<p> Indian pharmaceuticals market is expected to touch $55 billion by 2020, from the current level of $36.7 billion in 2016, growing at a compound annual growth rate (CAGR) of 15.92%, according to a study jointly conducted by Assocham and research firm Indian Institute of Tourism and Travel Management (IITTM). <br /><br /></p>.<p>By 2020, India is likely to be among the top three pharmaceutical markets by incremental growth and sixth largest market globally in absolute size, noted the study by Assocham-IITTM titled ‘Medical Value Travel (MVT)’.<br /><br /> Indian pharmaceuticals market increased at a CAGR of 17.46% during 2005-16, with the market increasing from $6 billion in 2005 to $36.7 billion in 2016.<br /><br />According to the joint report, Indian healthcare is expected to rise at a rate of CAGR of 29% during 2015-20 to $280 billion with rising income, greater health awareness, increased precedence of lifestyle diseases and improved access to insurance. <br /><br />The study reveals that in the first six months of 2016 alone, close to a lakh foreign tourists have arrived on a medical visa making it a very lucrative market. The top countries availing medical visa were Bangladesh, Afghanistan, Maldives, Republic of Korea and Nigeria.<br /> At 1,34,000, the year 2015 witnessed a growth of 140% in foreign tourist arrivals on medical visa from 2013, when more than 50,000 people visited India on medical visa. <br /></p>
<p> Indian pharmaceuticals market is expected to touch $55 billion by 2020, from the current level of $36.7 billion in 2016, growing at a compound annual growth rate (CAGR) of 15.92%, according to a study jointly conducted by Assocham and research firm Indian Institute of Tourism and Travel Management (IITTM). <br /><br /></p>.<p>By 2020, India is likely to be among the top three pharmaceutical markets by incremental growth and sixth largest market globally in absolute size, noted the study by Assocham-IITTM titled ‘Medical Value Travel (MVT)’.<br /><br /> Indian pharmaceuticals market increased at a CAGR of 17.46% during 2005-16, with the market increasing from $6 billion in 2005 to $36.7 billion in 2016.<br /><br />According to the joint report, Indian healthcare is expected to rise at a rate of CAGR of 29% during 2015-20 to $280 billion with rising income, greater health awareness, increased precedence of lifestyle diseases and improved access to insurance. <br /><br />The study reveals that in the first six months of 2016 alone, close to a lakh foreign tourists have arrived on a medical visa making it a very lucrative market. The top countries availing medical visa were Bangladesh, Afghanistan, Maldives, Republic of Korea and Nigeria.<br /> At 1,34,000, the year 2015 witnessed a growth of 140% in foreign tourist arrivals on medical visa from 2013, when more than 50,000 people visited India on medical visa. <br /></p>
