Rising Medical Tourism in India The Economic Impact

The global market for Medical Tourism estimated at US$115 Billion in the year 2022, is projected to reach US$493.4 Billion by 2030, growing at a CAGR of 20% over the analysis period 2022-2030. (Medical Tourism: Global Strategic Business Report)

- Ranjeev Taneja

India has emerged as a global hub for medical tourism, attracting patients from across the world seeking high-quality, affordable healthcare. The healthcare sector in India has been growing significantly, attracting a substantial number of medical tourists from across the globe. India has gained recognition for its advanced medical facilities, skilled healthcare professionals, and cost-effective treatments.

The figures mentioned from 2022 indicate the substantial economic impact of medical tourism in India. The estimated worth of the travel healthcare sector at $9 billion reflects the revenue generated by medical services offered to international patients. The influx of approximately 2 million patients arriving from 78 countries for various medical treatments, including wellness, IVF, and other specialized medical procedures, contributed a significant $6 billion to the industry, highlighting the scale and impact of this sector on India’s economy. The country’s medical tourism industry is projected to reach $192.91 billion by 2026. (https://www.investindia.gov.in/team-indiablogs/building-resilient-and-sustainablemedical-value-travel-India-0 )

The growth that the industry is currently witnessing is being driven by several factors, including:

• Quality Healthcare Facilities: India boasts world-class hospitals and healthcare facilities equipped with modern technology and staffed with highly skilled medical professionals.

• Cost-Effective Treatments: Medical procedures in India are often more affordable compared to many Western countries, without compromising quality.