Ayurveda Market Key Growth Drivers, Competitive Landscape and Global Forecast 2032
Market Overview
Market Research Future (MRFR) studied the global Ayurveda market in 2020 for the assessment period till 2023. The growing inclination towards the traditional Indian system of medicine and the increase in awareness about issues of drug toxicity in allopathy treatment can underpin the expansion of the market. The gradual increase in R&D activities regarding modern medicine practices and the introduction of effective drugs are other prime drivers of the Ayurveda market. The increase in support from governments for practicing traditional medicine can add to the market rise in the analysis period. The gradual expansion of the E-commerce sector supporting the herbal and nutrition industry to surge can benefit the market shortly. COVID-19 impact assessment for the alternative medicine market is offered in the report.
The lack of scientific accreditation and validation can restrain the market rise. Issues regarding validation for Ayurveda medicines across regions, such as the US, and concerns associated with the license of Ayurveda can also prevent the market growth. In addition, the outlook of Ayurveda as pseudoscience and supplementary medicines can deter market expansion. Moreover, the prime market constraints regarding health insurance approval and scarcity of trained workforce can prevent the market upsurge.
Ayurveda Market Players Zandu Pharmaceutical Works Ltd, Hamdard Laboratories, Charak Pharma, Dabur, Baidyanath Group, Vicco Labs, Patanjali Ayurved Ltd., and Emami Group are some top-notch vendors in the Ayurveda market that are profiled by MRFR to study the expansion dynamics of the market for the study duration. Contributions of these vendors towards the market expansion are recorded in the report.
Market Segments
The segment analysis of the global Ayurveda market is based on disease pattern, application, source, end users, form, and distribution.
The application-based segments of the Ayurveda market are personal care and medicine among others.
The disease pattern-based segments of the market are the nervous system, respiratory system, gastrointestinal tract, infectious diseases, cardiovascular system, skin and hair, and skeletal system among others. The infectious disease segment can acquire a high turnover for the market by 2023.
The source-based segments of the Ayurveda market are animal (oils, and bones among others) and vegetable (leaves and fruit, bark, seeds, and roots among others). The expansion of the vegan population can cause the vegetable segment to thrive along the analysis period.
The form-based segments of the Ayurveda market are herbomineral, herbal, and mineral among others. The herbal segment can rise at a high pace due growing demand for plant-based medicine solutions.
The end users-based segments of the Ayurveda market are hospitals and clinics, academia and research, and over among others. The academia segment can gain traction in the market in the approaching years.
The distribution-based segments of the Ayurveda market are over the counter and organized among others. The over-the-counter segment can earn decent revenue for the global market, whereas the organized segment can rise at a high pace by 2023.
Regional Analysis
In Asia Pacific, the Ayurveda market is expected to secure a significant share of the worldwide market by the end of the review period. The presence of a rich tradition of herbal medicines across India, Pakistan, Sri Lanka, Indonesia, and Myanmar among other APAC regions can contribute to the regional market surge. India is expected to earn a high turnover for the regional market. India ayurvedic market can rise at 8.86 % CAGR through the review period to acquire about 1990.46 Mn by 2023. The rise in demand for principal exports of Indian Ayurveda, such as Senna and Psyllium, can contribute to the regional market surge in the years to come.
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