Medical Value Travel (MVT)

With the advent of globalization and the growing recognition of Medical Value Travel (MVT), an increasing number of people are travelling across regions and countries in search of high-quality healthcare services at affordable costs. The global MVT market was valued at USD 115.6 billion in 2022 and is projected to reach approximately USD 286.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 10.8% during 2022–2030.

According to the Medical Tourism Index 2020–21, India ranks 10th among the top 46 medical tourism destinations globally, 12th among the world’s top 20 wellness tourism markets, and 5th among the top 10 wellness destinations in the Asia-Pacific region. India’s MVT sector is expected to grow at a CAGR of 21.1% between 2020 and 2027.

The Indian MVT market, estimated at around USD 6 billion in 2022, is projected to grow to USD 13 billion by 2026.

A significant share of international patients visiting India come from Bangladesh, Iraq, Maldives, Afghanistan, Oman, Yemen, Sudan, Kenya, Nigeria and Tanzania—together accounting for nearly 88 percent of total inbound medical travellers. India receives maximum patients for cardiac surgeries, knee replacement, cosmetic procedures and dental care, primarily due to the significantly lower cost of treatment compared with Thailand, Indonesia, Singapore and Hong Kong, while ensuring globally benchmarked quality.

The Government of India has also undertaken several initiatives to position the country as a leading MVT hub, including the global promotion of Ayurveda, Yoga, Naturopathy and other Indian systems of medicine.

FICCI has been playing a pivotal role in advancing India's Medical Value Travel (MVT) sector through its dedicated Medical Value Travel Committee, constituted in 2015 to provide industry leadership and support the development of a robust policy and regulatory ecosystem. The Committee serves as a premier platform for collaboration among healthcare providers, facilitators, policymakers, tourism stakeholders, and industry experts, fostering dialogue and driving initiatives that strengthen India's position as a preferred global he

The Committee is currently chaired by Dr. Raajiv Singhal, Founding Member, Managing Director and Group CEO, Marengo Asia Hospitals, with Dr. Anupam Sibal, Group Medical Director, Apollo Hospitals Group, and Mr. Shanay Shah, President, Shalby Ltd., serving as Co-Chairs.

Over the years, the Committee has actively contributed to the growth and competitiveness of the sector through policy advocacy, stakeholder consultations, research and knowledge initiatives, capacity-building programmes, and international outreach activities. It has consistently worked towards addressing industry challenges, recommending regulatory reforms, promoting best practices, and enhancing India's global visibility in healthcare and wellness services.

Key initiatives undertaken by the Committee include organizing international conferences and roadshows to showcase India's healthcare capabilities, developing policy recommendations for the Government, publishing knowledge reports and market insights, facilitating industry-government engagement, and promoting India's strengths in both modern medicine and traditional systems of healthcare. Through these efforts, FICCI continues to support India's vision of becoming a leading global hub for high-quality, affordable, and patient-centric healthcare services.