- Children
By Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
By Booking Channel:
- Phone Booking
- Online Booking
- In-Person Booking
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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