Medical tourism to generate $3 billion by 2013 – report
India is emerging as the most promising medical tourism destination in the world. The country’s share in the global medical tourism industry is likely to be around 3 per cent by the end of 2013, according to a new market research report.
The UK-based TransWorldNews in its “Booming Medical Tourism in India” report said despite the global economic downturn, India has emerged as the fastest growing segment of tourism industry. High cost of treatment in the developed countries is forcing patients to look for alternative and cost-effective destinations to get their treatment.
Indian medical tourism is expected to generate revenue worth $3 billion by 2013, growing at a CAGR of around 26 per cent during 2011-2013. The number of medical tourists is anticipated to grow at a CAGR of over 19 per cent during the forecast period to reach 1.3 million by 2013.
The report pointed out that factors such as, low cost, scale and range of treatments provided by India differentiate it from other medical tourism destinations. Moreover, growth in India’s medical tourism market would be a boon for several associated industries, including hospital industry, medical equipments industry, and pharmaceutical industry.
In addition to the existence of modern medicine, indigenous or traditional medical practitioners are providing their services across the country. There are over 3,371 hospitals and around 754,985 registered practitioners catering to the needs of traditional Indian healthcare. Indian hotels are also entering the wellness services market by collaborating with professional organizations in a range of wellness fields and offering spas and ayurvedic massages.