The healthcare industry is one of the world's largest and fastest-growing industries.[4] Consuming over 10 percent of gross domestic product (GDP) of most developed nations, health care can form an enormous part of a country's economy.
Health care in the United States is given by numerous different legitimate elements. Current evaluations put US healthcare spending at around 15% of GDP, which is the most astounding on the planet. The United States spends the most noteworthy level of health care costs on pharmaceuticals on the planet. In the United States, around 85% of residents have health protection, either through their manager or bought exclusively.
Wellness industry In India
Indian Wellness Industry Is Set To Cross INR 500 Billion Mark By The End Of This Year And Trends Depict That The Market Will Rise By 30% Every Year.
India has always been the hotspot for multinational companies for outsourcing variety of projects due to low labor cost and high-quality productivity. Globalisation has largely affected the wellbeing of professionals as the urge to increase the productivity of the company has raged and competition has become fierce. There is no place for compromise! An underperforming employee is harmful for the organisation, but no one tries to find the reason in India. This scenario has also increased the degree of resentment in the workplaces which eventually leads to stress and illness among employees. The considerable decrease in the rate and quality of productivity is alarming for the employers. This is where the wellness industry in Indiacomes in the picture to save the day.
Benefits of employers via corporate wellness programs
One out of three professional remains absolutely stressed due to immense work pressure and humongous responsibilities. Not only the working environment is affected, but also the personal life of the employees is becoming a mess. The entire chaos can be easily solved with the aid of an employee wellness program incorporated by the employer for the wellbeing of the workforce.
The deteriorated lifestyle and bad habits turn out to be very costly for the health of professionals. The healthcare expenses have acquired a significant figure in the company’s accounts. The international trend of insertion of wellness programs in the workplace is the answer to all the questions here. The health of the employees will be maintained and the employer will be able to save tons in healthcare expenses and increase the quality of productivity simultaneously.
Michael Porter quoted “Companies understand that if their employees are sick, it's really expensive. So despite the rhetoric, I hear, thank God employers are still in the health-care system.”
The benevolent step not only aids the employees, but also the employers in various aspects. The rate of leaves due to sickness will considerably decrease and the amount that a company pays for the healthcare benefits will be reduced to a huge extent.
Prospect of wellness business industry in India
Not only the corporate world, but the domestic scenario is also not spared by the raging tension of competition and immense workload. For an instance, due to lack of time and proper guidance, the entire family is suffering from various ailments. There is a huge scope in this particular industry as the target market is untapped and humongous.
The wellness industry in India is set to cross the INR 500 billion mark by the end of this year. In fact, the latest trends depict that the market will rise by 30% every year. The concept is not new in the western world, but the subcontinent is still dormant. By proper promotion and impressive service designing, the market can be easily occupied. In fact, the degree of competition is also very less.
Greg Anderson said “Wellness seeks more than the absence of illness; it searches for new levels of excellence. Beyond any disease-free neutral point, wellness dedicates its efforts to our total well-being - in body, mind, and spirit.”
The huge prospect of the industry presents a great opportunity to start a new business in this segment. The idea can include anything that enriches the life of the distressed. It can be simply about teaching how to maintain a proper diet or things to do to burn extra fat. The main motto is to spread awareness among the target market regarding the goodness of maintaining health and proper lifestyle. There are many brands like Truworth, Meta Wellness, etc that are performing in a marvelous way in this industry. Plan My Health is a versatile name that is working in all aspects of the society by targeting schools to corporate houses for the wellness programs.
The most important factor that has driven this business idea into a successful level is the increase in disposable income. The contemporary population is well aware of health and tends to inculcate new ideas for healthy lifestyle immediately. The presence of appropriate supply channels will also aid in reaching the end customers efficiently. This is the right time to harness the potential market prospect by utilising the scope available with the wellness companies that provide franchise all over the country.
Indian wellness industry likely to hit Rs1.5 trillion by FY2019-20:
The Indian wellness industry was estimated at close to Rs85,000 crore in financial year 2014-15 and is expected to grow at a compounded annual growth rate (CAGR) of nearly 12% for the next 5 years. The industry can achieve about Rs1.5 trillion by FY20, according to a recent report by Ficci and EY.
The report Value Added Service – Wellness and Preventive Healthcare stated that wellness will be a key growth driver of health insurance in India.
India’s population today is relatively young (due to the high birth rates) with about 47% of the population expected to enter the elderly phase down the line.
Health characteristics, which include the burden of diseases, productive years lost, and cost of health care—among others—are key drivers of economic growth for emerging markets like India.
While the wellness and preventive health care sector as a whole is expected to nearly double by 2020, some sub-segments will outperform others. While beauty care and nutritional care would retain their share, fitness and rejuvenation would significantly increase their market share.
With the progress of time, wellness as a concept has taken up a multi-dimensional definition, encompassing the individual’s desire for one’s own well-being, uniqueness and collective welfare.
Primarily influenced by societal changes and individual’s lifestyle trends, this revolution has also been enhanced by external factors such as globalization and a greater awareness of the need for wellness among individuals.
Comments
Post a Comment