April 18, 2024
Global Traditional Medicine Market

The Global Traditional Medicine Market is poised to embrace Ayurveda through Increasing Consumer Demand

The global traditional medicine market refers to various indigenous medicinal practices that include Ayurveda, Chinese traditional medicine, African traditional medicine and native American medicine. Traditional medicines rely on herbs, animal parts, minerals and spiritual therapies. They form an integral part of the holistic health approach of many cultures worldwide.

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 between 2024 to 2031.

Key players operating in the Global Traditional Medicine Market Demand 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 supplements and Ayurvedic medicines is driving the global traditional medicine market. The changing consumer preferences towards organic and natural formulations to boost health is fueling the consumption of traditional remedies. Younger consumers are particularly embracing traditional practices like yoga and Ayurveda to enhance physical and mental well-being. Furthermore, growing access through e-commerce sites is increasing the global reach of traditional medicines.

The global expansion of leading Ayurvedic brands from India is further promoting awareness about Ayurveda worldwide. Companies are investing in R&D to integrate classical Ayurvedic knowledge with modern medical sciences to develop effective wellness products. Various collaborative efforts are undertaken to take traditional knowledge to new geographies. The increased regulation and guidelines by regulatory bodies are also helping build confidence in traditional medicine practices.

Key market trends include the incorporation of artificial intelligence and digital technologies by traditional medicine companies. Advanced data analytics helps optimize product development, quality control, and distribution processes. Technologies like AI are augmenting Ayurvedic expertise to provide personalized wellness solutions to customers worldwide. This fusion of tradition with technology aims to make ancient healing approaches more accessible and scientifically rigorous for global acceptance.

Porter’s Analysis

Threat of new entrants: High capital requirements for manufacturing, regulatory approvals and R&D pose barriers.

Bargaining power of buyers: Large buyers can negotiate lower prices whilst availability of substitutes provide options.

Bargaining power of suppliers: Suppliers of raw materials including herbs have some control over pricing due to specialized sourcing requirements.

Threat of new substitutes: Potential for new technology and research unlocking alternate medical approaches.

Competitive rivalry: Fierce competition between major established players.

Geographical Regions

Asia Pacific accounts for the major share in terms of value owing to large consumer bases in China and India that have long histories of traditional medicine practice. China in particular is a global leader in herbal medicine production.

North America is projected to grow the fastest due to rising popularity of complementary and alternative therapies among western consumers seeking more natural remedies. Expanding Asian herbal product availability through brands like Traditional Medicinals also supports the region’s market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it