The system of alternative medicines in India entails Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy (AYUSH). The market presently is undergoing a marked increase in demand for AYUSH and alternative medicines in India, owing to the emergent consciousness about the efficiency and usefulness of traditional systems of medicine, combined with collective support from the government to sustain these systems and rising Research and Development. The AYUSH market at this time stands at a mammoth $10 billion and is estimated to see a remarkable 50% increase over the time of the following five years. Having no FDI confines, this sector has immense prospect for exponential evolution, particularly in times of public health emergencies. India is one of the few countries in the world that has a complete ministry devoted to the research and progress of such ‘alternative’ medical practices which confirms proficient promotion of developments that take place in the field. Established in 2014, the Ministry of AYUSH has taken abundant steps to endorse the research and understanding of these practices that are indigenous to India and her past. In September 2020, the Parliament of India passed two bills to develop access to quality and affordable medical education by guaranteeing the accessibility of sufficient and superior homeopathy and other AYUSH medicines across the country.
With over 3000 hospitals and 500 colleges committed to the spread of AYUSH practices, India has arisen as a world leader in this segment of medicine. Numerous wellness parks have been established around the country that emphasize on the significance of AYUSH practices. These have taken up a major role in forwarding the awareness of such medicine into the urban population. Having early roots in this field, the rural population of India has always considered the Ayurvedic homely cures which further reinforces the standing of the sector. A practically identical level of permeation in both the rural and urban regions makes for exceptionally successful returns.
The global market for AYUSH recorded a CAGR of 19.9% over the forecast time period at the front for which is India with a stronghold in both local production and exports. India is the world’s 2nd largest exporter of Ayurveda and alternative medicine in the world and is frequently encouraging its export interests. According to the Ministry of Commerce data, the export of medicinal plants from India has taken an upward trend. The data indicates that in 2019-2020, India exported $283 million plants and parts of plants used for pharmacy. In the last nine months of 2020 only, (in 2020-2021, from April to December), India has already exported $273 million. India’s major AYUSH export partners consist of UAE, Russia, USA, Japan and other nations that are spread across continents. This variety indicates a mounting growth in the interest regarding these medical practices. In addition to this, Latin American and African market are anticipated to see noteworthy growth which should be viewed as areas of prospect for both Indian AYUSH conglomerates and likely FDI firms looking to take gain from India’s entrenched accomplishment in the industry. The upsurge in demand for alternate treatment is also because people are using it recurrently for chronic illness including skin, joint pain, and respiratory disorders. Also, it is being prioritized for severe health issues like high blood pressure, heart disease and even diabetes.
Unpredictable global emergencies such as the COVID-19 pandemic have extensive and enduring effects on virtually all sections of the economy. Rapid rise in demand for immunity boosting supplements, which are efficiently aided by alternative medications, has given a boost to the industry, as these medicines give inner strength to the body and bolster the immune system from within. Indian alternative medicine giant ‘Patanjali’ had presented ‘Coronil’, an immunity booster that they claim has shown particularly encouraging results in aiding COVID patients to recover. This is a vast space of prospect particularly in a post-COVID world where people will turn to such substitute home remedies that will help them avoid resorting to allopathic medicine. Thanks to India’s grip in the field of Ayurvedic immunity boosting methods, it is in a very strong spot to provide for present and future global demand which foreign investors can take benefit from.
Rise in the budget of AYUSH along with a concentration on standardization has promoted this notion. Current market leaders Dabur, Himalaya, Patanjali etc. have demonstrated that the success of such medical practices in India is a popular and proven concept with opportunity for more progress. With a massive population, India provides a massive indigenous workforce that is young and diverse. India has one of the biggest pools of STEM graduates that can be utilized for research and subsequent improvement in the field.
To be specific, the imminent future of alternative medicine industry is profitable, because in every financial quarter we can see a lot new companies are inbound in the market with original products, quality packaging, and tactical marketing activities. The most fascinating thing in present time is the widespread branding and advertising that was earlier not a part of the game. The new group of industrialists are working day in and out on such facets, to make the greatest of resources and social media has turned out to be the most reasonable tool. In this field, generating consciousness has engrossed a lot of audiences and today’s generation is well-read and travelled, so for them anything significant and instructive works and that is the reason the prospect of this industry is being deemed bright in the coming 10 years.
