Ayurveda is recognised as a system of medicine indigenous to India, which includes both medicinal products and health services. The origin of Ayurveda traces back to 5000 years old Indian Vedic teachings based on fundamental philosophies about life, disease and health. Ayurveda is regarded as one of the oldest healthcare systems in the world. Over the millenniums, Ayurveda has not only sustained the changing outlook and demands for health services due to the invasion of modern methods of treatment but, it has grown to be renowned all across the world.
According to this report, the Ayurveda sector, the total estimated market size of Indian Ayurveda industry is USD3 billion, which includes both Ayurveda products (ethical, classical, Over the Counter (OTC), personal care and beauty products) and services (medical, well-being, payor and medical tourism services). The Indian Ayurveda Sector is expected to grow at 16% CAGR in the next 5 years.
This report recommends improvement in the quality and standards of raw materials and products, human resource development, policy uniformity across states, insurance coverage in order to develop a strong database that will help create a robust body of evidence. This will help build the foundation of Ayurveda in India as well as abroad. It was unveiled at the 2nd Ayurveda Conclave held on 2nd November 2018 at New Delhi.