Marking Ayurveda Day 2024: Showcasing AYUSH's Capacity for Universal Health Improvement
In a grand celebration of India's contributions to global health, Ayurveda Day 2024 was marked with enthusiasm and anticipation. The event, themed 'Ayurveda Innovation for Global Health', highlighted the rich heritage and growing innovations of Ayurveda, offering holistic solutions that resonate beyond borders.
The AYUSH sector in India has experienced remarkable growth, surpassing a valuation of US$ 50 billion in 2024. The manufacturing sector alone reached US$ 24 billion, a significant increase from US$ 18 billion in 2020. This growth is reflective of the increasing demand for Ayurveda products and services, both domestically and internationally.
Ayurveda products are now exported to over 150 nations, and the total exported value is expected to reach approximately USD 15 billion in 2024. India, Sri Lanka, Nepal, and some countries in the European Union have recognized Ayurveda as traditional medicine, contributing to this global expansion.
The popularity of Ayurveda within India is exceptionally high. Ayurveda emerged as the most commonly used traditional treatment system, with 40.5% of rural residents and 45.5% of urban dwellers preferring it. Awareness of AYUSH is widespread, with knowledge ranging from 87% to 99% in rural areas and over 86% across urban regions in all States and Union Territories.
The Confederation of Indian Industry (CII) has been a key player in supporting healthcare advancement in India, including the growth of AYUSH and related sectors. Over the past decade, CII has facilitated knowledge creation, advocated for policy enhancements, and created collaborative platforms within India's health sector. CII engages with industries, government, and key stakeholders to drive initiatives that elevate healthcare standards and position Ayurveda as a globally respected healthcare system.
The future of Ayurveda is anticipated to be guided by innovation, tradition, and an unwavering commitment to well-being. The overall market for Ayurveda products and services is projected to grow at a CAGR of 15% from FY23 to FY28. The Ayurveda product sector is projected to grow at 16% CAGR, while the services segment is anticipated to expand at 12.4% CAGR.
As we reflect on Ayurveda's role in individual health and wellness, as well as in shaping a healthier, more sustainable world, it is clear that Ayurveda's rich heritage and growing innovations make it a beacon of hope and resilience. Ayurveda Day 2024 was a testament to this, celebrating India's contributions to global health and the bright future ahead for Ayurveda.
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