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For the last three years, Shirley and her husband Thomas have been spending two weeks at Jindal Naturecure Institute, which specialises in drugless therapy, naturopathy and yoga.
“Both our families have a history of obesity and heart-related complications. We decided to check into Jindal, where our routine is carefully planned, from meals and exercises to therapy sessions, which we try to follow through the year. Investing in well-being is one of the best decisions we have made,” Shirley told BusinessLine .
Growth rate
The $55-billion preventive healthcare industry is expected to take off over the next four years, growing at a CAGR of 18 per cent to become a $106-billion opportunity by 2022, outpacing the consumer retail-spend growth rate.
This growth is being driven by an affluent class of urban Indians accessing preventive healthcare services across mega sectors such as recreational sports, wellness therapies, diagnostics as well as new-age sectors such as fitness- wearable devices, healthy meal delivery and fitness centres, said a report released by RedSeer Consulting.
Of the $106 billion, healthy consumption segment comprising foods, nutraceuticals and organic skincare is estimated to be worth $32-billion by 2022. The fitness segment, comprising equipment, formats, sportswear and recreational sports, is also estimated to hit an equal number. “Currently, India is home to 90 million Health Conscious Individuals (HCIs), which is set to increase to 130 million by 2022. However, a larger segment of HCIs still consists of individuals who are well aware of fitness needs but are only making limited efforts to address them.
Partnerships
It is imperative that they do, because lifestyle diseases, which affect 930 million, is set to grow past one billion by 2022,” said Vithika Mishra, Engagement Manager at RedSeer Consulting. A survey by RedSeer in Mumbai, Delhi/NCR and Bengaluru with 400 respondents in the age profile of 15-60 years, belonging to the affluent class who do not suffer from any lifestyle diseases shows that 60 per cent reported an increase in spending on preventive healthcare activities over the last year.
The industry is gaining traction with a rising number of health tech start-ups receiving $1.3-billion funding from 2011 to 2017. These start-ups are expanding their reach geographically and horizontally through partnerships.
For instance, Max Bupa health insurance has tie-ups with wearable device player Goqii, and Artificial Intelligence fitness coach and lifestyle app Healthifyme, to encourage customers to take preventive measures by offering bonus on such practices.
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