The traditional Indian healthcare industry is going to take over a huge chunk of the global market in a few years. Read on to know how a business in this field can be lucrative.
Known as the home to ancient wellness practices such as Ayurveda and Yoga, India is one of the biggest players in the global healthcare sector. With anincreased consumption of medicines across the world, people are looking towards alternative techniques that could get them rid of the lifestyle of consuming pills. This is reason that has driven the demand for the traditional Indian healthcare practices.
As per recent reports, the Ayurveda sector in the country has surpassed the gross market size of approximately $4 billion, and is anticipated to grow at a rate of 16% until 2025. Apparently, the industry is going to take over a huge chunk of the global market in a few years.
With such an increasing demand in these practices, the big players of the wellness industry are willing to give a shot to venture into a business that caters to the needs of customers. Here, we present a few main points as to why Indian traditional healthcare systems offer profitable business venture in India.
Variety of Healthcare Practices
India has one of the oldest systems of healthcare, which not only have preventive measures but also curative properties. Apart from the allopathic treatment being prevalent, India is also a home to various traditional healing practices such as ayurveda, yoga, reiki healing, pranic healing, unani, siddha, homeopathy, acupuncture, acupressure-the list goes on and on and on. This makes India a preferable location to explore business opportunities in wellness industry.
The Department of Health – AYUSH
The Government of India has set up its own Department of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy, abbreviated as AYUSH, which dedicatedly works on providing the propulsion to these ancient healthcare systems.
The Department of AYUSH provides a plethora of opportunities for investment in small scale, medium scale and large scale industries in these five healthcare systems. The Government of India also provides funds for all those people who aspire to explore business opportunities in these healthcare systems.
The department has launched a ‘Central Sector Scheme for promotion of International Cooperation’ with a vision to promote global acceptance of AYUSH systems of medicine, which paves the way for India’s global leadership in the international market.
Holistic Approach towards Health
One of the main reasons for the increasing demand for healthcare practices in India is the adverse effects of chemical-based drugs. The issue of side-effects caused by the chemical-based medicines has always been a matter of grave concern in the wellness industry. The global wellness industry had been searching for an alternative for these drugs, and healthcare practices like yoga, and Ayurveda for a long time, and unani among others emerged as the perfect solution for the problem.
These healthcare practices provide the holistic health to the customers. This is the reason for the surge in demand for these practices.