Indian Medical Tourism industry is expected to touch $6 billion mark by 2018. Under this, a stagnant growth rate of 20% is likely to be on the cards.
In a recent study, it has been found that in the coming time, Indian medical tourism industry is likely to reach $6 billion (around Rs 36,000 crore). As stated in a report by industry lobby Punjab Haryana Delhi (PHD) Chamber of Commerce and Industry, the milestone is expected to be conquered by the year 2018. The report also showed a 20% compound annual growth rate in the coming three year time.
“The vast pool of medical professionals, expanding private health-care infrastructure, growing technical expertise, cheaper medical procedures, world class health-care infrastructure and government support are likely to boost the number of medical tourist arrivals in India to a projected level of 4 lakh by 2018,” as said by Sharad Jaipuria, president, PHD Chamber.
According to the Punjab Haryana Delhi (PHD) Chamber of Commerce and Industry, the number of patients who turn to India for medical treatments are likely to double over the next few years, At present, the annual medical tourist arrivals from foreign lands, especially from South-East Asia and Middle East, is estimated to be 230,300.
This major progress is a part of the development agenda of the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA government) to give a boost to the tourism sector of India.
Currently the Indian Medical tourism industry is valued little over $ 3 billion. In their manifesto, the BJP government shared their intentions to build around 50 tourism circuits. Under that, special attention would be given to a medical circuit, which will connect modern medicine and Ayurveda.
On such an announcement by the PHD Chamber of Commere and Industry, Parvez Dewan, secretary minister of tourism, government of India said, “The growth of medical tourism in India has led to the enhancement of better and advanced medical facilities in the country. More tourists are coming to India because the cost of treatment here is much less compared to the US and the European countries. We are also trying to integrate medical tourism with normal tourism”. He further added “The guidelines for the new electronic visa have been finalized last week and we are also in support of offering incentives for the promotion of medical and wellness tourism.”