Year : 2022 | Volume
: 9 | Issue : 2 | Page : 53--54
Ayurveda – A promising stakeholder in the world market
Director, North Eastern Institute of Ayurveda and Homoeopathy, Shillong, Meghalaya, India
North Eastern Institute of Ayurveda and Homoeopathy, Shillong - 793 018, Meghalaya
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Mahesekar N. Ayurveda – A promising stakeholder in the world market.AYUHOM 2022;9:53-54
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Mahesekar N. Ayurveda – A promising stakeholder in the world market. AYUHOM [serial online] 2022 [cited 2023 Mar 29 ];9:53-54
Available from: http://www.ayuhom.com/text.asp?2022/9/2/53/370087
Globally, there has been a significant increase in the awareness of preventive health care, especially during the COVID-19 pandemic, proving the herbal medicines and nutraceuticals sector to be a strong economic partner. Though the severity of the pandemic has dropped, herbal medicines and nutraceuticals continue to be preferred worldwide. At present, traditional and complementary systems of medicine account for a major part of the health care being provided worldwide.
The Ayurvedic Market is undergoing tremendous growth owing to the rising awareness among the population due to its wellness efficacy. Recently, a research report on AYUSH Sector has been published by the Forum on Indian Traditional Medicine under Research and Information system for developing countries, which is an autonomous policy research institute at New Delhi that, the current turnover of the Indian AYUSH industry is US$ 18.1 billion and the market size of the Indian AYUSH industry as a whole has grown by 17% during 2014–2020. The total AYUSH and herbal medicines export in India has increased from US$ 1.09 billion in 2014 to US$ 1.54 billion in 2020, registering a robust growth rate of 5.9% annually.
On April 19, 2022, our Hon'ble Prime Minister Shri Narendra Modi Ji laid the foundation stone of WHO Global Centre for Traditional Medicine (GCTM) in Jamnagar, Gujarat. The Ministry of Ayush and the World Health Organization (WHO) are establishing the world's first and only WHO-GCTM in India.
The Ministry of AYUSH has Proactive International Cooperation policies set up including those with the WHO. There has been a significant and growing adoption of Ayurvedic medicines in countries such as the USA, UAE, Russia, Japan, and many more destinations ensuring stability internationally.
As of now, the Ministry of AYUSH has signed 25 country-to-country memorandum of understanding (MoUs) for Cooperation in the field of Traditional Medicine and Homoeopathy, namely Nepal, Bangladesh, Hungary, Trinidad and Tobago, Malaysia, WHO Geneva, Mauritius, Mongolia, Turkmenistan, Myanmar, Germany (Joint declaration), Iran, Sao Tome and Príncipe, Equatorial Guinea, Cuba, Colombia, Japan (MoC), Bolivia, Gambia, Republic of Guinea, China, St. Vincent and The Grenadines, Suriname, Brazil, and Zimbabwe. Twenty-three MoUs for undertaking collaborative research in AYUSH systems of medicine have been signed with various foreign universities in countries namely Germany, United Kingdom, Canada, WHO Geneva, United States, Argentina, Israel, Brazil, Australia, Austria, Tajikistan, and Eucador. The Ministry of AYUSH has signed 13 MoUs for setting up of AYUSH academic Chairs with foreign institutes/universities in countries such as Mauritius, Russia, Argentina, Malaysia, Bangladesh, Latvia, and Trinidad and Tobago.
The Indian wellness industry—estimated at Rs. 49,000 crore (US$ 6.70 billion)—is gaining momentum on the back of the government's focus on building a healthy and fit India. The Indian ayurveda industry has several large players, with the micro, small, and medium enterprises capturing 80% market share. Ayurveda is witnessing a resurgence in India because people have accepted this as a way of life as opposed to the earlier notion of ayurveda as an alternative area of medicine.
The present government has set a target of increasing spending on health care from the current 1.3%–3% of its gross domestic product. As per official data, Ayurveda is a Rs. 30,000 crore industry, having an annual double-digit growth of 15% to 20%. With continuous support from the government and various industries shifting toward a healthy ayurveda-based approach, the Indian wellness and ayurveda market is on its way to touch the lives of millions of people at domestic and global levels. The business of all these medicines is dependent on multiple herbs, which are often harvested from different parts of India. So, this is all contributing greatly to boosting the economy of India.