The economic boom in India has led to the building of medical facilities & infrastructure that rival the very best that western medical care that the west has to offer. Many of the physicians that practice in these hospitals and clinics have returned (to India) from the U.S. and Europe, leaving behind successful practices and on the field of wellness, it has been emerging as the hottest wellness destination. With more than 2500 spas and wellness centers run by Government and private sector across the country, India is adapting more professional approach in this segment.
As per the report of International Refereed Multidisciplinary Journal Of Contemporary Research The medical tourism market is valued to be worth over $310 million with foreign patients coming by 100,000 every year, and the current market size of the Indian Medical Tourism segment is Rs 7,500 crore and likely to touch Rs 12,000 crore by 2015 with an annual growth rate of 25 per cent. On the other hand, Wellness suggests awareness of our current and potential state of health in multiple dimensions (physical, mental, emotional, spiritual, environmental, social and occupational) is important to each of us. Wellness implies the careful maintenance; ability to impact, balance and measure our health in each of these dimensions is valuable to us holistically.
If we talk about Spas, it continues to grow at a faster clip compared to destination and hotel spas. Players are introducing new and innovative offerings (e.g., fusion therapies that blend western and Indian therapies, service combinations, use of exotic ingredients, etc.) in order to attract footfalls and differentiate themselves from competition.
PricewaterhouseCoopers India recently estimated the Indian “rejuvenation segment”, namely the spa segment, of the wellness industry to be worth approximately USD 90 to 110 million, and with only an estimated 2% of Indian consumers’ currently “active” participants or “believers” in the wellness industry, there is a huge potential for growth. This is supported by the rising incomes of the middle class, which enables them to more easily travel domestically to spa destinations such as Kerala, with the advent and acceptance of low-cost airlines.
International health and wellness tourists are also flocking to India. Euromonitor International forecasts that health and wellness tourism is expected to experience a constant value CAGR of 22% from 2011 to 2016.
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