Indian medical tourism income is expected to reach upto Rs 8,000 Crore by 2012 on back of its low cost medical treatment and a vast pool of well-qualified medical professionals.
According to Associated Chambers of Commerce and Industry of India (ASSOCHAM), medical tourism's earnings may go upto Rs 8,000 Crore by 2012, i.e. almost double the present figures, reported sify.
The industry body revealed that the medical tourism earnings at present amount to an estimated Rs 4,500 Crore. According to a recent research report "Booming Medical Tourism in India" from RNCOS, treatments in India can save around 60-95% of the treatment costs of the patients. The report also says that by the end of 2012, number of medical tourists arriving India will reach 1.1 Million, representing a CAGR of more than 19%.
The lower cost of treatments in India as compared to its western counterparts is drawing the large number of tourists seeking medical treatments to the country. Some of the major sought after treatments offered in Indian include bypass surgery, marrow transplant, liver transplant and knee surgery.
Another big factor favoring the medical tourism industry of India is the well-qualified and highly-skilled medical professionals, ASSOCHAM stated. The country is presently having more than 75 Lakh qualified doctors, who charge very reasonable fees for their services.
The country's well-recognized expertise in traditional treatments, including naturopathy, unani, ayurved and homeopathy, is gaining high popularity as these methods of treatments are said to be free from side-effects.
Besides this, the facilities of easy visa access often permitted by the government of India to the foreign tourists together with latest medical infrastructure facilities are indicating towards the prospects of India's medical tourism emerging as the foremost foreign exchange earner for the country.
ASSOCHAM believes that the good hospital infrastructure is the prime advantage favoring India as a superior medical tourism hub with patients from several developed and developing countries shifting to India.
According to a Research Analyst at RNCOS, "India is one of the highly potential medical tourism markets in the world. However, India is also facing some problems in the field of medical tourism, like inefficient laws against malpractice as well as the lack of a proper hospital accreditation system, which should be addressed timely. The growth of this industry will prove beneficial for various other related industries in the country, including the pharmaceutical industry, medical equipment industry and hotel industry."
Related Market Research Reports:
Asian Medical Tourism Analysis (2008-2012)
Emerging Medical Tourism in South Korea
Emerging Medical Tourism in Turkey
.jpg "Asian Medical Tourism Analysis (2008-2012)")
