'Indian ayurveda sector set to grow at 16% CAGR over next 5 years'

The Indian ayurveda industry comprising both ayurveda products (ethical, classical, OTC, personal care and beauty products) and services (medical, well-being, payor and medical tourism services) is estimated to be $3-bn and expected to grow at 16% CAGR in the next 5 years. This was revealed in a Confederation of Indian Industry (CII) report titled ‘Ayurveda industry – market size, strength and way forward’.

The report was released during the “2nd Ayurveda Conclave: Vision 2022: Roadmap to Achieve Three Times Growth in Market Size” on 2nd November, 2018, in New Delhi. The event saw the presence of representatives from both private and government sectors.

Speaking at the event, Dr. Naresh Trehan Chairman CII Healthcare Council and Chairman and MD Medanta-The Medicity, contextualised Ayurveda with respect to modern medicine. He emphasised that demystification of this ancient medicine system will pave the way for it to move ahead. “India can become an example to the world if it can fuse the power of modern and traditional
medicine which is possible through, rigorous research, documentation and evidence.”

Advocates of AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy) have been keen on becoming a part of Ayushman Bharat post its announcement. In this context, Dr. Vinod Paul, Member, NITI Aayog reiterated Dr. Trehan’s point on demystification. “This will help build standard treatment guidelines that will ensure uniformity in treatment protocol across the states and its easy governance”. He added that the government is open to proposals but expects them to comply to current standards and regulations.

Mr. Rajiv Vasudevan, Chairman, CII Core Group of Ayurveda and CEO AyurVAID Hospital noted that unless Ayurveda is implemented in government initiatives such as Ayushman Bharat and National Nutrition Mission its true potential cannot be tapped.

Mr. Vaidya Rajesh Kotecha, Secretary, Ministry of AYUSH, informed that the government has undertaken big initiatives to popularise Ayurveda in India as well as overseas. He mentioned that Ministry of Defence and Ministry of Labour have agreed to start AYUSH related services. Moreover, entry level accreditation by the National Accreditation Board for Hospitals has been initiated for AYUSH healthcare facilities that would help them procure soft loans. “A subsector skill council for AYUSH has been established for skilling of AYUSH professionals and MoUs with 15 countries have been signed with 13 more in the pipeline,” he added.