The medical tourism industry in India is estimated to be valued at USD 10,362.9 million in 2024. It is projected to surpass USD 50,670.5 million by 2034. The industry growth in India is expected to develop at a healthy 17.20% CAGR from 2024 to 2034.
Key Industry Drivers
In the post-pandemic era, individuals are increasingly becoming health-conscious. This has significantly pushed the demand for cost-effective and high-quality healthcare facilities, even if they have to travel abroad. Even before the pandemic hit the world, the trend of getting exclusive treatments done in developing countries had become a norm for the well-off population residing in developed economies. This has two advantages:
The medical tourism industry in India is also getting a lot of attention among European nations as it is known for offering a wide range of alternative therapies like Ayurveda and yoga. The government of India is also actively promoting these therapies on an international level, attracting more people to the country.
As per a cost comparison study by the American Medical Association, a knee replacement surgery somehow cost USD 40,000 in the United States, US$ 10,000 in Thailand, and USD 13,000 in Singapore. However, the same surgery, with better medical care and services, is very likely to cost around USD 8,500 in India.
Compared to other developed and developing nations, the cost of living in India is also very reasonable. This makes the stay during prolonged treatments even more affordable. Better connectivity from all parts of the world to the Indian metropolitan is also contributing to the growth of the India medical tourism industry.
| Attributes | Key Statistics |
|---|---|
| Expected Base Year Value (2024) | USD 10,362.9 million |
| Anticipated Forecast Value (2034) | USD 50,670.5 million |
| Estimated Growth (2024 to 2034) | 17.20% CAGR |
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One of the key attractions for people traveling to India is the well-established wellness tourism industry in the different parts of the country. Alternative medical therapies, like Yoga, Ayurveda, naturopathy, meditation, Vipassana, etc., are also getting their undue recognition and appreciation from people worldwide.
The rise of destination management companies contributes to the growth of the India medical tourism industry. They assist in treatment planning, travel arrangements, visa assistance, language interpretation, and local support, enhancing the overall experience for medical tourists.
India, as a country, is also focusing on enhancing its medical infrastructure to cater to the demands of its population. This has significantly changed the face of India’s Medicare and healthcare sector in the past couple of decades.
The country now has 38 hospitals accredited by the Joint Commission International (JCI) and a significant amount of hospitals accredited by the National Accreditation Board for Hospitals and Healthcare Providers (NABH). This generates immense trust in the people looking forward to travel to India for their treatments.
The fact that India offers the most affordable medical services in the world also comes with a negative perception in the minds of the people that these services may be low-quality. This notion has dampened the growth of the medical tourism industry in India. Apart from this, India, in the last few decades, has always been the target of terrorist groups and organizations. This has created a sense of fear in the people looking forward to traveling to India.
Competition from other Southeast Asian countries, like Singapore, Thailand, and Malaysia, is also slowing down the India medical tourism industry. India’s healthcare industry also suffers from serious issues of hygiene and patient safety. Unlike other countries, there’s also a lack of a single unified body that works toward the betterment of the medical tourism industry in the country. All these factors are collectively contributing to the negative growth rate of the Indian medical tourism industry.
Based on treatment type, the industry for Indian medical tourism is segmented into dental, cosmetic, and cardiovascular treatments. The cardiovascular segment is anticipated to hold a share of 40.20% of the overall India medical tourism industry.
| Attributes | Details |
|---|---|
| Treatment Type | Cardiovascular Treatment |
| Industry Share in 2024 | 40.20% |
The presence of top cardiologists in India makes it a hub for cardiovascular treatments. Additionally, the advanced health infrastructure present in some of the major centers with international accreditation adds to its appeal.
Hospitals like the Fortis Escorts Heart Institute and Research Centre, Asian Heart Hospital, and Medanta Hospital are some of the key cardiovascular centers in Asia. They are pioneers in the field of cardiology and are also present in India. All these factors have contributed to the effective growth of India’s medical tourism industry in the past few years.
Based on the services, the wellness segment takes the maximum share of the India medical tourism industry. It is anticipated to hold an industry value of 61.50%.
| Attributes | Details |
|---|---|
| Services | Wellness |
| Industry Share in 2024 | 61.50% |
In the last few years, it has also been observed that people have actively traveled to India in quest of alternative medicine such as yoga, massages, and meditation. Many destinations in India, like Rishikesh, also known as the Yoga capital of the world, Varanasi, Kullu, Manali, Goa, etc., are some of the prominent hubs for wellness tourism and alternative medicine practices. Their immense popularity in the Western world has significantly contributed to the growth of the wellness tourism industry in India.
The projected 17.20% CAGR for India’s medical tourism industry is a collective collaboration of numerous players, such as hospitals and healthcare providers, wellness centers, Ayurvedic resorts, destination management companies, tourism boards, etc. Apollo Hospitals, Fortis Healthcare, Max Healthcare, Medanta - The Medicity, Narayana Health, and Manipal Hospitals provide excellent healthcare facilities, especially when it comes to chronic diseases.
Ananda in the Himalayas, The Art of Living International Center, Somatheeram Ayurveda Village, Kairali Ayurvedic Group, Ayushakti Ayurved Pvt. Ltd., Osho International Meditation Resort are considered the pioneers of wellness centers in and around the world. These institutions are aided by insurance companies like ICICI Lombard General Insurance, Religare Health Insurance, and Paramount Health Services & Insurance TPA Pvt. Ltd. so that international patients can seek medical travel insurance coverage in India.
Recent Developments
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The medical tourism industry in India is expected to be worth USD 10,362.9 million in 2024.
The medical tourism industry in India is expected to reach USD 50,670.5 million by 2034.
The India medical tourism industry is developing at a CAGR of 17.20% from 2024 to 2034.
Apollo Hospitals, Fortis Healthcare, Max Healthcare, Medanta - The Medicity, Narayana Health, Manipal Hospitals, etc., are some of the key players in the industry.
The valuation of the medical tourism industry in India was USD 8,767.2 million in 2023.
| Estimated Market Size (2024E) | USD 248.9 billion |
|---|---|
| Projected Market Value (2034F) | USD 822.7 billion |
| Value-based CAGR (2024 to 2034) | 12.7% |
| Estimated Market Size (2024E) | USD 102.8 million |
|---|---|
| Projected Market Size (2034F) | USD 364.7 million |
| Value-based CAGR (2024 to 2034) | 17.9% |
| Expected Market Value (2023) | USD 10.33 billion |
|---|---|
| Projected Forecast Value (2033) | USD 45.98 billion |
| Anticipated CAGR (2023 to 2033) | 16.1% |
| Current Year Value (2023) | USD 221.21 billion |
|---|---|
| Expected Forecast Value (2033) | USD 662.92 billion |
| Projected CAGR (2023 to 2033) | 11.6% |
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Trends, Growth, and Opportunity Analysis of Medical Tourism in India
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