Medical value travel industry in India to reach USD9 bn by 2020

 06-Oct-16, Business Standard 

The medical value travel (MVT) industry has emerged as one of the fastest growing segments of the tourism industry. Globally, the market is estimated at around $40-55 billion. India’s MVT market size was estimated at $ 3 billion with CAGR (2010-15) of 15 percent, however, there is significant potential for accelerated growth given the opportunity size.

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As per 2015 data, while 11 million people travelled to seek treatment, only 500,000 foreign patients travelled to India seeking treatment. However, through adequate focus and effective execution, MVT in India can be a $9 billion opportunity by 2020 and establish India as ‘The provider to the world’, according to a report.

Within treatments sought by MVT patients, India is considered preferred destination for cardiology, orthopaedics, transplant and ophthalmology in curative care. India also enjoys high credibility in wellness and prevention through alternative medicine.

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