RNCOS have recently released a new research report on the booming Indian medical tourism industry, "Booming Medical Tourism in India", which says that the medical tourist arrivals in India are expected to surge enormously at a CAGR of over 100% till 2012 from 2007. Moreover, the industry is likely to witness the maximum growth in the year 2010, when India will host the Commonwealth Games.
As per the report, a large number of foreign patients are flocking to India for treatment as they get world-class healthcare facilities at low cost. Expenditure on treatments in the country is substantially low, ranging from one-half to one-tenth of that charged in the US and other developed countries. Treatment cost is even lower in some complex and high cost procedures like transplants.
Therefore, patients, especially those who are uninsured, are giving preference to the surgical procedures in India as they can save a significant amount of money. Apart from patients, insurance companies and employers are also seeing Indian hospital as a viable option to reduce their surging healthcare cost.
Other key factors, identified by our research report, fostering growth in the medical tourist industry are presence of world-class healthcare facilities and zero waiting time – two most of the vital factors for medical industry. According to estimates, the UK has nearly 850,000 patients in waiting list, while the waiting period for elective surgery in overstretched government health plans in the US and Canada is upto two years. In contrast, the patient need not to wait so long in India for treatment and doctors are also easily accessible. Thus, instead of waiting for months to undergo surgery in their native countries, foreign patients can undergo treatment in India.
"Booming Medical Tourism in India" comprehensively discusses the medical tourism market in India and gives information on the past, present and future scenario of the market. The research is not confined to market performance only; it also evaluates the factors making India as favorite destination for treatment among foreign patients. The report also provides statistical data and analysis on the market size, tourist arrivals, infrastructure, accreditations, drivers and restraints.