India has emerged as a global leader in the Medical Value Travel (MVT) industry, drawing a larger number of international patients annually. With its unique combination of affordability, advanced medical technology, and world-class healthcare facilities, the country has positioned itself as a beacon of hope for those seeking high-quality treatments. The insights shared by industry leaders and experts underscore the vast opportunities, challenges, and advancements within India’s MVT sector.
“MVT covers a wide range of services, including elective procedures, critical surgeries, dental care, fertility treatments, and wellness therapies. Countries known for MVT offer internationally accredited hospitals, highly skilled professionals, and innovative treatments. Popular destinations such as India, Thailand, and Singapore attract medical tourists due to their affordability and quality. This concept bridges healthcare and tourism, enabling patients to improve their well-being while experiencing a foreign culture, making MVT a growing trend in global healthcare,” said Dr Vinit Banga, Director-Neurology, Fortis Hospital.
Medical Value Travel Market Size
Various reports provide contradictory figures regarding the size of the market. However, the majority of popular research available for a global audience estimates the industry to be valued between USD 22 billion and USD 32 billion, with the latter figure being more widely recognised as the global market value.
According to a report by Grand View Research, the global Medical Value Travel (MVT) market was valued at USD 115.6 billion in 2022 and is projected to reach approximately USD 286.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 10.8 per cent during the forecast period.
This highlights a significant growth potential for the MVT industry in the years ahead. India is one of the leading destinations for MVT, with an estimated market size of around USD 6 billion in 2022. The Indian government has introduced several initiatives to promote MVT, such as the launch of the "Heal in India" portal and the relaxation of visa regulations for medical tourists. Other popular MVT destinations include Thailand, Malaysia, Singapore, Costa Rica, and Mexico.
However, the MVT industry faces various challenges, such as the lack of standardised regulations and quality control, language barriers, and cultural differences. To address these issues, MVT providers are increasingly focusing on building strong relationships with patients, offering comprehensive travel packages, and ensuring exceptional customer service.
A Robust Growth Trajectory
India’s MVT sector is witnessing an extraordinary growth curve, underpinned by affordability, accessibility, and clinical expertise. According to Dr. Sanjeev Singh, Medical Director, Amrita Hospital, Faridabad, the sector has demonstrated resilience, bouncing back strongly from the pandemic. "In 2019, India welcomed approximately 595,000 medical tourists. Despite challenges posed by COVID-19, this number soared to over 1.4 million in 2022," he noted.
Financially, the market’s expansion is equally remarkable. Valued at USD 3 billion in 2015, it was projected to reach USD 8 billion by 2020. While the pandemic disrupted these figures, the industry is on track to double its value by 2026. Singh emphasised the critical role of government initiatives, such as the 'Heal in India' program, in driving this growth. "By streamlining processes and promoting India’s healthcare strengths, these initiatives provide a much-needed push to the sector.’
India’s Global Leadership in MVT
India accounts for 18 per cent of the global medical tourism market, welcoming approximately 2 million patients annually. Highlighting the cost advantage, Dr. Sanjeev Singh explained, "Procedures in India cost 50-80 per cent less than in developed nations like the US and UK, making it a standout choice for medical tourists."
This affordability does not come at the expense of quality. Indian hospitals are globally accredited, offering cutting-edge treatments in fields like oncology, orthopedics, cardiology, and fertility. As Siddharth Singhal, Head of Health Insurance at Policybazaar, pointed out, "For NRIs and foreign patients, India provides cost-effective, quality care and access to treatments for chronic conditions or elderly family members at significantly lower costs compared to other countries."
Technological Innovations Enhancing Patient Care
India’s technological advancements have played an important role in its ascension as a global MVT hub. Gaurav Parchani, CTO & Co-Founder of Dozee, highlighted the transformative role of AI-powered solutions in healthcare. "India’s advancements in health technology, such as remote patient monitoring systems, are revolutionising patient care and setting global benchmarks in patient safety," he said.
Robotic surgeries, AI in diagnostics, and telemedicine are among the technological innovations driving the sector forward. These advancements cater to complex medical needs, enhancing India’s appeal as a destination for advanced treatments. Singh reiterated, "The focus on technology not only improves treatment options but also attracts patients from around the world."
The Economic Impact of MVT
The Indian MVT market is projected to grow at a compound annual growth rate (CAGR) of 15 per cent, reaching $13 billion by 2026. Parchani emphasised the sector's role in bridging healthcare inequities. He said, "The MVT industry enables patients from across the globe to access expert care often unavailable locally, offering cost-effective and technologically advanced treatments."
Singh highlighted the ripple effect on the economy. "The sector creates jobs, boosts medical infrastructure, and strengthens India’s position as a global leader in healthcare," he said.
The Role of MVT Companies
MVT companies play an indispensable role in connecting international patients with Indian healthcare providers. Dr. Vinit Banga, Director of Neurology at Fortis Hospital, explained, "These companies act as facilitators, managing end-to-end services such as travel arrangements, hospital selection, treatment coordination, and follow-up care."
By partnering with accredited providers and ensuring transparency in pricing, MVT companies build trust and streamline the patient experience. Banga added, "Their efforts in promoting India as a premier medical tourism hub significantly contribute to the sector’s growth."
The Government’s Role in Fostering Growth
Supportive government policies have been instrumental in boosting the MVT sector. The introduction of the Ayush Visa category and liberalisation of the e-Visa regime has made it easier for international patients to seek treatment in India. Singh remarked, "Such initiatives demonstrate the government’s commitment to establishing India as a global leader in medical tourism."
The 'Heal in India' campaign, which showcases India’s healthcare capabilities on a global stage, is another significant step. This initiative, coupled with partnerships between public and private entities, is expected to further drive the growth of the MVT industry.
A Global Talent Hub
India’s medical professionals are globally recognised for their expertise. Over 15 per cent of healthcare workers in countries like the US and UK are of Indian origin, a testament to the nation’s robust medical training systems. Parchani noted, "Indian doctors and nurses are known for their exceptional skills, contributing to the country’s reputation for clinical excellence."
This global recognition not only boosts India’s appeal as a medical tourism destination but also highlights the country’s capacity to address complex medical challenges.
Major Challenges and Opportunities
While the MVT sector presents immense opportunities, it also faces notable challenges. Dr. Singh emphasised the need to address regulatory and legal inconsistencies. "The absence of standardised regulations across healthcare providers can lead to uneven service quality, impacting patient trust and experience," he stated.
Logistical hurdles further complicate the patient journey. Coordinating travel, accommodation, and medical procedures requires seamless collaboration among stakeholders. Singh suggested, "Streamlined processes and improved logistical support are crucial for enhancing the overall experience of medical tourists."
Despite these challenges, India’s cost-effectiveness and global reputation for quality care offer significant advantages. As global healthcare costs rise, patients increasingly turn to India for affordable alternatives. This is especially true for NRIs and international patients seeking specialised procedures unavailable locally.
● Challenges in Medical Value Travel
“The Medical Value Travel (MVT) sector faces several hurdles that hinder its seamless growth. Regulatory complexities, including stringent visa policies and varying international healthcare compliance standards, often create barriers for patients seeking treatment abroad. Additionally, the fragmented nature of the ecosystem—spanning medical providers, travel services, and accommodation—can lead to inconsistent experiences and erode patient confidence,” said Arunesh Punetha -Regional CEO- Western region, Apollo Hospitals. “Language barriers and cultural differences further complicate communication between patients and healthcare providers, impacting trust and understanding. Another significant challenge is ensuring patient safety and building credibility in a competitive global market. Concerns over treatment outcomes, post-operative care, and hidden costs often deter potential travelers, making transparency and trust paramount for success,” CEO added.
● Opportunities in Medical Value Travel
According to Punetha, despite these challenges, the MVT sector is rife with opportunities for innovation and growth. Investments in cutting-edge healthcare infrastructure, such as specialised treatment centers and digitalised hospitals, can position destinations like India as global leaders. As per him, offering personalised care, including multilingual support and bespoke wellness programs, enhances patient satisfaction and retention. Collaborations with international insurance providers can streamline financial processes, making treatments more accessible and hassle-free. Technological advancements, such as AI-driven diagnostics, telemedicine, and unified digital health records, enable hospitals to extend their reach and improve service delivery. Moreover, branding initiatives that emphasise success stories, accreditations, and holistic care options, such as Ayurveda and wellness retreats, further bolster India’s appeal as a trusted and comprehensive healthcare destination.
Role of Medical Value Travel Companies
“MVT companies act as facilitators, ensuring a seamless journey for international patients. They provide end-to-end services, including treatment coordination, travel arrangements, and post-treatment support. By partnering with hospitals and wellness centers, these companies enhance the overall patient experience and help build India's reputation as a premier healthcare destination. India has established itself as a global leader in Medical Value Travel (MVT), with its healthcare institutions drawing international patients for specialised and cost-effective treatments,” Punetha explained.
At the recent Medical Value Travel Awards, hospitals recognised for their excellence across specialties—such as oncology, cardiology, and organ transplantation—demonstrated the importance of accreditation, advanced technology, and patient-centric care. Institutions like Apollo Hospitals play a key role in this ecosystem, offering seamless support for international patients through multilingual assistance, travel coordination, and a focus on holistic well-being. Their contributions underscore India’s growing prominence in medical tourism, combining quality and innovation in healthcare.
India as a Global Healthcare Destination
India’s MVT sector is a shining example of how affordability, innovation, and quality can converge to create a world-class healthcare ecosystem. By addressing challenges such as regulatory inconsistencies and logistical complexities, the country can further enhance its position as a global healthcare leader.
As Parchani aptly summarised, "India’s growing expertise in healthcare and technology underscores its importance as a destination for medical travelers. By continuously innovating and emphasiing patient safety, India is not only addressing global healthcare challenges but also setting new standards for medical excellence."
With robust growth projections, increasing adoption of advanced medical technologies, and supportive government policies, India is poised to maintain its leadership in the global MVT market. For millions of patients worldwide, the promise of affordable, high-quality healthcare makes India a beacon of hope and healing
_20241220145628_original_image_22.webp)
