Ayush market size breaches the 24 billion dollar mark

In a significant development, Padmashri Vaidya Rajesh Kotecha, Secretary of the Ministry of AYUSH, drew attention to the remarkable growth of the AYUSH sector, which has now achieved a staggering value of 24 billion dollars in just a decade. Speaking at the 7th CII AYUSH Conclave organized by the Confederation of Indian Industry in New Delhi on Friday, Kotecha emphasized the sector's exponential growth, particularly highlighting the post-COVID global acceptance and increased domestic demand for AYUSH products and services.

Kotecha underscored the Ministry's concerted efforts in collaboration with various organizations and ministries to bolster research and evidence-building within the sector. He informed stakeholders about the establishment of the Advanced Centre for Integrative Health Research across selected AIIMS in the country, in collaboration with the Ministry of AYUSH and ICMR, along with the setting up of a Department of Integrative Medicine at AIIMS.

Furthermore, Kotecha shed light on the Ayush Grid platform's role in digitizing service delivery across six functional areas: Health Services, Education, Research, Drug Administration, Medicinal Plants, and capacity building and media outreach.

Despite the remarkable growth, Kotecha acknowledged the need for continuous efforts to achieve quality benchmarks across products and services. He urged industry and government collaboration to work towards this objective effectively.

The Ayush sector has witnessed a commendable 17% year-on-year growth since 2014, with the market size surging from $2.85 billion in 2014 to over $24 billion presently. 

The Ministry of Ayush has been instrumental in implementing the Centrally Sponsored Scheme of the National Ayush Mission (NAM) through State/UT Governments, providing financial assistance for the development of Ayush systems of medicine in the country.

Under the Ministry of Ayush, there are 12 National Institutes and 05 Research Councils dedicated to education, healthcare services, research, and public awareness of Ayush systems of medicine.

The significant milestones achieved by the Ayush sector underscore its growing importance in the global healthcare landscape, with India emerging as a frontrunner in traditional and integrative medicine.

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