Medical Tourism in India Poised for Growth
The medical tourism industry in India is expected to experience a significant rebound, with projections indicating that the number of medical tourists will surpass pre-pandemic levels in 2024. According to data from Crisil, a credit rating agency, India is anticipated to welcome approximately 7.3 million medical tourists in the calendar year 2024, a substantial increase from the estimated 6.1 million in 2023.
This projected growth aligns with the positive outlook for the medical tourism segment, prompting major hospital chains to focus on expanding their international patient revenue and establishing international outreach offices in new regions. Crisil's outlook for private hospitals in FY25 highlights that medical tourism, which typically contributes 10-12% of hospital revenue, is expected to grow at nearly double the overall industry growth rate in the near to medium term.
Several factors contribute to India's increasing popularity as a medical tourism destination. The country boasts top-notch healthcare infrastructure, a pool of skilled and well-trained medical professionals, and cost-effective treatment options, making it an attractive choice for individuals seeking high-quality healthcare services.
Hospitals are actively expanding their international outreach efforts to cater to the growing demand. Max Healthcare, for instance, currently operates nine international offices across Asia and Africa, with plans to add three more this financial year. Similarly, Apollo Hospitals and Fortis Healthcare are also aiming to increase their foreign outreach centers, venturing into new geographical areas. These outreach centers provide valuable assistance to patients, including handling inquiries, visa processes, travel arrangements, scheduling appointments, and offering comprehensive treatment plans.
The top specialties attracting medical tourists to India include organ transplants (liver, bone marrow, and kidney), cardiac surgeries (including pediatric cardiac surgeries), oncology, orthopedics, and neurosciences. With its growing reputation for quality and affordability, India's medical tourism industry is poised for continued expansion and success.