Updated: Oct 4, 2020
The health & wellness industry in India is pretty vast and fast growing. Entrepreneurs have the great opportunity to capitalize on this by setting up their own health and wellness businesses.
Health and wellness industry is immensely vast. This niche directly deals with consumers' health and well being. Thus, a wide variety of services are offered to ease the general masses' lives such as medical services, personal training and acupuncture services, etc. If you are interested in the health and wellness sector, then there are some top small scale business ideas in the health and wellness segment.
Your experience in the health and wellness sector will count and ease your entrepreneurial journey. However, it solely depends on you as to what business opportunity you seize. So, here is a list of the best small scale business ideas in the health and wellness sector.
Skin and Hair Clinic
In recent times, people have grown conscious of their appearances. Thus, they are spending on getting healthy skin and hair. Owing to this, skin and hair routines have been largely adopted by the people and they have begin visiting skin care centers.
According to Statista, revenue in the Skin Care segment amounts to $7,794.3 million in 2020. The market is expected to grow annually by 7.9 percent (CAGR 2020-2023). In relation to total population figures, per person revenues of $5.65 are generated in 2020.
Similar to skin and hair, people have to look after their well being. This includes taking thorough medical examinations at a diagnostic center or lab. For starting a diagnostics lab, one needs to be conversant with the medical field and should know how to perform body tests.
According to Redseer, the market for diagnostic services has been growing in India over the past couple of years at a rate of 15-20 percent and is at nearly INR 40,000 crore as of 2016. Pathology accounted for nearly 80 percent of the market while Radiology accounted for the remaining 20 percent.
As per the RedSeer analysis, the current rate of growth is expected to continue, driven by increasing awareness in the population, improving payer coverage, and rising incidence of lifestyle diseases.
Medicines are an integral element for keeping the body in check if the person is comorbid. As people grow old, they unknowingly catch diseases and have to be on medication for a long time. Seeing the rising demand for pharmacy, this business idea comes out to be the top small scale business idea in the health and wellness segment.
According to Statista, as a leading producer of cost-effective and quality-controlled generic drugs, India supplies around 20 percent of the demand of the global pharmaceutical in terms of volume. In fact, the Indian healthcare and pharmaceuticals sector was one of the fastest-growing in the world and was expected to grow by a whopping 754 percent between 2017 and 2060. Generic drugs have traditionally been India’s stronghold and contributed over 70 percent to the overall market revenue in 2018 alone.
Gynecologists and embryologists having experience in the medical field. They can use their knowledge in helping out mothers who are unable to conceive a baby. Infertility has become an underlying problem amongst married couples and for that, they look upon fertility clinics.
According to Allied Market Research, India (in vitro fertilization) IVF services market was valued at $478.2 million in 2018 and is estimated to reach $1,453.0 million by 2026, registering a CAGR of 14.7 percent during the analysis period. The Indian IVF services market is anticipated to provide significant growth during the forecast period due to factors such as an increase in the infertility rates, which are caused due to surge in stress levels, changes in lifestyle, and surge in the incidence of fertility-related diseases.
One can imbibe knowledge about ayurvedic medicines and start an ayurvedic center. Ayurvedic practices essentially soothes mind as well as body. It is also more effective than other prevailing healthcare practices and medicines.
According to Confederation of Indian Industry in the year 2016, the total estimated market size of the Indian Ayurveda industry is $3 billion, which includes both Ayurveda products (ethical, classical, over the counter (OTC), personal care and beauty products) and services (medical, well-being, payor and medical tourism services). The product market is larger at $2.27 billion (75 per cent of the total market) compared to the services market that stands at $0.75 billion. The industry is envisioned to grow to reach $9 billion by the year 2022.
You can use these small scale business ideas in the healthcare segment and start your entrepreneurial journey. These businesses are lucrative and have an ongoing demand in the market. If you know some business opportunities in the healthcare sector and seek to share with us by commenting below.