Indian Economy News

Number of medical tourists in India to exceed pre-pandemic levels in CY24

India's medical tourism industry is poised for a robust resurgence, with projections indicating a significant rebound in the number of medical tourists surpassing pre-pandemic levels. According to Crisil, an estimated 7.3 million medical tourists are expected to visit India in the calendar year 2024, driven by factors such as top-notch healthcare infrastructure, skilled medical professionals, and cost-effective treatment options. Major hospital chains like Max Healthcare, Fortis Healthcare, and Apollo Hospitals are witnessing a surge in international patient revenue, with initiatives to expand their global outreach offices and capitalize on the growing demand for high-quality healthcare services in India.

The outlook for private hospitals in FY25 suggests that medical tourism, typically constituting 10-12% of hospital revenue, is anticipated to grow at a rate nearly double that of the overall industry growth. Max Healthcare has experienced a notable 27% year-on-year growth in international patient revenue, while Fortis Healthcare continues to contribute significantly to its overall business revenues. Apollo Hospitals, a trusted choice for international patients, is eyeing double-digit growth and plans to expand its outreach offices into new geographies. These hospitals are strategically establishing international offices to provide assistance with visa processes, travel arrangements, and comprehensive treatment plans while also engaging in capacity-building programs and medical training initiatives within target countries.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.