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The Indian wellness industry is expected to grow at a compounded annual growth rate (CAGR) of 12 per cent for the next five years to achieve a Rs 1,50,000 crore-turnover by 2019-20, a leading industry body said on Friday.
According to a report by the Federation of Indian Chambers of Commerce and Industry (Ficci) and EY consulting, titled "Value Added Service - Wellness and Preventive Healthcare", the Indian wellness market is a huge business opportunity waiting to be harnessed, with significant scope for penetration, especially in areas like nutrition, rejuvenation and fitness.
"The market size of Indian wellness industry has seen a significant evolution from being restricted to fitness and feminine beauty to a more all-encompassing subject of physical, mental and emotional wellness," said the report, which was released here during the '9th Annual Health Insurance Conference'
"During FY15, the Indian wellness industry was estimated at Rs 85,000 crore. Bolstered by increasing awareness, push from the insurance industry and government, it is expected to grow at a CAGR of 12% for the next 5 years."
The report cautioned that the increasing non communicable diseases (NCD) will cost close to $ 5 trillion to the country due to loss of productivity. It recommended that Indian healthcare needs to shift its focus towards preventive and promotive care.
"Health and wellness are crucial to any country especially a young demography like India, where 47% comprises of people below the age of 25. As this population enters the workforce, their wellness becomes a major growth driver for the economy," the report said.
"As per the report, major risks causing NCDs in India are tobacco, dietary risks, obesity, high blood pressure and air pollution which potentially could be mitigated through focusing on individual well-being and adopting appropriate preventive care."
The report highlighted local case studies about wellness and healthcare start-ups -- such as Practo Technologies, Gympik and Medibuddy Infiniti for insurers to galvanise the potential of preventive care market.
"Providers suggest that the major challenges for implementing wellness initiatives in India is the lack of control over the fragmented ecosystem and the unorganised regulatory guidelines that encompass the wellness and preventive care segment," said G. Srinivasan, Co-Chair, Ficci Health Insurance Committee and Chief Managing Director, The New India Assurance.
The report pointed out three major actions to empower the wellness and preventive healthcare market in India like incentives embedded innovative insurance, healthcare products, wellness marketplace to support wellness benefits and an organised and co-existing ecosystem.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)