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Traditional Medicine Market expected to Witness Huge Revenue Growth to 2031

Apr 26, 2024


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InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Traditional Medicine Market – (By Product (Herbal Medicine, Ayurvedic Medicine, Unani Medicine, Alternative Medicine, Homeopathy Medicine, Others ), By Form (Capsules and Tablets, Powders and Granules, Liquid Extracts, Syrups, Creams and Ointment, Others ), By Disease Indication (Cardiac Disorders, Bone and Joint Disorders, Gynecological Disorders, Neurological and Mental Disorders, Digestive Disorders, Others), By Distribution Channel (Hospital and Retail Pharmacies, Online Pharmacies, Specialty Stores, Direct Sales), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."


According to the latest research by InsightAce Analytic, the Global Traditional Medicine Market is valued at US$ 178.46 Bn in 2023, and it is expected to reach US$ 333.26 Bn by 2031, with a CAGR of 8.35% during the forecast period of 2024-2031.


 


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The use of traditional medicine often reflects the cultural beliefs of a community and is rooted in a holistic method to healing that considers the balance between mind, body, and environment. While traditional medicine practices are widely used and accepted in many parts of the world, they sometimes coexist with or complement modern medical treatments. The traditional medicine market encompasses significant growth. The global traditional medicine market has strong growth potential over the coming years.


Growing acceptance of traditional medicine practices in developed regions will drive market growth. Increased consumer focus on natural and plant-based remedies is a major driver for the market. Rising healthcare costs are also expected to push consumers towards lower-cost traditional therapies. However, the need for more scientific evidence and clinical trial data makes adopting traditional medicine in Western countries challenging. More research is needed to ascertain the efficacy and safety of traditional practices. Strict regulations around traditional medicine production and sale in some parts of the world may inhibit market expansion. 


 


List of Prominent Players in the Traditional Medicine Market



  • 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

  • Gaia Herbs Inc.

  • Himalaya Wellness Co.

  • Native Circle LLP

  • Nature's Answer LLC

  • Nutraceutical International

  • Patanjali Ayurved Ltd.

  • Ricola AG

  • Schwabe Group

  • Weleda AG

  • Zandu Realty Ltd.

  • Zeinpharma Germany GMBH

  • Other Prominent Players


 


Market Dynamics:


Drivers- 


Increasing preference for herbal medicines is a significant driver for the Traditional Medicine Market. With more people adopting a holistic and preventive approach to health, the preference for herbal medicines over synthetic drugs is increasing globally. Consumers are now well-informed about the side effects of allopathic medications and are looking for natural remedies to treat ailments. This paradigm shift towards traditional and herbal formulations is one of the major factors positively impacting the growth of the global traditional medicine market. 


Government investments and rising awareness have been examined as another driver for market growth. The federal government's increased financing to promote the adoption of these solutions has a significant impact on the market since it benefits consumers and economic stability. The increase in healthcare spending, improvements in healthcare facilities, and strong demand for enhanced care services have a beneficial impact on the social determinants of health (SDOH) market. With growing emphasis on such monitoring activities globally, it is anticipated to include the Traditional Medicine Market and significantly contribute to its growth in recent years.


 


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Challenges:


The lack of scientific evidence as well as clinical trials, is significantly restraining the growth of the global traditional medicine market. While traditional medicine practices have been used for centuries across cultures, the absence of rigorous scientific validation of treatment protocols and reported health outcomes remains a major roadblock. Health regulators worldwide require transparent data from well-designed clinical trials to assess any medical intervention's safety, efficacy, and appropriate usage before granting broader approvals or reimbursements.


Herbal products used as chemical drug alternatives have become a major restraining factor for the global traditional medicine market. With growing awareness about the side effects of allopathic drugs and consumers seeking natural therapies, many are choosing herbal remedies to treat common ailments. Various herbal formulations are being used as effective substitutes to treat diseases like diabetes, depression, anxiety, and hypertension.


 


Regional Trends:


North America has had a dominant position in the worldwide market for traditional medicine. Numerous top government and healthcare organizations in the area are addressing social issues that have an influence on public health outcomes in a groundbreaking manner. Innovative programmes aimed at addressing socioeconomic risk factors like housing, transit, education, and work have been introduced in a number of major U.S. and Canadian cities. Meanwhile, Asia Pacific is a lucrative global traditional medicine market region due to deep cultural roots and government support. Countries like China, India, Japan, and South Korea have witnessed booming demand for traditional remedies. Ayurveda has its roots in ancient Indian medicine and focuses on balancing the three doshas (life forces) - vata, pitta, and kapha - through herbs, meditation, and yoga. It treats illness by promoting good health and preventing disease rather than combating pathogens. Countries like India have also taken initiatives to promote Ayurveda globally. Traditional Latino, African, and Middle Eastern therapies also exhibit high potential but require more scientific validation and standardization. 


 


Recent Developments:



  • In Oct 2023, Himalaya Wellness Company LLC An AED 200 million Herbal Pharmaceutical Factory is being established at Dubai Industrial City, marking an expansion in the UAE. The plant will manufacture tablets, capsules, liquid orals, and ointments at Dubai Industrial City, which is a prominent manufacturing and logistics hub in the region. This development will increase the global pharmaceutical company's presence within TECOM Group PJSC's ecosystem in Dubai. 

  • In Dec 2022, Dabur India Limited introduced two innovative products - Premium Sugar-Free health restorative Ratnaprash Sugar-Free and Ayurvedic Digestive Tonic Aampachak Kadha, during the 9th World Ayurveda Congress & International AROGYA EXPO in Goa.


 


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Segmentation of Traditional Medicine Market –


By Product-



  • Herbal Medicine

  • Ayurvedic Medicine

  • Unani Medicine

  • Alternative Medicine

  • Homeopathy Medicine

  • Others (Siddha Medicine, Massage Therapy, and Others)


By Disease Indication-



  • Cardiac Disorders

  • Bone and Joint Disorders

  • Gynecological Disorders

  • Neurological and Mental Disorders

  • Digestive Disorders

  • Others (Respiratory, Skin, Vision, Dental, etc.)


By Distribution Channel-



  • Hospital and Retail Pharmacies

  • Online Pharmacies

  • Specialty Stores

  • Direct Sales


By Region-


North America-



  • The US

  • Canada

  • Mexico


Europe-



  • Germany

  • The UK

  • France

  • Italy

  • Spain

  • Rest of Europe


Asia-Pacific-



  • China

  • Japan

  • India

  • South Korea

  • Southeast Asia

  • Rest of Asia Pacific


Latin America-



  • Brazil

  • Argentina

  • Rest of Latin America


 Middle East & Africa-



  • GCC Countries

  • South Africa

  • Rest of Middle East and Africa


 


Details insights on this market: https://www.insightaceanalytic.com/report/traditional-medicine-market-/2351


 


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