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Abstract
Medical Tourism refers to travelling to other countries primarily to receive medical services combined with holidaying and sightseeing to tourist spots. Health Tourism refers to tourism that focuses mainly on preventive health care. Medical and Health Tourism in India, despite being relatively new, is destined to be the next big source of earning after India's IT outsourcing boom. India occupies a unique position as it offers holistic medicinal services with Yoga, Ayurveda along with Modern medicine. Indian segment represents a small slice (3-5%) of US$ 60 billion global tourism market. Government of India estimates India's US$ 17 billion healthcare industry to grow at the rate of 13% per annum over the next five years, boosted by medical tourism which is believed to be growing at the robust rate of 30% annually.
The healthcare sector in India owes its rapid growth mainly to the initiatives of Private and Voluntary organisations accounting for nearly 70% of the investments. Apart from a vast pool of qualified doctors and surgeons, India has one of the largest pharmaceutical industries in the world and its products meet the stringent requirements of US Food & Drug Administration. Unique Selling Point (USP) of medical tourism in India is its significant cost advantage not only over USA but also over developing Asian countries like Singapore and Thailand. Leveraging the advantage calls for a proper coordination among the travel, the hospitality and the healthcare trades for a sustainable growth.
Key Words : Medical and Health Tourism; Segmentation; Competitive advantage; Stakeholders; Facilitators.
Introduction
Medical, Health and Wellness tourism has been witnessing a rapid growth as the people from all around the world are travelling to other countries to obtain medical and surgical care, while simultaneously combining the same with vacationing, and experiencing the scenic and historical attractions of the countries they are visiting. More and more people across the globe are avoiding expensive treatments or long waits at home hospitals for the benefits offered by the cheaper countries like India, Thailand and Singapore while combining with a visit to the Taj Mahal or the sunny beaches of Kerala- the God's own country. For almost a decade now, it has been a silent revolution that is sweeping the healthcare landscape of India.
Distinguishing Medical...