Indian Medical Tourism Thrives Despite Geopolitical Challenges in FY26
Indian medical tourism grows in FY26 despite West Asia, B'desh shocks
Business Standard
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In the financial year 2025-26 (FY26), Indian hospital chains reported a significant rise in medical value tourism (MVT) revenues, reaching ₹639 crore (approximately $77 million USD), despite a decline in international patient volumes due to conflicts in West Asia and political unrest in Bangladesh. Hospitals are diversifying their patient sources, focusing on complex procedures and emerging markets in Africa and Southeast Asia.
- 01Fortis Healthcare experienced an 18.5% year-on-year increase in MVT revenues, despite a 7% drop in patient flow during the initial phase of the West Asia conflict.
- 02Apollo Hospitals reported strong performance in FY26, even with a decline in patient numbers from Bangladesh, while expanding its market share in Africa and Southeast Asia.
- 03Max Healthcare's international patient revenues grew due to increased demand for complex procedures such as oncology and robotic surgeries.
- 04The overall patient inflow from West Asia dropped by up to 30% at the peak of the conflict, prompting hospitals to seek new markets.
- 05Alisha Moopen from Aster DM Healthcare noted a 41% year-on-year growth in MVT, with Kerala seeing a 51% increase, aided by patients from the Maldives.
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In FY26, Indian hospitals reported robust growth in medical value tourism (MVT) revenues, reaching ₹639 crore (approximately $77 million USD), despite facing challenges from geopolitical unrest in West Asia and political tensions in Bangladesh. Major hospital chains like Fortis Healthcare and Apollo Hospitals noted a decline in international patient volumes, particularly from Bangladesh, which traditionally accounted for 75% of such patients. Fortis experienced a temporary 7% drop in patient inflow due to flight disruptions caused by the West Asia conflict. However, the overall revenue from MVT increased, with Fortis reporting an 18.5% rise in revenues. Hospitals are adapting by targeting new markets, including Africa, the Commonwealth of Independent States (CIS), and Southeast Asia, to offset losses from traditional markets. Max Healthcare highlighted strong growth driven by complex procedures, while Aster DM Healthcare noted a 41% increase in MVT revenues, particularly from the Maldives. Industry leaders remain optimistic about a recovery in FY27, contingent on geopolitical stability in affected regions.
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The growth in medical tourism revenues indicates a shift in patient demographics and highlights the resilience of Indian healthcare in adapting to geopolitical challenges.
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