BOOMING MEDICAL TOURISM IN INDIA
Book Publish in Sep. 2009
Medical tourism in India has emerged as the fastest growing segment of tourism industry despite the global economic downturn. High cost of treatments in the developed countries, particularly the USA and UK, has been forcing patients from such regions to look for alternative and cost-effective destinations to get their treatments done. The Indian medical tourism industry is presently at a nascent stage, but has an enormous potential for future growth and development.
As per our new market research report “Booming Medical Tourism in India”, India’s share in the global medical tourism industry will climb to around 2.4% by the end of 2012. Moreover, the medical tourism is expected to generate revenue of US$ 2.4 Billion by 2012, growing at a CAGR of over 27% during 2009–2012. The number of medical tourists is anticipated to grow at a CAGR of over 19% in the forecast period to reach 1.1 Million by 2012.
We have also found that India represents the most potential medical tourism market in the world. Factors such as low cost, scale and range of treatments provided by India differentiate it from other medical tourism destinations. Moreover, the growth in India’s medical tourism market will be a boon for several associated industries, including hospital industry, medical equipments industry and pharmaceutical industry.
In addition to the existence of modern medicine, indigenous or traditional medical practitioners are providing their services across the country. There are over 3,000 hospitals and around 726,000 registered practitioners catering to the needs of traditional Indian healthcare. Indian hotels are also entering the wellness services market by tying up with professional organizations in a range of wellness fields and offering spas and Ayurvedic massages.
Our comprehensive report also provides a deep insight into the Indian medical tourism market and evaluates the past, present and future scenario of the medical tourism market. It discusses the key factors which are making India an attractive medical tourism destination. Both statistics and trends about market size, tourist arrivals, infrastructure, accreditations, drivers and restraints have been thoroughly discussed in the report.
India is promoting the "high-tech healing" of its private healthcare sector as a tourist attraction.
The government hopes to encourage a budding trade in medical tourism, selling foreigners the idea of travelling to India for low-cost but world-class medical treatment.
Naresh Trehan, executive director of Escorts Heart Institute and Research Centre, a leading private healthcare provider, says India has established world-class expertise in practices such as cardiac care, cosmetic surgery, joint replacements and dentistry.
Merging medical expertise and tourism became government policy when finance minister Jaswant Singh, in this year's budget, called for India to become a "global health destination".
For example, in April Madras Medical Mission, a Chennai-based hospital, successfully conducted a complex heart operation on an 87-year-old American patient at a reported cost of $8,000 (€7,000, £4,850) including the cost of his airfare and a month's stay in hospital. The patient claimed that a less complex operation in America had earlier cost him $40,000.
Taken from Financial Times (2/7/03)