Ayurvedic medicine is regaining both relevance and popularity in India
Global professional services firm PwC has declared the advent of what it terms as ‘Ayurveda 2.0,’ referring to a new wave of popularity that the medicinal form has found itself in over recent years. Last year, the firm reports that nearly 80% of Indian households made use of Ayurvedic products of one type or another.
Ayurveda is among the oldest forms of medicine in the world, having been in existence for approximately 5,000 years. Throughout the course of its existence, the medicinal form has alternately fallen in and out of favour in correspondence with the progress of western practices.
Modern medicine has grown at a rapid rate recently, particularly in the Indian market, which meant that Ayurveda has been sidelined to a large extent. According to a new report from Big Four accounting and advisory PwC\, however, the sector has been resurgent in recent times, brought about by a shift in strategy.
Rather than its traditional role as a provider of specific remedies to cure illness of one kind or another, Ayurveda has now become a bigger part of people’s day-to-day lives. In essence, Ayurveda now offers “solutions for lifestyle and wellness-related issues” in addition to being an alternative form of medicine.
Within the remedial sphere as well, an increase in investment in Ayurveda research and development has enhanced its capabilities to tackle modern healthcare issues, and has offered more scientific backing to its abilities, something that has historically remained a contentious issue.
According to PwC, which has been named the best healthcare consulting firm in India, this two-dimensional improvement in its profile has brought about what it terms as Ayurveda 2.0. The new paradigm includes the apparent shifts in the profile of various stakeholders, including “Ayurvedic industries, including Ayurveda hospitals, clinics, products, manufacturers and practitioners.”
Much like any other industry, the sector has also turned to technological advancement in order to develop its capabilities and maintain relevance in the contemporary scenario. Not only have Aurvedic retailers and therapists established a stronghold in the Indian market, they have also begun to displace some of the most prominent healthcare firms in the country.
The popularity of Ayurveda has also spread to the global market, which is evident from the steady growth in the Ayurveda market worldwide in recent years. Last year, the value of the global Ayurveda market stood at $4.6 billion, a figure that is expected to reach $5.3 billion this year and as high as $9.7 billion by 2022.
A huge portion of this market is still driven by Indian consumers. India’s Ayurvedic market stood at a value of $3.5 billion last year, which is not only expected to jump to $4.1 billion by the end of this year, but also expected to reach $8 billion by 2022. Among other factors, this growth will be driven by the fact that 77% of Indian households utilised Ayurvedic products in 2017.
