Celebrating Ayurveda Day 2024: Unleashing the Potential of AYUSH for Global Health

The AYUSH sector in India has witnessed transformative growth over the past few years, positioning itself as a significant contributor to both the national economy and global healthcare solutions. By 2024, the manufacturing sector of AYUSH reached an impressive valuation of US$ 24 billion, up from US$ 18 billion in 2020. This growth, combined with the AYUSH service sector’s valuation of US$ 26 billion, has propelled the industry’s overall worth to exceed US$ 50 billion. With this progress, the AYUSH sector is expected to generate nearly 3 million job opportunities in the near future, underscoring its role as an economic powerhouse and a driver of employment.

Ayurveda’s Global Footprint

Ayurveda, a core pillar of AYUSH, has gained international recognition, being acknowledged as a system of Traditional Medicine in more than 30 countries. Nations like Sri Lanka, Nepal, UAE, Saudi Arabia, and even Brazil have embraced Ayurveda, highlighting its widespread acceptance and credibility across diverse cultures. Further solidifying its global presence, Ayurveda products are now exported to over 150 nations, showcasing its growing importance in the healthcare landscape worldwide.

According to recent surveys by NirogStreet, the overall market for Ayurveda products and services is set to grow at an impressive CAGR of 15% from FY23 to FY28. The product sector alone is projected to grow at 16% CAGR, while the services segment is anticipated to expand at 12.4% CAGR. With the potential to significantly contribute to the Indian economy, Ayurveda continues to be a promising and expanding market both domestically and internationally.

Ayurveda in Indian Households: A Blend of Tradition and Modernity

The demand for Ayurveda within India remains substantial. As per the first all-India survey conducted by the National Sample Survey Office (NSSO) on AYUSH, Ayurveda emerged as the most commonly used traditional treatment system, with 40.5% of rural residents and 45.5% of urban dwellers preferring it as a means of healthcare. Awareness of AYUSH in general is exceptionally high, with knowledge of these systems ranging from 87% to 99% in rural areas and over 86% across urban regions in all States and Union Territories.

Ayurveda Day 2024: “Ayurveda Innovation for Global Health”

This year, on October 29, 2024, India celebrated the 9th Ayurveda Day, held annually on Dhanwantari Jayanti (Dhanteras). With the theme “Ayurveda Innovation for Global Health,” this year’s celebration not only honors India’s ancient traditional wisdom but also recognizes the potential of Ayurveda to contribute to global health solutions. Since its inception in 2016, Ayurveda Day has grown in significance, rallying both government and private sector participation in fostering a Whole of Government approach towards promoting Ayurveda on the global stage.

CII’s Role in Advancing AYUSH and Healthcare in India

The Confederation of Indian Industry has long been a stalwart in supporting healthcare advancement in India. With dedicated committees handling Ayurveda, Healthcare, Medical Technology, Health Insurance, and Public Health, CII has played an instrumental role in facilitating the growth of AYUSH and related sectors. Over the past decade, CII has fostered knowledge creation, advocated for policy enhancements, and cultivated collaborative platforms that address critical issues within India’s health sector.

Through engagement with industries, government, and other key stakeholders, CII continues to drive impactful initiatives that elevate healthcare standards, while simultaneously positioning Ayurveda as a globally viable and respected healthcare system.

Embracing Ayurveda’s Future

As India celebrates Ayurveda Day 2024, we reflect on the transformative role Ayurveda plays not only in the health and wellness of individuals but also in shaping a healthier, more sustainable world. With its rich heritage and growing innovations, Ayurveda stands as a beacon of hope and resilience, offering holistic solutions that resonate far beyond borders.

This Ayurveda Day, let’s take pride in India’s contributions to global health and look forward to a future where Ayurveda’s influence grows even stronger, guided by innovation, tradition, and an unwavering commitment to well-being.