India is preparing for the 10th International Day of Yoga, with the Ministry of Ayush (MoA) and Morarji Desai Institute of Yoga collaborating to ensure the success of the event.
The annual International Yoga Day has significantly contributed to the growth of the Ayush Sector in India as well as Global Level. Thanks to the efforts of PM Modi and initiatives by the Ministry of Ayush, the Ayush Sector is now at the forefront of the global market.
The global market for medical value travel is estimated to be valued between $60-80 billion, with approximately 14 million individuals crossing borders for medical tourism.
India has become a significant contender in the international medical tourism sector, drawing patients from around the globe in search of top-notch medical treatment at a significantly lower cost than what is available in more advanced countries.
The Ayush sector in Indian medical tourism has experienced a remarkable growth rate of 17% per year between 2014 and 2020. This has resulted in the industry’s market size increasing from $2.85 billion in 2014 to $18.1 billion, a phenomenal growth of almost 6 times.
Furthermore, this growth is expected to create nearly 3 million job opportunities. In the global market, the Medical Value Travel (MVT) industry was valued at $115.6 billion in 2022 and is projected to reach approximately $286.1 billion by 2030, with a compound annual growth rate (CAGR) of 10.8% during the forecast period from 2022 to 2030.
According to the Medical Tourism Index 2020-21, India is ranked 10th among the top 46 countries, 12th among the world’s top 20 wellness tourism markets, and 5th among the 10 wellness tourism destinations in the Asia-Pacific region. Moreover, the Medical Value Travel in India is expected to grow at a CAGR of 21.1% from 2020 to 2027.
The distribution of sub-sectors within the Ayush market size is as follows: Herbal Plants account for 43.35%, Nutraceuticals account for 24.65%, Pharmaceuticals account for 14.11%, Cosmeceuticals account for 8.37%, Plant Derivatives account for 5.14%, and Plant Extracts account for 4.39%.
The country’s exports in the Ayush sector grew rapidly from $1.09 billion in 2014 to $1.54 billion in 2020, registering an annual growth rate of 5.9%. In 2020, the herbal pharmaceutical or medicament sector accounted for 35.2% of Ayush exports, while the extracts and nutraceuticals sector had a share of approximately 22% in exports.
India exports Ayush products to various markets including the USA, Nepal, Russia, Philippines, UAE, Kenya, Germany, Vietnam, China, Italy, the UK, Western Europe, Japan, and Hong Kong. In the last two years (2021-2022 to 2022-2023), India has exported Ayush and Herbal products worth $1,240.6 million. Specifically, $612.1 million worth of Ayush and Herbal products were exported in 2021-2022, while $628.25 million worth of products were exported in 2022-2023.
Prakash Narayan Singh
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