One of the extensively growing sectors in India is accounted as medical tourism and is likely to witness an annual growth rate of 30 %, making it a 9,500-crore industry by 2015. The prospects of international travel to access quality medical care at affordable costs and without insurance barriers makes India one of the most appealing destinations for population abroad.
Availability of alternative medicine healthcare services, like Ayurveda, Homeopathy, Unani, etc. makes it all much more appealing. Also, combining the medical travel with pleasure trip adds to the appeal. Estimates are that approximately 150,000 of people travel to India for low-priced healthcare procedures every year. The influx of foreign tourists in India have amplified to greater levels as India continues to be a favoured tourist destination for leisure, as well as business travel. The Foreign Tourist Arrivals (FTAs) have increased at a CAGR of 8.1% between 2004 and 2009.
The increased business travel is accounted to the growing economy; the great leap in the service industry over the past few years has led to increased corporate spending on business travel.
Also, there has been witnessed a hike in inbound tourist arrivals, which can be subjected to the availability of well-equipped and managed hospital infrastructure and the low cost of treatment in India, compared to the developed countries. The rate of inbound tourist arrivals is expected to rise at 29% to reach U. S. $ 2.4 billion by 2012.
Added advantage is provided by the uplifting government policies in India. The government led initiatives and campaigns such as Incredible India. Colors of India, Atithi Devo Bhavah and the Wellness Campaign for promoting the Indian tourism and hospitality industry adds to the creation of appeal amongst the foreign tourists.
The Indian hotel industry remains a direct beneficiary of economic growth and of the growth in the tourism industry. There has been recorded a high demand for quality rooms, At present, the demand exceeds the supply, it has been marked the demand for hotel rooms is about 240,000 rooms, while the current supply of hotel rooms is around 100,000.
Many healthcare organizations providing top most care to the medical tourists and being most opted include Apollo Group of Hospitals, Fortis Group of Hospitals and other major healthcare setups and diagnostic centres.