Tag Archives: Knowledge Paper

Globally, medical tourism market is estimated to touch a market value of USD 40 bn by 2020 and Indian medical tourism industry is expected to touch USD 09 billion by 2020, according to FICCI-Yes Bank Knowledge Paper titled ‘Tourism Infrastructure Investments: Leveraging Partnerships for Exponential Growth’. India is fast developing into a medical and wellness tourism hub of Asia owing to its superior quality healthcare services offered at affordable prices coupled with a dedicated policy framework of government to promote medical tourism. Rising disposable incomes, self-awareness on personal well being and increased air connectivity has encouraged market for wellness services, tourists seeking specialised medical treatments, mainly Ayurvedic, spa and other therapies look forward to India as preferred destination.

The Indian hotel market is projected to grow to around USD 13 bn by 2020, according to FICCI-Yes Bank Knowledge Paper titled ‘Tourism Infrastructure Investments: Leveraging Partnerships for Exponential Growth’. Further, as per World Travel & Tourism Council’s 2018 report, the industry contribution to capital investment in India was Rs 2706.1 bn in 2017 and is projected to grow 6.7 per cent per annum in next 10 years to Rs 5546.3 bn by 2028, higher than the global average of 4.5 per cent. Despite increase in private sector investment, the Indian hotel industry observed a decline in average room rate and room occupancy in 2016-17 which is largely attributed to lower participation of hotels in the five-star deluxe and five-star categories in India.