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With the advent of globalization and recognition of Medical Value Travel (MVT), the population that travels to different regions or countries seeking better quality healthcare facilities at affordable costs is continuously increasing. The global MVT market size was valued at USD 115.6 billion in 2022 and is expected to reach around USD 286.1 billion by 2030. It is poised to grow at a compound annual growth rate (CAGR) of 10.8% during the forecast period from 2022 to 2030. 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. The Medical Value Travel in India is expected to grow at a CAGR of 21.1% from 2020-2027. The MVT market in India was estimated at around $6 billion in 2022 and is projected to increase to $13 billion by 2026. 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 has a keen and dedicated Committee for Medical Value Travel that focuses on India’s fast-growing potential in the sector. Realizing the increasing importance of global medical value travel and its significance to the Indian medical industry, FICCI constituted the Medical Value Travel Committee in 2015. Currently, the committee is led by Dr Sangita Reddy, Past President FICCI; Joint Managing Director, Apollo Hospitals Group as the mentor, Dr. Ashutosh Raghuvanshi, MD & CEO, Fortis Healthcare as the Chair and Mrs Upasana Arora, Managing Director, Yashoda Super Specialty Hospitals and Dr Raajiv Singhal, Managing Director and Group CEO, Marengo Asia Hospitals as Co-Chairs. The committee aims to dedicate continued efforts to fulfilling the aspiring objectives of improving the medical value travel industry of India. The major role of the committee is to provide recommendations for policy change and thought leadership through knowledge papers on relevant sector issues, facilitate streamlining of sector issues through stakeholder consultative process & promote and disseminate information on best practices.
Team Leader
Ishan Pandita
Additional DirectorTimeline
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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
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India's Medical Value sector projected to reach $ 13 billion by 2026: Dr Mansukh Mandaviya
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