India among top five markets for medical tourism

The Medical Tourism Index (MTI), released by Visa and Oxford Economics, shows that India’s medical tourism sector is among the top five markets in the world with affordable yet high-quality of healthcare. Canada, the UK, Israel, Singapore, Germany, France, South Korea, Italy and Colombia are some of the other top markets included in the list. Globally, the sector is worth an impressive US$439 billion, and could soar to a staggering US$3 trillion by 2025. The new report forecasts an annual growth rate of up to 25 per cent over the next decade given that 3-4 per cent of the world’s population will travel internationally for medical treatments in the coming decade. “The borders to quality healthcare access have begun to disintegrate,” MTI’s co-authors, Renée-Marie Stephano, president of the Medical Tourism Association, and Mark Fetscherin, associate professor of international business & marketing at Rollins College, said a joint statement. “Speculation about the medical tourism industry as a ‘phenomenon’ is over. This report and the rankings of the Medical Tourism Index provide a unique opportunity for investors seeking new ventures to make smart choices in destinations driving patient travel.” The report also predicts that China will overtake the US as the world’s largest outbound medical tourism market within the next 10 years.