The global Ayush market is expected to reach US$28 billion by 2024, according to a report by Research and Markets. The market is growing at a CAGR of over 20%, driven by factors such as increasing awareness of the benefits of Ayush, growing demand for preventive healthcare, and rising disposable incomes.
Challenges
The Ayush industry faces a number of challenges, including:
Lack of standardization and regulation: There is no single global standard for Ayush products and services. This can make it difficult for consumers to assess the quality and safety of Ayush products and services.
Lack of awareness: Many people are not aware of the benefits of Ayush. This can hinder the growth of the industry.
Lack of integration with conventional medicine: Ayush is often seen as an alternative to conventional medicine. This can make it difficult for Ayush practitioners to integrate with the conventional healthcare system.
Opportunities
The Ayush industry has a number of opportunities for growth, including:
Increasing demand for preventive healthcare: People are becoming increasingly aware of the importance of preventive healthcare. This is driving demand for Ayush treatments, which are focused on preventing disease and promoting overall well-being.
* Growing disposable incomes: Rising disposable incomes are giving people more money to spend on healthcare and wellness. This is driving demand for Ayush treatments, which are often seen as a luxury.
Growing interest in holistic healthcare: There is a growing interest in holistic healthcare systems, such as Ayurveda. This is driving demand for Ayush treatments, which are based on a holistic approach to health.
Ayurvedic Tourism Outlook in 2024
The outlook for ayurvedic tourism in 2024 is positive. The market is expected to grow at a CAGR of over 20% in the coming years, driven by factors such as increasing awareness of the benefits of ayurveda, growing demand for preventive healthcare, and rising disposable incomes.
The Indian government is actively promoting ayurvedic tourism. It has launched a number of initiatives, such as the Champion Services Sector Scheme, to attract more visitors to India for ayurvedic treatments.
The Indian Council for Ayurvedic Research (ICAR) is also working to promote ayurvedic tourism. It has developed a number of standards for ayurvedic resorts and spas. It is also working to develop a global certification program for ayurvedic practitioners.
Government initiatives: The Ministry of Ayush, in collaboration with the Ministry of Tourism, has developed a national strategy and plan for medical and wellness tourism, aiming to make India a top destination for medical value travel[5]. The government has also launched the "Heal in India" initiative to encourage medical tourism[1][5].
Ayush visa: The government has introduced the Ayush visa, which makes it easier for tourists to visit India for treatment using traditional Indian medicine, such as Ayurveda[2]. This visa category is expected to boost health tourism by appealing to those in search of AYUSH treatments[3].
Partnerships and collaborations: The Ministry of Ayush has signed a Memorandum of Understanding (MoU) with the India Tourism Development Corporation (ITDC) to work together for the promotion of medical value travel in Ayurveda and other traditional systems of medicine[1]. The ministry has also collaborated with various institutions for the growth of traditional medicines[6].
Kerala as a prime destination: Kerala, known for its rich culture, agreeable climate, pristine beaches, tranquil backwaters, lush hill stations, and sumptuous food, has grabbed the spotlight in Ayurvedic tourism[2]. The state has identified wellness tourism as a highly promising area of tourism development, with Ayurveda playing a prominent role[2].
Champion Service Sector Scheme for Medical Value Travel: The Ministry of Ayush has created this scheme to provide financial assistance to private investors for establishing Super Specialty Hospitals and Day Care Centres of the systems recognized under the National Commission for Indian System of Medicine (NCISM) Act, 2020, or the National Commission for Homeopathy (NCH) Act, 2020, in order to promote medical value travel[5].
Institutes and hospitals: India has several national institutes and hospitals under the Ministry of Ayush, such as the Institute of Teaching & Research in Ayurveda in Jamnagar and the National Institute of Ayurveda in Jaipur, which play a crucial role in providing quality healthcare and education in traditional systems of medicine[1].
Overall, the outlook for ayurvedic tourism in 2024 is positive. The market is expected to grow at a rapid pace, driven by increasing awareness of the benefits of ayurveda, growing demand for preventive healthcare, and rising disposable incomes. The Indian government is also actively promoting ayurvedic tourism.
please give an overview of a Ayush industry and specifically mention about its role in ayurvedic tourism
Citations:
[1] Government to promote AYUSH treatment through health tourism - Press Information Bureau https://pib.gov.in/PressReleasePage.aspx?PRID=1908019
[2] Wellness tourism in India: Ayush visa promotes yoga and treatment with traditional medicines, and tropical Kerala state hopes to be a prime beneficiary https://www.scmp.com/lifestyle/travel-leisure/article/3232554/wellness-tourism-india-ayush-visa-promotes-yoga-and-treatment-traditional-medicines-and-tropical
[3] Ayurveda and wellness tourism industry lauds government's Ayush Visa initiative https://travel.economictimes.indiatimes.com/news/visas-and-passports/ayurveda-and-wellness-tourism-industry-lauds-governments-ayush-visa-initiative/90993725
[4] Parliament Session: Health tourism to promote Ayush treatment, market size growing fast | https://newsonair.com/2023/03/22/parliament-session-health-tourism-to-promote-ayush-treatment-market-size-growing-fast/
[5] Government will promote AYUSH treatment through health tourism - IBEF https://www.ibef.org/news/government-will-promote-ayush-treatment-through-health-tourism
[6] आयुष मंत्रालय, भारत सरकार - Ministry of Ayush,Government of India. https://ayush.gov.in
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