Why Medical Tourism is Important To India?
The importance of medical tourism for India cannot be overstated, especially in countries like India. The India Medical Tourism Market is projected to grow significantly, with an estimated size of USD 7.69 billion in 2024, and expected to reach USD 14.31 billion by 2029, showing a CAGR of 13.23% during the forecast period (2024-2029).
What exactly is medical tourism?
It refers to the travel and hosting of foreign tourists who stay at least one night in a destination region for the purpose of maintaining, improving, or restoring their health through medical intervention.
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This can include a wide range of medical treatments, from curative procedures like cardiac surgery, organ transplants, and joint replacements, to wellness and rejuvenation offerings such as cosmetic surgery, stress relief, and spa treatments.
Additionally, it encompasses access to traditional systems of medicine, such as India’s AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy) practices.
Medical tourism has become a crucial aspect of healthcare-seeking behavior’s, and it also has a significant economic impact on the nations that host these medical travelers.
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This highlights the importance of recognizing and understanding the role of medical tourism in the global healthcare industry and Why Medical Tourism is Important To India?
The Ministry of Tourism has developed a “National Strategy and Roadmap for Medical and Wellness Tourism,” demonstrating the Indian government’s genuine commitment to promoting medical tourism.
Vision of Medical Tourism India
To position India as a sustainable and responsible medical and wellness tourism destination.
Mission of Medical Tourism India
To create a robust framework and synergy amongst the Ministries of Central Government and State Governments and Private Sector for promoting India as a Medical and Wellness tourism destination through a dedicated agency to promote Medical and wellness tourism in India.
Medical Tourism Economy for India
India receives approximately 2 million patients annually from 78 countries for medical, wellness, and IVF treatments, contributing $6 billion to the industry. This figure is projected to reach $13 billion by 2026, supported by the government’s Heal in India initiative.
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The growth of MVT is driven by factors such as affordability and accessibility of quality healthcare services, minimal waiting times, and the availability of advanced medical technology.
Top destinations for Medical Value Travel include Thailand, Mexico, the US, Singapore, India, Brazil, Turkey, and Taiwan.
The global medical value travel market is estimated to be between USD 60-80 billion, with approximately 14 million people traveling across borders for medical tourism.
India Ranking in Medical Tourism Index.
India was ranked 10th in the Medical Tourism Index (MTI) for 2020-21 out of 46 global destinations by the Medical Tourism Association.
According to the Global Wellness Institute, the global wellness tourism market was valued at USD 639 billion in 2017.
Secondary wellness travellers accounted for 89% of trips and 86% of expenditure, with domestic wellness travel contributing 82% of total trips and 65% of expenditure.
Leading countries for wellness tourism in terms of market size include the United States, Germany, China, France, Japan, Austria, and India.
In 2017, India ranked 7th in wellness tourism, with 56 million trips and total revenue of USD 16.3 billion, according to estimates by the Global Wellness Tourism. Why Medical Tourism is Important To India?
Who will be benefit more from Medical Tourism and Why Medical Tourism is Important To India?
1. Medical Colleges: The increasing demand for healthcare services due to medical tourism can lead to a higher demand for doctors, nurses, and other medical professionals. This can create opportunities for medical colleges to expand their programs and produce more qualified healthcare professionals to meet the growing needs of the industry.
2. Large Hospital Chains: Hospitals and healthcare facilities are central to the medical tourism industry. Large hospital chains can benefit from increased patient flow, revenue generation, and the opportunity to showcase their expertise to an international clientele.
3. Employment Opportunities: The growth of medical tourism can create employment opportunities in various fields, including doctors, nurses, administrative staff, and support services. Additionally, the hospitality industry can benefit from the increased demand for accommodation and related services for medical travelers.
4. Aviation and Hospitality Industries: The travel and hospitality sectors are closely linked to medical tourism. Airlines, hotels, and other travel-related businesses can experience increased demand for their services due to the influx of medical travelers and their companions.
5. Medical Device or Equipment Industry: The rise in medical tourism can lead to an increased demand for medical equipment and devices, benefiting the medical device industry. Hospitals and healthcare facilities catering to medical tourists may invest in advanced medical technology and equipment to provide high-quality care.
6. Inflow of Foreign Currencies: Medical tourism is important and can contribute to the inflow of foreign currencies into the host country, as international patients pay for medical services, accommodations, and other related expenses in the local currency. This can have a positive impact on the country’s economy and balance of payments.
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In conclusion, medical tourism has the potential to benefit a wide range of industries and sectors, creating a ripple effect that extends beyond just healthcare providers.
Healthcare and tourism are among the fastest-growing industries globally. Medical Value Travel (MVT) is positioned as a fusion product of these industries and has witnessed significant growth worldwide, with untapped potential. These are important reason to understand, Why Medical Tourism is Important To India?
