Medical tourism in India to grow to USD13.3 billion by 2022
Medical tourism in India by international travellers is expected to grow to USD13.3 billion by 2022, according to a report jointly published by KPMG India and Google. About 1.5 million medical tourists are expected to visit the country in 2022.
The medical tourism market in India has grown rapidly over the past decade with India becoming one of the largest global medical tourism hubs. Growth has been driven by a rise in international awareness of India’s affordable healthcare, qualified healthcare professional base, coupled with investment into healthcare infrastructure and privately funded healthcare.
Foreign tourist arrivals on medical visas are increasing at a CAGR of 51 per cent. Bangladesh, Afghanistan and Commonwealth of Independent States (CIS) countries are the leading source geographies accounting for more than one-third of visitors. Africa and GCC countries are expected to drive larger inbound volumes in the coming five years. The key growth drivers are alternative medicine (AYUSH), cost competiveness driving medical tourism inflow and quality healthcare and travel options at affordable price points.
Indian ayurveda market is growing at approximately 16 per cent CAGR, backed by approximately 1 million traditional medicine doctor base and proactive government promotion. Medical procedures in India cost 70-80 per cent lower compared to average treatment costs in the US. A robust private healthcare sector and budget friendly travel destinations ensure lucrative India travel options for the international tourists.