India's Medical Tourism to Hit $13.42B by 2026: Tech Adoption and Cost Advantages Drive Growth - Report
New Delhi [India], March 28 (ANI): The medical tourism sector in India is poised for significant expansion, with forecasts estimating its market value will surge to USD 13.42 billion by 2026, as stated in a report from Grant Thornton.
The growth of the sector is fueled by India’s competitive pricing, expanding network of hospitals, greater investment inflows, and higher uptake of technological advancements.
The statement indicated that "Medical tourism is expected to reach $13.42 billion by 2026, thereby highlighting the robust growth potential of this sector."
A key factor contributing to India becoming a leading destination for healthcare services is its affordability. The nation provides medical procedures at roughly 20-25 percent of the price charged by more developed countries.
The combination of cost-efficiency along with top-notch healthcare services draws patients globally, bolstering India’s standing in the international medical tourism sector.
The report further noted that India's healthcare sector serves as more than just an economic booster; it is also a major source of job creation.
The healthcare industry has become one of the biggest employers in the nation, creating many employment prospects throughout hospitals, research facilities, and medical tech companies.
At present, 60 percent of hospital beds in the nation are located in metropolitan areas, whereas 70 percent of India’s populace lives in rural regions. This disparity offers significant opportunities for expanding healthcare into Tier 2 and Tier 3 cities as the requirement for superior medical services grows among their populations.
The healthcare sector in India is witnessing a swift transition toward digital advancements. Innovations like AI-driven diagnostic tools, telemedicine services, and various health technologies are reshaping the way patients receive care.
The AI-powered healthcare sector is anticipated to expand from $14.6 billion in 2023 to $102.7 billion by 2028, transforming medical processes and availability.
The growth in health insurance coverage is providing an additional boost to the industry. During fiscal year 2023, the gross direct premium income collected by health insurers rose to Rs 90,600 crore (approximately USD 10.86 billion). As insurance becomes more widespread, high-quality healthcare services are becoming increasingly available to the general public.
Thanks to cost efficiencies, expanded infrastructural development, consolidations through mergers, and increasing investments in digital healthcare and insurance, India’s medical tourism industry is experiencing robust growth.
As the nation enhances healthcare accessibility and efficiency, it is well-positioned to emerge as a leading destination for medical tourism in the upcoming years. (ANI)
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