Will Ayurveda be the new face of healthcare?
The recent pandemic brought into perspective the fragility of our existing healthcare ecosystem. While the healthcare industry is seeking answers to make it more holistic, affordable and inclusive, in the post-COVID world, Ayurveda has been playing a major role in shaping the discourse around the new-age healthcare system. The existing crisis is a powerful reminder of the need for us to have more sustainable healthcare solutions, and Ayurveda is the saving force that we’ve all been looking for. Before moving ahead, let’s delve a little deeper into this ancient science of life.
What is Ayurveda?
Ayurveda is an age-old Indian science that has prevailed since the pre-Buddhist era. It includes a holistic understanding of health and caters to the whole body-mind-spirit complex. Ayurveda is a life science that throws light upon corrective diet and lifestyle measures, with somatic practices like Yoga and meditation, the use of herbal remedies and medicine, and rejuvenation therapies like panchakarma, self-massages, etc. Ayurveda seeks to remove the root cause of health issues and caters to every individual’s unique body constitution.
COVID-19 crisis and the role of Ayurveda
The physicians of Ayurveda and other traditional medical systems treated diseases effectively for many centuries in India. They still continue to play a significant role in our society became clear during the COVID-19 pandemic. The pandemic devastated the Indian population. However, Ayurvedic physicians handled all categories of coronavirus patients successfully during all the waves of the pandemic. Physicians treated viral illnesses such as chikungunya, swine flu, and dengue year after year.
The Coronavirus is yet another viral disease for which Ayurveda offers an effective cure. However, unfortunately, the details and results of Ayurvedic treatments largely remain unknown except for some articles that appeared in peer-reviewed medical journals. To Ayurvedic physicians who handled COVID-19 patients of mild, moderate, severe and high-risk categories, it is clear that a great opportunity to contain the damage was missed by not making Ayurvedic therapeutic interventions available to our people.
A Missed Opportunity
A few things started becoming clear a couple of months into the pandemic. In the absence of any good medication for COVID-19 in the allopathic system, the condition of several patients with mild and moderate cases gradually deteriorated, and they died. Patients were often rushed to private health facilities in the hope that life-support facilities were available in modern allopathic hospitals. On the other hand, Ayurvedic physicians were able to provide effective prophylactic and curative treatment from the early stage of the disease to prevent it from progressing into the advanced stages. These medicines were used safely for patients of all age groups and also for those with comorbidities.
Although some state governments did not allow Ayurvedic physicians to handle COVID-19 patients, some did not interfere in their treatment. States like Tamil Nadu supported the efforts of Siddha and Ayurveda practitioners.
Opportunities in the market
Ayurveda, the oldest Indian system of medicines that comes from the word ‘Ayurveda’, lies in the hearts of the Indian subcontinent. It comprises plant-based medicines, natural herbs, and spices and is practised as alternative medicine. Around 80% of the population in India adopt traditional medicines, which is a class of Ayurveda systems.
- These therapies are mostly adopted all over the world to cater to the long-term goal of wellness and health.
- The central focus of Ayurvedic products’ is to benefit humans to live longer, be stronger, and be healthier, being independent of any remedies, painful interferences or complicated surgeries.
- The practising countries include Myanmar and, Sri Lanka, Nepal, and it is mostly equivalent to European and Chinese traditional medicine systems. Its core ingredients are majorly applicable in health supplements, cosmetics, Oral Care Products, drugs, and personal care products.
Market Competitive Landscape:
The important companies in the ayurvedic product market include:
- The Himalaya Drug Company (India)
- Natreon Inc (U.S.)
- Herbal Hills (India)
- Basic Ayurveda (India)
- Planet Ayurveda (India)
- Patanjali Ayurved Limited (India)
- Dabur India Ltd. (India)
Market USP:
Market Drivers:
- The most significant factors propelling the growth rate of the ayurvedic product market include the increasing knowledge about organic and natural medicines benefits among consumers.
- Multiple factors like surging health concerns as well as awareness about the toxic effects of western medicines also push consumer preference toward ayurvedic products
- Furthermore, encouraged by economic growth and increasing incomes, per capita spending on healthcare products has risen remarkably over the last few years, giving rise to a favourable scenario for the ayurvedic product market.
- Additionally, the distribution network of these products has vastly improved, raising their accessibility across all regions - both rural and urban regions. There are many government bodies that are striving to promote the utilisation of a variety of ayurvedic products through awareness programs as well as subsidies.
- However, the soaring knowledge levels regarding the importance of a healthier lifestyle, surging preference for chemical-free products, and the emergence of favourable government initiatives further augment the Ayurvedic products market share.
- A good number of the developers of ayurvedic products are focused on manufacturing new and more advanced formulations and adding these to their product lines to bolster their business value.
- The new technological innovations and a heightened focus on research and development activities aid in fostering the ayurvedic products market size worldwide.
- Nowadays, ayurvedic products companies are placing a focus on developing new items to cater to the evolving customer demand, which is leading to booming product sales and bringing revenue.
Market Restraints:
- An urgent need to effectively promote the use of Ayurvedic goods and enhance the knowledge level about ayurvedic goods has become a challenge for the industry stakeholders.
- Nevertheless, the practical advances in ayurvedic medicines, constant technological developments, and the untapped growth potential in developing markets can give lucrative opportunities to the top brands in the future in the market.
The Turning Tide
Now, the healthcare industry is witnessing a new trend on the demand side. Patients are now turning to alternative medicines for prolonged relief, and Ayurveda is certainly at the top of their preferences. This way, preventive healthcare has become an important line of defence during the pandemic, which is proving the sector to be a strong partner to people across the world.
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