Sector Brief:
Wellness, the sunrise industry of the 21st century stands at Rs40, 500 crore (2010) with products being a Rs19, 500crore industry and services Rs21, 000crore industry. The Indian Services Market stands is poised to grow at a double-digit rate over the next five years, with certain sectors, such as spas and beauty treatments, projected to grow at more than 35–40% driven by the country’s current demand and supply dynamics. India’s Wellness vertical is at its tipping point, a period for players to tap, exploit, and participate in this potentially lucrative industry.
Change the only constant, manifests itself aptly in the significant shift in epidemiological concerns as the country braces itself to address the resultant effects of transitioning into a global superpower. Public health systems are now faced with the grim backdrop of changing epidemiological concerns. Tackling concerns of Polio, Malaria and Tuberculosis; we are now staring into concerns over Diabetes, Cardio-vascular diseases (CVD), Cancers, Mental health and Chronic Obstructive Pulmonary Disease (COPD). Increased stress on an over burdened care delivery system. Every year, an estimated 115 crore cases of ailments are reported and approximately 3 crore cases of hospitalization this is explicitly reflected in the expectancy of healthy life at birth. While life expectancy at birth is 63 years, healthy life expectancy is only 53 years – a gap in the expectancy of healthy life at birth of 10 years.
Necessitating a shift in focus from curative led Health corrective measures to preventive based Wellness initiatives. Demonstrated explicitly by the supply side, both private and public, which is increasingly moving away from “curative wellbeing” to “preventive and lifestyle wellbeing” by providing services ranging from health-oriented hospitals, pharmacies and alternative therapies to rejuvenation-based spas and yoga centres, scientifically designed gyms, and beauty-based salons and cosmetic procedures.
To facilitate the desired changes and encourage healthy growth of the Wellness vertical, a well-defined partnership between the government and the private sector is essential, with timely inputs from the currently few organized players, towards which the committee has been working since the last one year. The accreditation standard for Wellness Centres (Accreditation Standards for Wellness Centres – NABH, QCI) to provide standardization in service quality was the first step in this direction.
Objectives:
- To set up a common platform for the industry and other stakeholders
- To help create an interface between the industry and the Government
- To discuss the International wellness market and market trends.
- To discuss the market potential for Wellness products
- To discuss various issues relating to Regulatory Framework and Accreditation
- To discuss the challenges for the industry and the way forward
Past Events:
- Annual Conference - FICCI Wellness,2009 : Exploring the Untapped Potential, April, 2009.
- FICCI – QCI Accreditation Program for Wellness Centers, Mumbai, January, 2010
- Annual Conference - FICCI Wellness, 2010: Transforming Lifestyles
Future Events:
- Annual Conference - FICCI Wellness, 2011: India in the Global Market
- 15th September, 2011
Studies:
FICCI-EY Knowledge Report on Wellness: Exploring the Untapped Potential
For More Information, Contact:
Ms. Nandini Aggrwal (nandini.aggrwal[a]ficci.com)
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