The NABH (National Accreditation Board for Hospitals & Healthcare Providers) defines Wellness as “a state of a healthy balance of the mind and body that results in overall well-being.” As per a recent study by the Stanford Research Institute International, the global wellness industry represents a market of nearly US$ 2 trillion as opposed to the Indian Wellness Industry, which is a US$ 9.8 billion market; accounting therefore, for less than 2% of the global wellness industry. It is interesting to note the manner in which this industry has used the business potential of traditional Indian practices and home remedies and has moved from being a notion about luxury services to becoming a necessity. This is attributed to the fact that people want to live longer and healthier lives and so wellness, at some level or the other, is no longer the comfort of the rich.

 It is believed that with the active involvement of the government and private participants, the wellness industry in India can create visible impact on a global scale.studies says, By 2025, wellness services alone are expected to have the potential to generate five million job opportunities. However, it is critical for the government and private participants to simultaneously invest in education infrastructure and quality standards to provide further impetus to the industry. The overall wellness market in India is estimated at INR 490 bn and wellness services alone comprise 40% of this market.

In a country where the scholars and Vaidyas conceptualised and defined the field of Ayurveda, wellness is a natural extension of the preventive approach. Consumer lifestyles along with growing influence of global trends are now changing the face of wellness and making wellness a part of a consumer’s everyday life. While Indian players have forayed in the wellness industry, the potential still remains largely untapped. This is also attributable to the challenges that the players face, mainly due to the nascent stage of the industry. As the industry grows in an unorganised and uncoordinated fashion, these challenges become even more cumbersome. Therefore, it now becomes imperative for players to identify their potential and challenges, and derive solutions to tap the potential and overcome the challenges.

To address these challenges private participants and the government share a common agenda in developing education infrastructure and improving quality standards in the industry. Private participants will have to work together to create a visible rating mechanism for the industry, that can provide an assurance of quality among consumers. In addition to this, greater collaboration with the government to create education infrastructure and generating internal and external awareness on quality accreditation are key action areas for private participants.

The government on its part has to ensure that there are systemic checks for monitoring and that certified and licensed personnel are employed in critical service areas. During the next three years we estimate that the Indian wellness industry will grow at a CAGR of 20% to reach INR 875 bn. Consumers and their needs will continue to evolve, driving the transition from remedial care to a more holistic view on preventive care.