Traditional medicine refers to health practices and treatments that have been used for centuries before the emergence of modern medicine. Traditional Chinese medicine, Ayurveda, acupuncture, herbal medicine are some of the commonly known forms of traditional medicine that are practiced globally. Traditional medicine involves using herbal plants, animal parts and special healing techniques like massage instead of modern medicine. It has gained popularity in recent years owing to the growing consumer preference for natural remedies over synthetic drugs due to rising health consciousness.

The Global Traditional Medicine Market Size  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 traditional medicine 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 growing demand for herbal and natural remedies over chemical-based drugs is boosting the traditional medicine market. Countries around the globe are embracing traditional medicine and integrating it with mainstream healthcare to provide holistic healthcare solutions.

Market Drivers
The rising awareness about the side effects of allopathic medicines and benefits of herbal drugs is the key driver propelling the growth of the traditional medicine market. People are now switching to traditional therapies like Ayurveda, Chinese medicine, herbal medicine to get rid of lifestyle diseases without any side effects. The surge in internet penetration and smartphone usage has also increased accessibility to information on traditional cures and boosted the popularity of this age-old healing practices across regions.

Moreover, rising inflation and slowdown fears have reduced discretionary healthcare spending across major markets like Europe and Americas. Patients are shifting towards cheaper alternative treatment options. The traditional medicine players need to focus on developing local sourcing partnerships and strengthening domestic supply chains to reduce dependencies. Manufacturers also need to invest in R&D to develop substitutes for key ingredients from politically volatile regions and fortify distribution networks within local/regional markets. Additionally, governments across emerging nations should provide incentives and financial support for cultivation of medicinal plants to promote self-reliance in the traditional medicine sector. Improving accessibility through community-based clinics can boost adoption amid difficult macro conditions.

Geographical regions for Global Traditional Medicine Market:

The Asia Pacific region dominates the global traditional medicine market in terms of value, accounting for over 60% share. Countries like China, India, Japan, South Korea and other Southeast Asian nations have deep-rooted cultures that have integrated traditional medicine practices into their healthcare systems for centuries. Easy availability and government support for traditional medicines have boosted adoption. China alone contributes more than 45% of the global market revenue due to widespread use of Chinese herbal medicine and practices like acupuncture.

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