Indian wellness industry to touch Rs150,000 cr by FY20; why you should worry about this news

Health and wellness are crucial to any country especially a young demography like India, where 47% comprises of people below the age of 25. As this population enters the workforce, their wellness becomes a major growth driver for the economy. It is estimated that the increasing Non communicable diseases (NCD) burden will cost India close to USD 5 trillion due to loss of productivity. This, coupled with the growing geriatric population, Indian healthcare desperately needs to shift its focus towards preventive and promotive care. Indian wellness industry is poised to grow rapidly.

FICCI in association with EY consulting came up with a report titled “Value Added Service –Wellness and Preventive Healthcare”, during the 9th Annual Health Insurance Conference in New Delhi. As per the report, major risks causing NCDs in India are tobacco, dietary risks, obesity, high blood pressure and air pollution which potentially could be mitigated through focusing on individual well-being and adopting appropriate preventive care.

Given below is the pie chart to showcase the market shares of different segments of Health and Wellness sector

vas-report-page-027

Wellness encompasses several key dimensions that include physical, emotional, psychological and social attributes. These factors contribute to wellness in a series of complex and interacting ways. Wellness, unlike health, is more than absence of diseases and involves a holistic perspective of an individual. It involves wide range of human experience such as personal growth, family, education, community development, medical care, coaching and work. Key features characterizing wellness are highlighted below:

According to the report, the three major actionable that can empower the wellness andpreventive healthcare market in India are wellness incentives embedded innovative insuranceand healthcare products, wellness marketplace to support or drive the wellness benefits andan organized and co-existing ecosystem.

According to an estimation, India will surpass china in terms of population in 10 years. Some key statistics of India’s current population are as below:

Second most populous country with 1.31 billion people (52% male and 48% female)

India’s population is equivalent to 17.84% of the total world population

The population density in India is 441 per Sq. Km

7 % of the population (428 million) live in urban areas

The median age in India is 26.6 years

Crude birth rate per 1000 is 20.4

Fertility rate (live births per woman) is 2.5

Life Expectancy at birth is 67 years

Under ve mortality is 53 for every 1000 live births

Infant mortality is 40 for every 1000 live births

Internationally, wellness is a necessary component to most insurance products. Innovative products offering a large span of services is a common place in countries like UK, Singapore and South Africa. In India, wellness has been included as part of the some of the products being offered by private insurers as a differentiator. India needs to take wellness more seriously.

Many chronic diseases are preventable through lifestyle choices or early detection and management of risk factors. The best way to ght these diseases is to prevent it and wellness programs introduce people to tools which can help them to prevent chronic conditions. Wellness programs promote healthy behaviors such as eating a well balanced diet, regular physical activity, taking annual health checkups, quit smoking etc and choices like healthy diet and physical activity are critical to controlling chronic diseases. Some of the key wellness and preventive steps include:

  • Being active for at least 150 minutes per week can reduce the risk of chronic diseasePeriodically getting screened for chronics
  • Having a well balanced diet including fresh fruits and vegetables
  • Work life balance and managing stress
  • Smoke free life is the most crucial step to good health

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