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Expanding at 19% CAGR, India medical tourism to hit USD 25B

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.

Report Ocean 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. Ocean

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