Posted: Tue Oct 27, 2015 12:46 am
Today, the Indian population is moving towards fitness and overall well-being as a means to de-stress themselves from hectic work pressure, and combat unhealthy eating habits and sedentary lifestyles. The wellness industry in India has become a sunrise sector, and is set to grow by 20-30 per cent year on year.
Currently (as on August 2015) the market is estimated at Rs 490 billion, of which wellness services contribute 40 per cent. According to a joint study by FICCI and PWC, the wellness industry is expected to touch 1 trillion INR by 2015, growing at CAGR of 15%-17%, from the level of 700 billion INR in 2012. This represents a growth of more than 18% over the previous year. Products continue to comprise a majority share of 55% to 60% of the total market share.
The country has developed vast AYUSH infrastructure comprising of 686,319 registered practitioners, 26,107 dispensaries and 3167 hospitals in public sector, 501 undergraduate colleges with annual intake of 28,018 students, 151 centres for post graduate education with annual admission of 3504 scholars and 8896 licensed drug manufacturing units.
India also has a vast infrastructure with a dedicated Central Council of Indian Medicine, Central Councils of Homoeopathy (Regulatory Councils) and five Central Councils for Research, one for each AYUSH system. There are seven National Institutes (two for Ayurveda and one each for other systems), two North-eastern institutes to cater to needs of a specific area, two Pharmacopoeia Laboratories, one Pharmacopoeia Commission for Indian Medicine, a National Medicinal Plants Board and a public sector undertaking for manufacture of standardized Ayurvedic and Unani medicine.
The AYUSH sector has an annual turnover of around INR 120 Billion. India has 6600 medicinal plants found in the Himalayan region, around its coastline, deserts and rainforest eco-system. The demand for yoga across the world is growing exponentially.
All these joint efforts, additionally with the launch of Make In India, of making wellness a priority for the people in their lives & as a sector to be promoted, is making it all the more feasible for outsiders to invest in India, especially in this sector.