The medical value travel industry has emerged as one of the fastest growing segment of tourism industry despite the global economic downturn. According to the FICCI-KPMG report, the global medical value travel industry was estimated at USD10.5 billion in 2012. It is expected to grow at a CAGR of 17.9 per cent from 2013-19 to reach USD32.5 billion in 2019.
India is emerging as a preferred healthcare destination for patients across the globe. Growing at a compounded annual growth rate (CAGR) of 27%, the inflow of medical tourists in India is likely to cross 3.2 million in 2016. World class treatment and state of the art hospitals in India have created a very favorable atmosphere for patients with varying degrees of illness to avail the best facilities for their treatment
The Indian Department of Tourism estimates that the average cost of healthcare in India is about one-fifth that of the West and multi-organ transplants are done for a tenth the cost in the West. There is ‘zero waiting time' for patients which is also a major driver of medical tourism in the country. A bone marrow transplant in India would cost around $26,000 in India, compared to about $2,50,000 in the US.
India is now firmly established as the preferred medical tourism destination in the world. Across the globe, Indian doctors and scientists are considered among the best, having trained in the best Indian and international medical institutions. Advances in technology have improved medical diagnoses and treatment of diseases which were considered untreatable some years ago in this country.
Technology has also connected us globally and we are almost instantly aware of new inventions and discoveries in the medical world. Hospitals India are manned by specialists who employ cutting-edge technology for diagnoses, treatment or surgical procedures.
There's hardly a medical condition today that cannot be treated in India. When the doctors are world-class, the facilities are best-in-class and come to you at a fraction of the cost in the West, it really is very understandable that people prefer to come to the best hospitals in India for treatment they trust is their best option.
- State of the art Hospitals with Excellent Infrastructure
- Largest pool of Highly qualified and skilled doctors
- Well trained & caring nurses and paramedical staff
- Latest and highly advanced medical devices
- Affordable treatment at costs just 25%-50% of what it would cost in other countries
- Absence of waiting time for treatment.
- Fluent English-speaking and International languages speaking doctors, nurses and paramedical staff means no language problem for International patients
- Ultramodern pharmaceutical manufacturing and packaging facilities
- Large number of private hospitals that are accredited with the National Accreditation Board for Hospitals & Healthcare Providers (NABH) and Joint Commission International (JCI).
- History of Indian system of medicine is over 5000 years old
The medical tourism market in India is projected to hit $3.9 billion mark this year having grown at a compounded annual growth rate of 27 per cent over the last three years, according to a joint report by consultancy firm KPMG and industry body FICCI.
The inflow of medical tourists is expected to cross 320 million by 2016 compared with 85 million in 2012. 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.
A key competitive advantage India has in medical tourism is the cost effectiveness it has to offer to its patients. Besides the western markets, the SAARC countries have been an important source of medical tourists for India.
The year 2010 witnessed about 6,00,000 patients travelling to India and spending 4,500 crore in getting treated here from over 30 counties around the world, USA, Canada, UK, Russia, the Middle East, Uganda, Tanzania, Sri Lanka, the Central Asian Republics. In the year 2012 more than 18000 medical visas issued by Indian High Commission (10621 for Abuja and 7611 for Lagos)