NEW DELHI – The size of wellness market in India is expected to touch $ 20 billion in the next three to four years on account of fast changing urban lifestyle.
Currently the size of the wellness market in India stood at about $ 10 billion, Allergan India Managing Director Raghu Kumar said.
The Nasdaq-listed healthcare firm – Allergan Inc – is present in the country through its Indian arm and sells wide range of wellness products including Botox and other cosmetic drug products including anesthetic dermal filler Juvederm XC.
“Huge opportunities are present in India in the wellness market or cosmetic sector. Gone are the days when vanity was women’s domain, now the number of men lining up to see cosmetologists are increasing in the country…India’s wellness market is expected to touch $ 20 billion in the next 3-4 years,” Kumar said.
While, Juvederm XC is used to correct facial imperfections, Botox is used for removing wrinkles and other skin-related problems.
Talking about Allergan Inc’s business in India, Kumar said that it is expected to grow at a rate of about 25 per cent every year.
“Our market share in both eyecare and facial aesthetics business are increasing in India. We will launch more products in the coming months… we are looking at expanding our product range in India as part of a strategy to enhance our healthcare and aesthetic skincare business in the country,” Kumar said.