May 29, 2024
Global Traditional Medicine Market

Rising Popularity of Traditional Medicine is Focusing on Natural Remedies

The Global Traditional Medicine Market is estimated to be valued at US$ 174.89 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period from 2024 to 2031.

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 is a millennia old healing modality focused on encouraging the body’s natural ability to heal itself through balancing of energies. It relies on remedies derived from natural sources like plants, minerals and animal components and involve non-invasive practices like acupuncture, acupressure, massage and meditation. Traditional medicine provides accessible and affordable treatment options and is free from side effects experienced with allopathic drugs. The growing preference for natural remedies and distrust towards chemical based formulations is driving widespread adoption of traditional medicines globally.

Key Takeaways
Key players operating in the Global Traditional Medicine market 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 treatment options coupled with distrust in conventional medicines is fueling the consumption of traditional medicines globally. Advantages like accessibility, affordability and negligible side effects make traditional remedies very appealing.

Traditional medicine companies are focusing on global expansion strategies to tap growth opportunities in overseas markets. Several eastern medicine practices like Ayurveda, Chinese medicine, acupuncture, yoga and meditation are gaining popularity in western nations through systematic promotional initiatives.

Market Key Trends
Increasing commercialization of traditional medicines is one of the key trends witnessed in the global traditional medicine market size. Researchers are investigating traditional medicine formulations for their efficacy and safety with an aim to standardize production and marketing. This would help traditional remedies integrate better with modern healthcare systems and attract more customers.

Porter’s Analysis
Threat of new entrants: Traditional medicine requires substantial investment and long years of experience to develop effective remedies making the threat low.

Bargaining power of buyers: Buyers have moderate power due to the availability of alternative treatment options.

Bargaining power of suppliers: Suppliers hold higher power due to limited substitution for critical raw materials required for remedies.

Threat of new substitutes: Threat is moderate as some populations are increasingly adopting alternatives like yoga and aromatherapy.

Competitive rivalry: Industry is highly fragmented with many local regional players.

Geographical Regions
The Asia Pacific region dominates the global traditional medicine market in terms of value owing to large populations relying on alternative treatments in countries such as China, India, and Japan.

The Middle East and Africa region is expected to be the fastest growing market during the forecast period supported by increasing uptake in Gulf and northern African countries alongside growing commercialization of traditional Arabic and African systems.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it