The current scenario of the Indian health and wellness industry is quite lucrative and beneficial for both the investors and consumers.
The wellness industry is expected to make exponential growth in the next 5 years with the notion of health and wellness becoming mainstream with an expected high of Rs 1.5 trillion by 2020. A greater public awareness campaign and improved financial standards should generate bigger investment stemming further growth of the sector.
In an email interaction with Wellness India, Sanjay Sachdeva, Founder & CEO, Daivam Wellness talks about the current scenario and challenges present in the Indian health and wellness industry.
Daivam, a Joint Venture with Dabur Research Foundation is a Functional Medicine Center that focuses on disease reversal and holistic living, following a scientific approach in healing the patients and returning them to health. Excerpts from the interview:
A Lucrative and Profitable Industry
The current scenario of the Indian health and wellness industry is quite lucrative and beneficial for both the investors and consumers. The industry is assumed to experience constant growth along with welcoming new trends that might be transforming the health and wellness market in a more fruitful form.
Sachdeva says, “Public attention in maintaining a healthy lifestyle has manifested in the growth of an industry that promises to offer a solution. Yet such development has been largely confined in urban spaces with the rural population constituting the majority of the country, still living at the periphery of this emerging trend.”
Promoting Components like Well-Being, Mindfulness, and Consciousness
The rising level of stress and the demand for a healthier lifestyle are running parallel with each other. Indians are now looking out for ways to incorporate a healthy lifestyle that can improve both their personal and professional lives. This is where wellness franchisors need to plan accordingly, hitting the bull’s eye with proper business strategy and offerings keeping the demand in mind.
“People lack education in this field and hence it’s important to create awareness about promoting health and prevention of disease. The Health & Wellness Centres in the country should take it upon themselves to educate people and make them aware of the benefits of complete well-being. Collaborations with key community leaders and health influencers will help in impacting the Indian masses,” adds Sachdeva.
Current Roadblocks in the Indian Wellness Industry
Roadblocks are prime components of any business segment available and running in modern time. Franchisors need to analyze and deal with these challenges while assuring the smooth functioning of their businesses.
Sachdeva shares, “One of the major challenges the Indian health and wellness industry is facing is a major lack of awareness on health and hygiene in rural sectors. Absence of proper fundamental infrastructure has aggravated such woes with large vacancies of medical practitioners in the hinterland.
The State’s health insurance schemes have also failed to fully integrate the target population. In urban spaces, a high frequency of disproportionate workload, especially in the corporate sector, has resulted in increment of psychological distress that eventually has ramified in various psychosomatic disorders.”