Ayurveda market anticipated to hit $25 bn with international exports, says Dr Manoj Nesari
02-Jul-24 05:12:32
Exports are being made, particularly to the EU, UAE, and Japan, while other markets like Malaysia, Southeast Asia, and Taiwan are also emerging
At the 2nd Conference on Traditional Medicine ‘AYUSH Practices for Sustainable Wellness’ Chief Guest Dr Manoj Nesari, Advisor, Ministry of Ayush, Govt. of India spoke on how The Ministry of AYUSH has seen growth, evidenced by a series of initiatives and substantial market expansion. In 2014, the market size for Ayurveda products was around $3 billion. By 2021, a survey revealed the market size had surged to $18.2 billion, with expectations to reach $25 billion domestically. Exports are being made, particularly to the EU, UAE, and Japan, while other markets like Malaysia, Southeast Asia, and Taiwan are also emerging.
He shared that this growth is underpinned by robust regulatory frameworks, often mirroring US standards and a holistic approach to isolating compounds in traditional medicines. India has forged trade agreements with 20 countries and embraced WHO standards and ISO regulatory approaches. Over the past decade, 40 international agreements have been established, 32 with different countries.
Medical value travel has been bolstered by the introduction of the AYUSH visa. Additionally, a government-recognised skill development program comprises 12 modules listed by the Skill Council, focusing on genetic health and the training of a skilled human resource pool. This includes 750 AYUSH institutions under the Life Science Skill Council. Efforts are underway to register AYUSH hospitals in form C with the Ministry of Home Affairs, he added.
In her special address Dr Tanuja Manoj Nesari, Director, All India Institute of Ayurveda shared how Ayurveda exemplifies the timeless strength and potential to meet the needs of everyone, especially in today’s fast-paced world. Its global acceptance is evident with 173 countries exploring its benefits. The ‘Heal in India’ project by the Ministry of AYUSH further emphasizes India’s commitment to promoting Ayurveda and traditional medicine, positioning the country as a premier destination for holistic wellness and medical tourism. We are working with the service export council to increase the exports of ayurveda, she added.
Dr Raman Mohan Singh, Director Pharmacopoeia Commission for Indian Medicine and Homoeopathy (PCIM&H), Ministry of Ayush Govt. of India conveyed that the Indian medical system, encompassing diverse practices such as Ayurveda and Homeopathy, faces a critical need for comprehensive standardization and regulatory frameworks. This involves the implementation of rigorous scientific validation processes to ensure the safety and efficacy of treatments. Additionally, integrating these traditional practices with modern healthcare standards is essential. Addressing these challenges will not only enhance patient trust but also elevate the global acceptance and credibility of India’s rich medical heritage.
Rabinarayan Acharya, Director General, Central Council for Research in Ayurvedic Sciences talked about how India can elevate its Ayurveda industry by investing in scientific research, ensuring quality control through rigorous standardisation, promoting global collaborations, and integrating Ayurveda with modern healthcare practices.
Ayurveda offers profound contributions to healthy medicines and practices worldwide, reflecting its timeless wisdom said Alwin Samuel, Vice President, TechSci Research. AYUSH plays a crucial role in global health security by promoting these traditional practices.
In his industry address Suresh Garg, CMD, Zeon Lifesciences said that the role of Ayurveda in promoting sustainable wellness cannot be overstated. Ayush has been pivotal in preventive health, with over 600 Ayush hospitals doing wonders by promoting traditional medicines and spreading awareness. Remarkably, 80 per cent of the population turns to Ayurvedic medicines for relief.
SOURCE & CREDIT: EXPRESS PHARMA