Burlingame, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights has recently published a report, titled, Traditional Medicine Market, By Product (Herbal Medicine, Ayurvedic Medicine, Unani Medicine, Alternative Medicine, Homeopathy Medicine, and Others (Siddha Medicine, Massage Therapy and Others)), By Form (Capsules and Tablets, Powders and Granules, Liquid Extracts, Syrups, Creams and Ointment, and Others (Patents & Proprietary Medicines and Others)), By Disease Indication (Cardiac Disorders, Bone and Joint Disorders, Gynecological Disorders, Neurological and Mental Disorders, Digestive Disorders and Others (Respiratory, Skin, Vision, Dental, etc.): Global Opportunity Analysis and Industry Forecast, 2024-2031”. According to the report, the global traditional medicine market generated $174.89 billion in 2023, and is anticipated to generate $ 289.66 billion by 2031, witnessing a CAGR of 7.5% from 2024 to 2031.
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Market Drivers:
Increased Interest in Traditional Medicine Among Consumers
Over the past few years there has been a significant rise in the popularity and interest in traditional forms of medicine such as ayurveda and homeopathy globally. Many people are becoming more inclined towards natural and herbal remedies as they believe these have lesser side effects compared to allopathic medicines. They also prefer traditional treatments due to affordable costs and holistic approach to health. This growing preference for traditional medicine over modern medicine is driving higher demand in the market.
Easy Availability and Lower Cost of Traditional Treatments
Traditional medicine treatments tend to be more affordable and cost-effective compared to modern medicine. The medicines used are largely plant and herb based which are readily available. The treatment procedures also do not require expensive machines or technologies. This makes traditional treatments highly accessible for common people as well as in remote areas. The lower costs have boosted the consumption of traditional medicines significantly thereby propelling market growth.
Market of Key Takeaways:
Global traditional Medicine market is expected to exhibit a CAGR of 7.5% during the forecast period. Government of various countries are engaged in increasing awareness about the traditional medicine among population by collaborating with big organizations, and this is expected to fuel the market growth over the forecast period. For instance, on November 18, 2023, The Ministry of Ayush, India, and World Health Organization (WHO) signed Traditional and Complementary Medicine 'Project Collaboration Agreement'. The main objective of this agreement is to standardize Traditional and Complementary Medical Systems, integrate their quality and safety aspects into the National Health System, and disseminate them at the international level. Under this agreement, efforts will be made in order to connect Traditional and Complementary Medical Systems with the mainstream of the National Health System. To fulfil this objective, Traditional Medicine Global Strategy 2025-34 will be prepared by WHO with the support of the Ministry of Ayush.
Among product segment, homeopathy medicine segment is expected to be one of the growing segment in the global traditional medicine market due to increasing preference of homeopathy over other medicine type. For instance, in March 2023, the National Center for Homeopathy hosted a virtual conference from March 24-26, 2023. The virtual conference took place on the vFairs event platform. The virtual conference aims to provide homeopathic and natural solutions to various concerns such as cold, flus, respiratory issues, hormonal imbalances, headaches,and others. Top educators and experts from the country were the participants and share their abundant knowledge for traditional medicine, thus, increasing awareness for homeopathy medicine among the population.
Major players operating in the global traditional medicine market include Guizhou Yifang Pharmaceutical Co., Ltd., Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd, Tasly Holding Group Co., Ltd., Kotobuki Seiyaku Co., Ltd., Herbalife Nutrition, Imperial Ginseng Products Ltd., Hammurapi Pharma GmbH, Zydus Nutriva, Hawaii Pharma, LLC, VitaHealth Australia, Amrita Ayurvedic Pharmaceutical, The Himalaya Drug Company, Dabur, Kotaro Pharmaceuticals Company, Charak Pharma, Fortis Healthcare, and Baidyanath Ayurved
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Market Key Developments:
In August 2020, a Memorandum of Understanding (MoU) was signed Between Central Council For Research In Unani Medicine (CCRUM), New Delhi, India, and Indian Council Of Medical Research (ICMR), India. The agreement will increase the research and development activities for the traditional medicine.
In 2021, Tanzania's Zanzibar government authorities launched a research project to enhance the use of herbal medicines as an alternative cure for non-communicable diseases. The research will also involve adding value to herbal medicines through manufacturing processes and commercialization.
Market Dynamics:
Traditional medicine is witnessing high growth owing to growing popularity of alternative medicine and absence of side effects associated with it. Additionally, rising consumer preference for herbal and natural products is also driving the growth of traditional medicine market. According to World Health Organization, around 80% of people in developing world rely on traditional medicine for their primary healthcare needs. Also, growing cognizance about cost effective traditional medicine treatments is encouraging consumers to opt for traditional medicine over expensive allopathic treatments.
Read complete market research report,"Traditional Medicine Market By Product, By Form, By Disease Indication, By Distribution Channel, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Market Opportunity:
An emerging opportunity lies in collaborations between traditional and modern medical practices. Integrating proven traditional therapies within allopathy provides an opportunity to develop evidence backed formulations, gain better understanding of treatment mechanisms and address concerns surrounding lack of clinical proof. Several companies are undertaking joint research programs to develop standardize traditional medicine products. If successful, such collaborations can help overcome restraints and drive greater integration and uptake of traditional systems with mainstream healthcare.
Market Trends:
One of the key trends in the traditional medicine market is the rising global acceptance and integration of these medical practices. Many countries are now recognizing traditional therapies by establishing relevant regulatory frameworks and national policies to provide institutional support. Several nations across Asia, Latin America, Middle East and Africa have incorporated traditional systems like ayurveda, Chinese medicine, acupuncture etc within their public healthcare models. This growing official recognition and integration worldwide is enhancing the credibility of traditional medicine and expanding the market on a global scale.
Government are taking initiatives for launching centers that can provide traditional medicines to the population. This is expected to increase popularity of traditional medicine, and thus, drive the global traditional medicine market growth over the forecast period. For instance, in 2022, Govenmnet of India addressed the valedictory function of the 9th World Ayurveda Congress and also inaugurated three National Ayush Institutes –
- All India Institute of Ayurveda (AIIA), Goa,
- National Institute of Unani Medicine (NIUM), Ghaziabad
- National Institute of Homoeopathy (NIH), Delhi
In order to further strengthen research and international collaborations and this will also facilitate affordable Ayush services for people.
Market Restrain:
While traditional medicine practices have existed for centuries, there is no strong scientific evidence backing some therapies or validating clinical effectiveness and safety for many treatments. The lack of scientific research and data is a major restraint as consumers may doubt efficacy in the absence of clinical trials and evidence. There is also lack of standardization in production of herbal medicines which can impact quality and consistency of effects. This poses regulatory challenges and restrains wider acceptance.
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Detailed Segmentation:
- By Product:
- Herbal Medicine
- Ayurvedic Medicine
- Unani Medicine
- Alternative Medicine
- Homeopathy Medicine
- Others (Siddha Medicine, Massage Therapy and Others)
- By Form:
- Capsules and Tablets
- Powders and Granules
- Liquid Extracts
- Syrups
- Creams and Ointment
- Others (Patents & Proprietary Medicines and Others)
- By Disease Indication:
- Cardiac Disorders
- Bone and Joint Disorders
- Gynecological Disorders
- Neurological and Mental Disorders
- Digestive Disorders
- Others (Respiratory, Skin, Vision, Dental, etc.)
- By Distribution Channel:
- Hospital and Retail Pharmacies
- Online Pharmacies
- Specialty Stores
- Direct Sales
- By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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