The Global Traditional Medicine Market is Anticipated to Witness High Growth Owing to Rising Popularity of Herbal and Ayurvedic Medicines

 

Global Traditional Medicine Market

The global traditional medicine market includes various therapeutic practices like homeopathy, naturopathy, ayurveda, acupuncture, and traditional Chinese medicines. Traditional medicines utilize herbs, animal parts, and mineral substances to diagnose, prevent, and eliminate health issues without any side effects. Traditional medicine practices have been utilized for centuries in many parts of the world due to their natural healing properties and absence of adverse reactions compared to allopathic treatments. The need for traditional medicines is rising owing to the increasing awareness about health, focus on preventive healthcare, and growing consumer inclination towards herbal products with few adverse effects.

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.

Key opportunities in the Global Traditional Medicine Market include rising investments in R&D and clinical trials by both private and public players to promote herbal medicine acceptance. Growing global population and changing lifestyles have led to an increase in various lifestyle-related diseases like diabetes, obesity, and cardiovascular issues presenting opportunities for herbal treatments.

Global expansion in the traditional medicine industry is further driven by factors like availability of traditional medicine systems across borders and digital penetration increasing awareness. East Asian countries leading the market are expanding in European and North American regions by collaborating with research institutes and clinical centers for validation of treatments.

Market Drivers

Growing popularity of herbal and ayurvedic medicines owing to their natural healing properties and lack of side effects is a major driver for the Global Traditional Medicine Market. Increasing consumer inclination towards preventive healthcare and focus on wellness is further prompting adoption of traditional treatments.

Market Restrain

Lack of scientific evidence and clinical validation for some traditional medicine systems acts as a key market restrain. Difficulty in standardization of herbal products due to variance in plant sources also hinders widespread acceptance and growth of the traditional medicine industry. High costs of R&D and clinical validation for traditional medicine prevent rapid scaling up in some regions.

Segment Analysis

The global traditional medicine market can be segmented based on therapy type, product type and region. Based on therapy type, natural medicine is the dominating segment as it contains herbal medicines and dietary supplements which are mostly preferred traditional treatments globally. Natural medicine gives relief from various common ailments and chronic diseases without any adverse side effects, which makes it the most popular choice.

Based on product type, herbal plants and their extracts is the dominating sub-segment. Herbal plants like turmeric, ginger, garlic etc. have been effectively used traditionally to treat various health conditions for centuries in regions like Asia and Africa. Their anti-inflammatory, antiseptic and healing properties make them a reliable treatment source.

Global Analysis

Regionally, Asia Pacific is the fastest growing and dominating regional market for traditional medicine. Countries like China, India, Japan, South Korea and other southeast Asian nations have a long history and culture of using traditional therapies.Availability of raw materials, traditional know-how and government support for such natural treatments provide impetus to the regional market growth. Traditional medicine also forms an important part of the national healthcare system in many Asia Pacific countries. North America and Europe are other major traditional medicine markets growing at a steady pace due to the health benefits and rising popularity of complementary and alternative treatments.

Get more insights on Global Traditional Medicine Market