India See Rising New Revenues from Medical Value Tourism in FY26, Highlighting Resilience and Growth Despite International Patient Volume Challenges

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The Indian hospitals that listed their shares saw an increase in revenues from Medical Value Tourism (MVT) in the fiscal year 2025–2026 (FY26), despite witnessing a drop in the number of foreign patients because of the instability in the West Asia region as well as political instability in Bangladesh. India’s medical tourism industry has been growing in its popularity and has seen a rise in complicated medical cases in recent times. This was exhibited through high MVT performances by leading hospitals such as Fortis Healthcare, Max Healthcare, Medanta, and Apollo Hospitals.

Fortis Healthcare: Growth Through High-End Services and Market Diversification

Fortis Healthcare experienced a temporary dip in international patient footfalls at the onset of the West Asia conflict due to flight cancellations and travel disruptions. The hospital primarily catered to patients already in India, causing a short-term drop of approximately 7% in March 2026. Despite this, Fortis recorded an 18.5% year-on-year increase in MVT revenues, rising from Rs 539 crore in FY25 to Rs 639 crore in FY26. The growth was driven by patients seeking specialty care, including cardiac surgeries, oncology treatments, transplants, and orthopedic procedures, illustrating the value-driven nature of India’s medical tourism segment.

Complex Treatments Fuel Higher Realisations and Sector Growth

Across the Indian hospital ecosystem, international patients are increasingly seeking complex tertiary and quaternary care, which generates higher revenue per patient and contributes to the overall growth of medical tourism in India. Max Healthcare reported significant growth in FY26, particularly in areas such as oncology, robotic surgeries, and organ transplants, supported by enhanced infrastructure and capacity utilisation. Medanta and Apollo Hospitals also saw rising inflows for advanced treatments, reinforcing India’s position as a preferred destination for high-end medical procedures.

Expanding Footprints into Emerging Markets

To mitigate reduced patient inflows from West Asia and Bangladesh, hospitals have expanded into new international markets, including Africa, Southeast Asia, and the Commonwealth of Independent States (CIS). Fortis highlighted strong patient inflows from Iraq, Uzbekistan, Kenya, Tanzania, Ethiopia, and Uganda, while Apollo Hospitals reported growth in arrivals from West Asia and Southeast Asia, even as Bangladesh-based patient volumes declined. Strategic digital engagement, brand visibility initiatives, and regional partnerships have been crucial in attracting patients from these emerging markets, driving medical tourism growth despite geopolitical uncertainties.

Impact of Bangladesh Patient Decline on Medical Tourism Strategy

According to government data, prior to 2024, 75% of medical tourists to India were from Bangladesh, making it a major source market. Bilateral tensions in 2025 led to a sharp decline, forcing Indian hospitals to diversify their patient base. This strategic pivot has reinforced India’s medical tourism growth trajectory, with hospitals successfully tapping into alternative regions to maintain revenue momentum and long-term sector expansion.

FY27 Outlook: Continued Growth in Medical Tourism

Hospital executives remain optimistic for FY27, projecting continued growth in international patient revenues even amidst ongoing geopolitical instability in West Asia. Fortis Healthcare, Max Healthcare, and Aster DM Healthcare emphasised that improved market penetration, regional partnerships, and patient acquisition strategies will sustain growth in the MVT segment. Aster DM Healthcare reported a 41% year-on-year rise in MVT revenues, with Kerala experiencing 51% growth driven by patients from the Maldives and other South Asian countries, highlighting the resilience and diversification of India’s medical tourism platform.

Medical Tourism as a Catalyst for Sector Development

The strong performance in FY26 underscores that medical tourism is a key growth engine for India’s healthcare sector. Hospitals are investing in advanced infrastructure, digital outreach, and specialty care programs to enhance their global competitiveness. Government initiatives, such as proposals to develop medical tourism hubs, further support this growth, positioning India as a leading destination for international patients seeking affordable, high-quality healthcare.

Strategic Imperatives for Long-Term Medical Tourism Growth

Indian hospitals are increasingly leveraging technology, high-end clinical expertise, and international partnerships to drive sustained medical tourism growth. Strategic investments in infrastructure and care quality, combined with targeted engagement in emerging patient markets, are helping offset regional challenges and ensure long-term sector expansion. The emphasis on complex and high-value medical procedures positions India to capture a larger share of the global medical tourism market while generating significant revenue and strengthening its healthcare diplomacy footprint.

Medical Tourism Driving India’s Healthcare Leadership

India’s MVT sector proves to remain resilient as well as strategically growing, as hospitals have managed to diversify markets abroad, have been investing in specializations, and develop infrastructure in response to growing demand worldwide. Despite short-term difficulties with West Asia and Bangladesh, the ongoing trend to focus on complex and highly specialized procedures as well as favorable support of both the government and markets makes India an undisputed global leader within the field.

FY26 results indicate the sector’s potential to drive significant economic progress and healthcare advancements and, thus, become an important factor contributing to increased foreign tourist numbers in FY27.