April 12, 2024
Global Traditional Medicine Market

Rise in Demand for Natural Remedies Propels Growth of the Global Traditional Medicine Market

The global traditional medicine market encompasses products and therapies derived from natural sources that have been used for generations. Traditional medicines include herbal medicines, animal-based medicines, mineral-based medicines, and spiritual therapies. Herbal medicines have seen increased popularity for treatment of common ailments due to the perception that they are natural, effective, and have lesser side effects compared to allopathic medicines. Moreover, the availability of traditional medicine products in ready to consume formats such as tablets, capsules, and extracts have enhanced accessibility.

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 from 2024 to 2031.

Key Takeaways

Key players operating in the Global Traditional Medicine Market Growth 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. These players are focusing on expanding their production facilities and product portfolio to cater to the growing demand.

The market provides significant opportunities with the increasing awareness about traditional remedies and their health benefits among consumers. Furthermore, favorable government policies and financial support are encouraging research and development activities in traditional medicine.

Key players are focusing on expanding their presence globally, especially in developing regions. Strategic collaborations with regional players help expand the distribution network and strengthen market position. Emerging economies with large population base such as Asia Pacific and Latin America represent high growth potential.

Market Drivers

The global traditional medicine market is expected to witness high growth owing to the rising demand for natural and herbal remedies over synthetically produced medicines. Factors such as perceived health benefits of traditional medicines and minimal side effects compared to allopathic drugs are driving more consumers towards these remedies. Increased investments in clinical research and favorable regulations regarding traditional medicine products will continue to support market growth over the forecast period.

PEST Analysis

Political: Regulations regarding traditional medicine practice and production varies across countries. For example, In India AYUSH ministry regulates Ayurveda, Unani, Siddha, and Homeopathy.

Economic: Market growth is boosted by rising healthcare costs and preference for alternative treatments driving investments in R&D by major players.

Social: Increasing focus on preventive healthcare and wellness drives market growth. People are more inclined towards traditional medicines due to fewer side effects.

Technological: Technologies like artificial intelligence and blockchain are being used for inventory management, production monitoring, and supply chain management by manufacturers.

The market in terms of value is concentrated primarily in Asia Pacific region led by China, India and other Southeast Asian countries. This is attributed to deep roots and popularity of traditional medicine systems like Ayurveda, Chinese traditional medicine, and Arabic medicine in these countries.

The fastest growing region for the global traditional medicine market is North America. This is due to growing inclination of consumers towards natural and herbal medicines over chemical-based drugs for minor health issues as well as preference of ancient medicine practices like Ayurveda and Chinese traditional medicine. Rising expat population from Asia has also boosted demand.

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