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IBEF: November 03, 2015

New Delhi: Indian medical tourism industry is expected to more than double to US$ 8 billion by FY2020 from US$ 3 billion in FY2015, as per a report by Grant Thornton. With the healthcare costs in developed countries increasing, cost-consciousness among patients seeking treatment and availability of accredited facilities have given rise to many global medical tourism corridors like Thailand, India, Malaysia, Singapore, Taiwan, Costa Rica and Mexico. Among these global medical tourism corridors, India has the second largest number of accredited facilities. Majority of the medical tourists in India are from Bangladesh and Afghanistan, who dominate the Indian Medical Value Travel (MVT) with 34 per cent share. As per the report, Indian healthcare sector needs to explore the large opportunities in Africa, Gulf Cooperation Council (GCC) and Commonwealth of Independent States (CIS) regions. In India, Chennai, Mumbai, Andhra Pradesh (AP) and National Capital Region (NCR) are the most favoured medical tourism destinations. Currently, Kerala attracts 5 per cent of medical tourists and has the potential to increase its share to a 10-12 per cent, with focussed marketing.