On October 29, 2024, the global health community will celebrate the 9th edition of Ayurveda Day. Organized by the Ministry of AYUSH (Ayurveda, Yoga, Unani, Siddha, and Homeopathy), the event will promote the theme “Ayurveda Innovation for Global Health.” As part of the celebrations, over 100 countries will participate, reinforcing the relevance of Ayurveda in addressing contemporary health challenges through a blend of traditional knowledge and modern practices (Source: Oliveboard, TISHHA).
AYUSH Market Insights and Growth Trajectory
The AYUSH market—comprising Ayurveda, Yoga, Unani, Siddha, and Homeopathy— continues to grow rapidly. India is a Global Leader in traditional medicine systems, with the Ministry of AYUSH driving substantial reforms to modernize and promote these practices.
Market Value and Growth Projections
The global AYUSH market is expanding with Ayurveda leading the way, and its products market is expected to reach $16.27 billion (Rs. 1.2 trillion) by FY28 (source: IBEF).
The Ayurvedic sector’s CAGR is projected to exceed 15% through 2028, reflecting an increasing shift towards herbal, natural, and sustainable healthcare alternatives. This growth has been fueled by post-pandemic wellness trends, increased health consciousness, and a preference for holistic treatment options (sources: Good Returns, India Pharma Outlook).
Government Initiatives and Budget Allocations
The Indian government has significantly increased funding for the Ministry of AYUSH, allocating Rs. 3,712.49 crore for 2024-25, marking a 23.74% increase compared to the previous year (Source: Good Returns).
Major Initiatives Include:
AYUSH Health and Wellness Centers: Integrated centers for promoting both traditional and modern healthcare.
Export Promotion Programs: The government is actively supporting Ayurvedic exports to position India as a global leader in wellness products.
Collaborations with Global Institutions: The establishment of the WHO Global Centre for Traditional Medicine in India aims to raise the global credibility of traditional medicine systems through evidence-based research and policies (Source: TISHHA, Indianvaidyas).
Innovations Shaping the Future of Ayurveda
- Digital Transformation: Platforms offering telemedicine services are making Ayurveda accessible to remote regions.
- Research & Development: New formulations and standardized herbal products are being developed to meet international standards.
- Startups & Entrepreneurship: An increasing number of startups are emerging in the wellness and herbal product space, supported by incubation programs and government incentives.
- Sustainability & Environmental Focus: Ayurveda aligns with sustainable practices, promoting environmentally friendly agricultural methods for medicinal plant cultivation (Source: Aroha, TISHHA).
Events on Ayurveda Day 2024
Workshops and Seminars: Experts will discuss the latest innovations and trends in Ayurveda.
Health Camps and Community Outreach: Free health check-ups will highlight Ayurveda’s practical benefits.
Exhibitions and Product Displays: The event will showcase Ayurvedic products, innovations in herbal medicine, and opportunities for startups (Source: Oliveboard).
Future Outlook
The global expansion of Ayurveda, combined with the government’s proactive efforts, points towards a promising future for the AYUSH sector. The integration of Ayurveda with modern healthcare systems, growing global demand, and a focus on innovation are set to redefine the healthcare landscape. As India strengthens its position as a hub for traditional medicine, Ayurveda Day 2024 serves as a reminder of the relevance and potential of this ancient wisdom in addressing today’s health challenges and promoting sustainable wellness practices worldwide.
With these developments, the AYUSH sector is not only poised for economic growth but also positioned to contribute to global health systems by offering holistic and preventive care solutions.