The global medical tourism market was valued at $97,311.04 million in 2022 and is expected to reach $273,722.42 million by 2032, registering a Compound Annual Growth Rate (CAGR) of 10.1%, according to a report by alliedmarketresearch.com.
According to the report, India is set to register the third highest growth with a CAGR of 13.20%, behind Taiwan (14.5%) and Venezuela (13.6%), and ahead of the UK (11.90%), Germany (11.30%) and South Korea (11.30%).
The notable growth is owing to factors such as cost-effective healthcare solutions, strong healthcare infrastructure, and skilled medical professionals, the report says.
The combination of modern healthcare facilities and expertise instills confidence in patients. The availability of specialized procedures attracts medical value travelers with specific healthcare needs.
Shorter waiting time for medical procedures is another significant driver. This is especially appealing to patients who are not able to wait for essential treatments. The support from the government, like the introduction of the AYUSH Visa, also contributes to the growth of the medical tourism market.
It is estimated that 1.4 million medical tourists visited India during the 2022-23 period. India is the only country that offers alternative medication and lifestyle changes with conventional allopathy and Ayurveda.
The country witnessed an influx of patients from Bangladesh, Iraq, Maldives, Afghanistan, Oman, Yemen, Sudan, Kenya, Nigeria, and Tanzania. These countries accounted for about 88 percent of the total international patients visiting India.