Ayurveda market size seen at $8 bn by 2020

New Delhi, Oct 16 (IANS) Emphasising that Ayurveda will provide affordable healthcare, Union Minister for State for AYUSH Shripad Yesso Naik on Monday said a three-fold increase in market size of Ayurvedic products from $2.5 billion to $8 billion is expected by 2022.

Addressing an "Ayurveda Conclave" here, Naik said: "Ayurveda is witnessing a resurgence in India and around the globe. It advocates preventive healthcare methods of treatment; it is not a system of medicine, but a science of life and longevity."

The programme was jointly organised by the Ministry of AYUSH and the Confederation of Indian Industry (CII).

Naik said the government had already begun work on building AIIMS-like facilities for Ayurveda across India to promote the science.

"To converge the research approach of AYUSH systems with the modern system of medicine, the Ministry of AYUSH and the Indian Council of Medical Research have decided to have molecular-based studies on specific leads from the ministry," said Naik at the conclave.

On the occasion, AYUSH Secretary Rajesh Kotecha called for integration of research and teachings in the field of Ayurveda.

"We have to look at research integration and teaching. Entrepreneurs must leverage the huge demand for Ayurveda," said Kotecha.

Shobana Kamineni, CII President and Apollo Hospital Enterprise Vice Chairperson, noted that only 10 per cent of the Indian population would visit Ayurvedic centres currently.

"Ayurveda's rich heritage and recognition as an alternative system of medicine in developed countries provides a good foundation to set an ambitious growth goal defined by increasing market share, customer access and profitability in both India and global markets," said Kamineni.

Prime Minister Narendra Modi will dedicate the new All India Institute of Ayurveda to the country on October 17.