India Medical Tourism Market Size Zooming at Robust CAGR of 19% to Cross Whopping USD 25 Billion by 2029
India medical tourism market is flourishing, as the country’s healthcare facilities provide various benefits including significant cost savings, improved results, modern technologies, breakthrough medicines, sophisticated devices, superior hospitality, and individualized care.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India medical tourism market size at USD 7.42 billion in 2022. During the forecast period between 2023 and 2029, India medical tourism market size is projected to grow at a robust CAGR of 19.28% reaching a value of USD 25.33 billion by 2029. The availability and affordability of high-quality healthcare services, as well as support from local governments and tourism bureaus, are the primary drivers of the expansion of India medical tourism market. The availability of cutting-edge medical technologies in medical tourism hotspots across the country is also expected to fuel the market growth. A larger hospital network that is insured for cashless transactions is expected to provide more opportunities for the growth of India medical tourism market.
India Medical Tourism Market - Overview
Medical tourism refers to a planned international trip to receive medical care that may or may not be available in the traveler's home country. Medical tourists travel across international borders to maintain, improve, or restore their health by utilizing affordable healthcare services and procedures that are available in other countries but are quite costly on their own. Medical tourists travel for a variety of medical procedures, including dental, neurological, and cardiovascular procedures.
India Medical Tourism Market – By Tour Type
India medical tourism market by tour type is segmented into independent travelers, tour groups, and package travelers. The majority of the market is dominated by independent travel tour type. The low cost of treatment and accommodations is the main factor influencing people to seek medical services in India, which encourages medical tourism. Because it is so expensive, the majority of people prefer to travel alone, which has increased the demand for independent travel in the Indian medical tourism market.
Impact of COVID-19 on India Medical Tourism Market
Indian government imposed a stringent lockdown and stopped the import-export of medical supplies due to the country's rising coronavirus incidences. The medical tourism industry was significantly affected by travel restrictions and the lack of personal protective equipment. Medical travel consultants, startups, and small organizations had constrained resources, making them susceptible to changes brought on by the pandemic.
India medical tourism market is fiercely competitive. Prominent players in the market include Apollo Hospitals, Fortis Healthcare, Medanta, Max Healthcare, Narayana Health, Wockhardth, Manipal Hospital, BLK Super Speciality Hospital, and Global Hospitals. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in India medical tourism market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Medical Tourism Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Medical Tourism Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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