The Indian national government has launched the AYUSH Export Promotion Council of India and AYUSH Export Research Council, to globally promote the country as a destination for Ayurveda, Yoga & Naturopathy, Unani, Siddha, Sowa Rigpa and Homoeopathy (AYUSH).
Ayurveda services are increasing in popularity due to increasing awareness and the growing preference for natural therapies.
India is known for its rich heritage coupled with its own system of medicine such as Ayurveda and Yoga.
A Federation of Indian Chambers of Commerce & Industry (FICCI) report on the sector expects the market to double in value by 2024, growing at a CAGR 13.1% and the figure includes both services and products.
Within this, the domestic market is expected to grow at CAGR 10.2% during 2018-2024, while the tourist segment is anticipated to grow at a CAGR 18.6% from 2018 to 2024.
With active government promotion, the Ayurveda delivery ecosystem has spread over 33 states and union territories of India. There are 443,704 registered Ayurvedic practitioners in India and 7,718 manufacturing units that are engaged in manufacturing of Ayurveda drugs.
Insurance cover is often offered for Ayurveda hospitalisation and medical care services.
Kerala has begun promoting wellness tourists who go to the state to experience Ayurveda, with packages on preparing ayurvedic medicines and the cultivation of medicinal plants.
The Kerala Tourism Department is working with 48 farmers across the state that own medicinal plant gardens. The project envisages the wellness tourists who visit the state for ayurvedic massages and other treatment will want to buy ayurvedic medicines and medicinal plants to take home.
Kerala is classifying Ayurveda centres into three different categories, Ayur diamond, Ayur gold and Ayur silver, according to the facilities and quality of services offered at each centre. Once the process is complete Kerala will offer packages for wellness tourists.
The state government of Himachal is implementing an AYUSH policy. Investors will be able to set up Ayush therapy units in Himachal and will get financial assistance. Investors can invest in Ayush health, Ayush medical, Ayush hospital, Ayush Yoga centre, Ayush pharmaceutical, educational, cultivation and medical mlant. Investors will be given financial incentives to upgrade Ayush hospitals and health centres.
The state of Goa plans to promote wellness tourism as a home for various Ayurvedic treatments, Yoga and natural therapies.