New Delhi: The AYUSH sector has grown from USD 2.85 billion in 2014 to USD 43.4 billion in 2023, as stated by Shripad Yesso Naik, Minister of State for New and Renewable Energy. Speaking at a press conference held on December 2,2024 Naik also noted that exports have increased from USD 1.09 billion to USD 2.16 billion during the same period.
Minister Shripad Yesso Naik highlighted progress in the AYUSH sector, emphasizing its integration into mainstream healthcare. India has over 7,55,780 registered AYUSH practitioners, supported by 886 undergraduate and 251 postgraduate colleges enrolling 59,643 undergraduate and 7,450 postgraduate students annually.
The sector’s infrastructure includes 3,844 AYUSH hospitals and 36,848 dispensaries, with 3,403 hospitals and 27,118 dispensaries under government management. On December 11, 2022, Prime Minister Narendra Modi inaugurated three satellite centers for AYUSH institutes: the All India Institute of Ayurveda (Goa), the National Institute of Unani Medicine (Ghaziabad), and the National Institute of Homeopathy (Delhi).
Market Expansion
In 2014, the Ayush market was valued at approximately USD 2.85 billion. By 2020, it had surged to USD 18.1 billion, marking a compound annual growth rate (CAGR) of 17% over six years.Press Information Bureau This upward trajectory continued, with the market reaching USD 43.4 billion in 2023, indicating a nearly 15-fold increase over the decade.
Government Initiatives
The Indian government has played a pivotal role in this growth through various initiatives:
- Establishment of the Ministry of AYUSH: In 2014, the government elevated the Department of AYUSH to a full-fledged ministry to promote traditional medicine systems.
- National AYUSH Mission: Launched to enhance AYUSH education, quality control, and sustainable availability of raw materials.
- AYUSH Health and Wellness Centres: As part of the Ayushman Bharat scheme, 12,500 centers were established to integrate AYUSH services into the public health system.
- AYUSH Export Promotion Council: Formed in collaboration with the Ministry of Commerce and Industry to boost the export of AYUSH products and services.
Economic Impact
The Ayush sector’s growth has significantly contributed to the economy. Exports of AYUSH products increased from USD 1.09 billion in 2014 to USD 1.54 billion in 2020.The sector is also expected to generate nearly 3 million job opportunities, highlighting its role in employment generation.
Future Prospects
The AYUSH sector is poised for continued growth, with projections indicating it could reach USD 70 billion by 2025. The government’s focus on promoting medical value travel through initiatives like the AYUSH Visa and the “Heal in India” portal aims to position India as a global hub for traditional medicine and wellness tourism.
In conclusion, the exponential growth of the AYUSH market between 2014 and 2023 reflects a successful amalgamation of traditional wisdom and modern strategies. Government initiatives, international collaborations, technological integration, and a robust economic impact have collectively propelled the AYUSH sector to new heights, positioning India as a global leader in traditional medicine and holistic wellness.
