With the growing demand for traditional and alternative healing practices such as yoga, Ayurveda, and Naturopathy, the wellness industry is all set to flourish in India & worldwide. Due to the onset of a pandemic, there has been a surge in the health and wellness sector’s supply because of the individual aspiration for a better lifestyle, and this will continue as ‘Prevention is better than cure’ has betrothed everyone’s mind.
India’s wellness market is poised to grow to $372 billion by 2022 as per Invest India. Moreover, Redseer consulting reports suggest that India that is considered as the home to 90 million health-conscious individuals (HCIs), is poised to rise to 130 million by 2020, and the consumers spending on health and wellness products like Nutraceuticals, organic beauty care & functional foods is expected to increase to USD 30 billion by 2022.
Growing Wellness Trends:
Yoga and meditation are an emerging area by both regional and international players to have wholesome fitness.
Spa therapy and wellness is another area where people are turning their interest to relax and release stress.
Among health and nutrition sectors, dietary habits such as intermittent fasting and keto are new trends that appear to get massive attention.
The use and development of mobile apps for personalized wellness will also retain dominance.
The rapid growth in the health and wellness sector is being driven by the factors which are as follows:
Increasing people’s health consciousness and demand for affordable healthcare delivery systems respond to rising healthcare costs.
Government Initiatives such as the ‘National AYUSH Mission’ help cultivate the right environment and stimulate growth.
Incentives and tax benefits in the healthcare sector attract investments and create a strong foundation to sustain this growth.
Increase in disposable income within the Indian middle class.
Emerging Health and Wellness Sectors:
The nutraceuticals industry mainly comprises health supplements and functional food and beverages. With the rise in the millennial workforce and a simultaneous increase in their purchasing power, more businesses are tapping into the growing sector of nutraceuticals products, which is expected to reach USD 13 billion by 2024.
Telemedicine is another sector in the health wellness market forecasted to reach a USD 32 million market size by 2021. This will enable many people in low-income areas to access medical diagnosis and treatment using advancing telecommunication technologies remotely.
Health Tracking Apps:
A growing need to be continuously updated about one’s health has led to a surge in demand for health- tracking systems. Various aggregators and apps cater to this need by collecting and analysing several data points related to consumers’ health. AI is driving further development in this sector. Even traditional Pharma companies are thinking of offering their version of health monitoring/tracking apps as a value-added product.
India is progressively becoming a hub of health and wellness services being rendered to the patrons and has been attracting people worldwide. The wellness sector is opening doors to employment opportunities for a lot of people. The demand for services in this sector will lead people from all walks of life to make the most use of their talent and skills.
Wellness will show it’s a-game in the healthcare sector and holistic development of oneself and is poised to reach new horizons of success by each passing day.
https://ht4biz.hindustantimes.com/blog/the-state-of-health-and-wellness-market-in-india#:~:text=The State of Health and Wellness Market in,more attention to preventive healthcare and holistic wellness.