The Traditional Medicine Market is driven by increasing preference...

The Traditional Medicine Market is driven by increasing preference for natural and herbal products

نشر بتاريخ 2024-05-17 10:11:39

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The Global Traditional Medicine Market is a large and growing market. Traditional medicine refers to health practices, approaches, knowledge and beliefs incorporating plant, animal, and mineral based medicines, spiritual therapies, manual techniques and exercises applied singularly or in combination to treat, diagnose and prevent illnesses or maintain well-being. Traditional medicine products usually contain active ingredients derived from plants, minerals and organic matter. Some common traditional medicines include herbal products, aromatherapy, acupuncture, yoga, naturopathy and traditional Chinese medicine.

The market is gaining traction due to the growing consumer preference for natural and herbal products over synthetic pharmaceutical drugs. Natural products are generally considered to have lower risks of side effects. Moreover, traditional medicines are often relatively inexpensive and there is a belief that they are more effective for certain ailments.

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 to 2031.

Key Takeaways

Key players operating in the Global Traditional Medicine Market Size 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. The market is witnessing high growth due to growing consumer demand for herbal and natural products over synthetic drugs globally. Moreover, rising awareness regarding benefits of alternative treatment methods is leading to expansion of traditional medicine across various geographies. Additionally, favourable regulatory environment promoting traditional medicine is expected to further propel the growth of Traditional Medicine Market.

The demand for traditional medicines is growing significantly across both developed and developing regions. Factors such as rising health consciousness, growing geriatric population and cost-effective nature of traditional medicine are contributing to the increasing global demand. Moreover, increasing proliferation of traditional medical practices such as Ayurveda, herbal medicine, acupuncture and aroma therapy in Western nations has opened up new global expansion opportunities for traditional medicine products.

Market drivers

One of the key drivers for the traditional medicine market is the growing prevalence of lifestyle diseases such as diabetes, cardiovascular diseases, obesity etc. With lifestyle-induced health problems on the rise, consumers are increasingly turning to natural alternatives like herbal products and Ayurveda therapies to boost health and wellness. Additionally, traditional medicine is gaining credibility for treating chronic conditions not effectively addressed by mainstream medicine. The market is also being propelled by favourable government initiatives supporting research and growth of indigenous traditional medicine practices.

Impact of geopolitical situation on the growth of Global Traditional Medicine Market

The global market for traditional medicine has not remained unaffected by the fast-changing geopolitical developments across key regions. The ongoing conflicts and political tensions in various parts of Asia, Africa and Middle East have disrupted supply chains and trade flows impacting the availability and affordability of key herbs and plant-based ingredients that form the backbone of traditional remedies. Moreover, changes in international relations have also led to closure of some border crossings affecting cross-border exchange of know-how and best practices related to traditional healing techniques.
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