Global medical travel industry to cross US$ 32 billion by 2019

 The Dollar Business Bureau India is fast emerging as a preferred healthcare destination, while the value of global medical travel industry is expected to reach US$ 32.5 billion in the next four years, say experts. According to a study conducted by FICCI (Federation of Indian Chambers of Commerce and Industry) and KPMG, the global medical travel industry was estimated at US$ 10.5 billion in 2012. And, it is expected to grow at a compounded annual growth rate of 17.9% from 2013 to reach US$ 32.5 billion in 2019. India is fast emerging as a preferred healthcare and medical destination across the globe. Growing at the rate of 27% annually, the inflow of medical tourists in India is likely to cross 3.2 million in 2015, the study said. Experts said that an array of world-class healthcare facilities coming up across the country have attracted foreign visitors to come here for treatment. “World-class treatment and state of the art hospitals in India have created a very favourable atmosphere for patients with varying degrees of illness to avail the best facilities for their treatment,” FICCI said in a statement. The statement came at the launch of Advantage ‘Health Care - India 2015’, an international summit to be held in Delhi from October 5-7 this year. The even being organised by FICCI in association with the commerce ministry and the Services Export Promotion Council is aimed at promoting services exports from India. “The objective of ‘Advantage Health Care - India 2015’ is to promote India as a premier global healthcare destination and to enable streamlined medical services exports from India,” the industry body said in its statement. The event will focus on five Ts – Talent, Tradition, Technology, Tourism and Trade. The medical travel industry has emerged as one of the fastest growing segment of tourism industry despite the global economic downturn. Through this summit, India would be able to showcase its immense pool of medical capabilities to the world as well as create opportunities for healthcare collaborations between the participating countries. The summit will bring together CEOs of leading private hospitals, presidents of medical associations and heads of public hospitals. It will also serve as a platform to facilitate interactions between government officials who approve cases for medical travel abroad, medical insurance company officials, medical travel facilitators and medical trade journalists.    

May 20, 2015 | 6:00 pm IST.