Global Traditional Medicine Market is Anticipated to Witness High Growth Owing to Rising Consumer Preference Towards Natural Remedies

 

Global Traditional Medicine Market 

The global traditional medicine market comprises herbal medicines, medicines used in Ayurveda, Siddha, Unani, and Chinese traditional medicines among others. Traditional medicines are typically derived from plants, minerals, and animal materials and involve practices such as acupuncture, cupping therapy, and moxibustion. Traditional medicines have been practiced in various cultures for centuries and are sought by consumers looking to avoid possible side effects from conventional medicines and for their natural appeal.

The global traditional medicine market is estimated to be valued at US$ 174.89 BN in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Global Traditional Medicine Market Demand  are 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, Baidyanath Ayurved.

The key opportunities in the global traditional medicine market include growing popularity of herbal and natural remedies amongst consumers, rising demand in emerging economies fuelled by healthcare infrastructure growth, and increasing research and development for integrating traditional medicines with modern drug development. Geographically, the market is anticipated to witness increased growth in the Asia Pacific region owing to rising disposable incomes, cultural acceptance of traditional medicines, and policy support by various governments.

Market drivers and restrain

One of the key drivers for the global traditional medicine market is the rising consumer preference towards natural remedies over synthetic drugs owing to perceived lower side effects. Population growth especially in developing countries and subsequent lifestyle disease burden has also contributed to increased demand for traditional medicines. However, lack of standardization and clinical evidence is a major restraint limiting widespread adoption of traditional medicines. Absence of regulations and quality control in some regions also pose safety risks hampering market growth. Lack of intellectual property rights over traditional knowledge systems poses another challenge.

Segment Analysis
The global traditional medicine market can be segmented into Chinese traditional and complementary medicine, Ayurvedic medicine, Herbal medicine, and Traditional African medicine among others. Chinese traditional and complementary medicine segment currently dominates the market and is expected to continue its dominance over the forecast period. This is because Chinese traditional medicine has a long history and is deeply rooted in the Chinese culture. It is widely used in China as well as adopted in other parts of the world.

The Ayurvedic medicine segment is expected to witness significant growth owing to the growing awareness about its benefits and curative effects. There is an increasing demand for herbal Ayurvedic products for conditions like arthritis, digestive issues, stress, and other lifestyle diseases. Herbal medicine segment will also record substantial growth due to the rise in consumers' preference for natural remedies over synthetic drugs amid side effects concerns.

Global Analysis
On the regional front, Asia Pacific region holds the major share in the global traditional medicine market and is expected to continue dominating over the forecast period. This is due to the deep-rooted cultural acceptance and large consumer base of traditional Chinese, Ayurvedic and other Asian traditional medicine systems across countries like China, India, Japan, and other Asian countries. The North America region is anticipated to witness the fastest growth owing to increasing consumer preference for traditional medicine. Factors such as growing geriatric population, surge in chronic diseases, rising insurance coverage for traditional therapies in the US have been augmenting the market growth. Moreover, increasing exports of Ayurvedic and Chinese medicines from Asian countries are supplementing the market growth in North America.

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