Medical tourism to grow six-fold by 2015

 

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has predicted that medical tourism will grow between 22 and 25 percent in 2009 and will start to have an annual growth rate of 30 percent from 2010 to reach the size valued at about Rs95 billion by 2015.

Currently, the size of medical tourism in India is measured at Rs15bn. ASSOCHAM estimates that India is poised to become an epicentre for medical tourism from throughout the world.

ASSOCHAM says that at least a six -fold increase is anticipated in the size of medical tourism by 2015, and worldwide patients will make India as a preferred choice for medical treatment because of cost.

Projected market value for the Indian medical tourism market is as follows: Rs15 billion in 2008, Rs19.5 billion in 2009, Rs25.35 billion in 2010, Rs32.95 billion in 2011, Rs42.84 billion in 2012, Rs55.69 billion in 2013, Rs72.40 billion in 2014 and Rs94.12 billion in 2010.

ASSOCHAM estimates that the cost of surgery in India can be one tenth of what it is in the US and Western Europe and sometimes even less. A heart-valve replacement that would cost US$200,000 or more in the US for example, goes for US$10,000 in India and that includes round-trip air travel. Similarly, a metal-free dental bridge worth US$5,500 in the US costs US$500 in India.

The Chamber has estimated that 180,000 foreigners visited India for treatment from various parts of the world in the eight and half months since April 2008. It expects the number will increase between 22 to 25 percent this year.

If ASSOCHAM is correct, this would put the current number of medical tourists to India at 270,000 a year from now, 670,000 by 2012, and 1.3 million by 2015.

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