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Sector Overview
Medical Value Industry is a growing sector globally, in 2021 it was estimated to have a market size of INR 3.9L crores around USD 49.6 billion and is expected to grow at a CAGR of 29.3 % to reach a market size of 15L crores around USD 192.9 Billion by 2026. Marketwise, 46% is dominated by Asia Pacific region including India i.e., USD 22.8 billion. Based on the Medical Tourism Index 2020-21, India is ranked 10th out of the top 46 countries, 12th out of the world’s top 20 wellness tourism markets and 5th out of 10 wellness tourism destinations in Asia-Pacific. Bangladesh, Iraq, Maldives, Afghanistan, Oman, Yemen, Sudan, Kenya, Nigeria and Tanzania account for about 88 per cent of the total international patients visiting India. The Medical Value Travel industry in India gets maximum patients for heart surgery, knee transplant, cosmetic surgery and dental care as the cost of treatment in India is considered to be the lowest in Asia, much lower than Thailand, Indonesia, Singapore and Hong Kong. The government has implemented various initiatives to push India’s rise as a hub of medical value travel through promotion of ayurveda, yoga and other Indian systems of medicine in the international market.
FICCI's Engagement
Medical Value Industry is a growing sector globally, in 2021 it was estimated to have a market size of INR 3.9L crores around USD 49.6 billion and is expected to grow at a CAGR of 29.3 % to reach a market size of 15L crores around USD 192.9 Billion by 2026. Marketwise, 46% is dominated by Asia Pacific region including India i.e., USD 22.8 billion. Based on the Medical Tourism Index 2020-21, India is ranked 10th out of the top 46 countries, 12th out of the world’s top 20 wellness tourism markets and 5th out of 10 wellness tourism destinations in Asia-Pacific. Bangladesh, Iraq, Maldives, Afghanistan, Oman, Yemen, Sudan, Kenya, Nigeria and Tanzania account for about 88 per cent of the total international patients visiting India. The Medical Value Travel industry in India gets maximum patients for heart surgery, knee transplant, cosmetic surgery and dental care as the cost of treatment in India is considered to be the lowest in Asia, much lower than Thailand, Indonesia, Singapore and Hong Kong. The government has implemented various initiatives to push India’s rise as a hub of medical value travel through promotion of ayurveda, yoga and other Indian systems of medicine in the international market.
To encourage applications and ease the travel process for medical tourists, the government has expanded its e-tourism VISA regime in February 2019, to include medical visas. The maximum duration of stay under this visa is 6 months. Since 30 August 2019, foreigners can receive any medical treatment in India with the exception of organ transplants without a medical visa.
Advantages of medical treatment in India include reduced costs, the availability of latest medical technologies, little to no waiting period, compliance on international quality standards, doctors trained in western countries including the United States and the United Kingdom, as well as English-speaking personnel, due to which foreigners are less likely to face language barrier in India. Most estimates found that treatment costs in India start at around one-tenth of the price of comparable treatment in the United States or the United Kingdom.
Team Leader
Ishan Pandita
Addl. DirectorTeam Leader
Praveen K Mittal
Assistant Secretary GeneralTimeline
2023
2022
2019
2018
2017
Aug
Press Release
Three-Day AHCI 2023 concludes with the participation of 400+ foreign delegates from over 70 countries, 110 exhibitors, 5000+ B2B meetings, 265 MoUs signed
Press Release
Global Digital Health Initiative One Step Closer To Achieve Universal Health Coverage: Prime Minister Shri Narendra Modi
Press Release
India's Medical Value sector projected to reach $ 13 billion by 2026: Dr Mansukh Mandaviya
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