Future of Wellness Industry
Business World , Jul 02, 2018
Over the years, Indian wellness industry has emerged out of a restricted notion of physical fitness and beauty to a holistic goal of physical, mental and emotional wellness. Today the major segments of wellness industry include beauty, nutrition, physical fitness, and alternative streams of therapy and rejuvenation.
According to NSDC and KPMG report (2017) the estimated market size of the global beauty and wellness industry is around $1.4 trillion with a CAGR of 15 % over the last five years. India figures in the five top beauty and wellness markets of the world and has the potential to even become the top ‘Wellness’ destination for the global travellers.
A 2016 report titled “Value Added Service – Wellness and Preventive Healthcare”. by FICCI in association with EY consulting estimated that the Indian wellness industry is expected to grow at a CAGR of ~12% for the next 5 years. From its current size, this industry can achieve ~INR 1, 50,000 crores by 2020. There is a huge potential for growth in this industry and it may well become a major growth driver for the economy in future.
The wellness industry is a huge employment generator. Realising that there is a dearth of qualified and trained manpower to keep pace with the growth of the beauty and wellness industry, NSDC has started the Beauty and wellness sector skill council in the year 2015.
The concept of wellness today strikes a chord with the people. Their increasing awareness of prevention of lifestyle diseases through wellness activities, urbanisation, increasing disposable income, government and insurance push are leading the growth of this industry.
Occupational Wellness is today a buzzword in the corporate world. There is a realisation that wellbeing and wellness programs can bring down health care costs incurred by organisations and the country.
A 2018 study by ASSOCHAM titled ‘Corporate Wellness Programme: Benefits to Organisation & Economy” estimated that Indian corporates can save $20 Billion through initiating corporate wellness programs for their employees. On an average for every rupee being spent on employee wellness programme, the employers get Rs. 132.33 as a saving on absenteeism cost and Rs.6.62 back as reduced health care costs.
For a long time, it has been felt that to make the wellness industry more credible to both the local consumers and to international tourists, guidelines should be laid to ensure quality control and check to mushroom of centres which do not meet even the basic standards.
A scheme for Voluntary Certification of Yoga Professionals has been developed in 2016 by the Quality Council of India with the support of the Ministry of AYUSH. The scheme applies to both wellness centres and institutes that offer training and diploma/degree courses in yoga.
According to the AYUSH ministry "The scheme provides a mechanism to ensure the credibility and authenticity of the services provided," Over 10,500 yoga professionals have registered with QCI and 300 of them have received the certification since the launch of the scheme.
National Accreditation Board for Hospitals and Healthcare Providers (NABH) is a constituent board of Quality Council of India (QCI). NABH has laid down standards for voluntary accreditation of all organisations providing wellness services including Gymnasiums, Spas, Skincare Centres, Cosmetic Care Centres, Fitness Centres, Immunisation centres, Executive Health Check-up Centres etc. regardless of their ownership, legal status, size and degree of independence. The accredited centres will be provided with a “Mark of Excellence”. NABH accreditation will provide confidence to the locals and tourists that these centres are providing services as per global standards and by qualified and trained, are protecting the rights of customers and are following infection control and environmental safety practices.
NABH accredited wellness centres will enjoy a slew of benefits like listing on the Incredible India Website, marketing edge, participation in the Ministry of Tourism publications, road shows, financial support from Ministry of Tourism, and eligibility to apply under the Prestigious Annual National Tourism Awards under Wellness & Spa Category Awards.
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