Wellness Market May Touch $20 Billion in Next 3-4 yrs
Monday, 02 January 2012, 19:02 IST
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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. The company is also planing to launch another variant of the Juvederm range of dermal fillers soon, Kumar added. Dermal fillers are materials/implants used to correct the imperfections of the face. Allergan currently markets its products from about 1,000 skin and beauty clinics across the country. Besides this, it also has tie-ups with beauty chains such as Kaya Skin Clinic and VLCC. Allergan India is a joint venture between Allergan Inc and Nicolas Piramal, India. Launched in the country in 1996, it operates in four different verticals of business, including eyecare, medical aesthetics, neurosciences and clinical research. The California-headquartered firm employs more than 9,000 people worldwide and posted net sales of $ 4.8 billion in FY10.
Source: PTI
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