Traditional medicine refers to practices and ancient medicinal systems that have been used for thousands of years to treat and prevent a variety of illnesses and injuries. It includes ancient practices such as Chinese medicine, Indian Ayurveda, Unani and traditional African medicine. These medicines are made of natural ingredients obtained from plants, animal extracts and minerals. Some of the commonly used forms of traditional medicine include herbal medicine, acupuncture, aromatherapy, naturopathy and massage among others. Traditional medicines are preferred by many as they are perceived as natural alternatives to standard medicine and are relatively cheaper.
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 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. The increasing demand for traditional medicines owing to rising adoption of natural and herbal remedies is fueling market growth. Additionally, technological advancements in areas of extraction and production techniques are supporting market expansion.
Market trends
1. Increased demand for personalized medicine - With growing awareness, consumers are demanding medicines tailored to their specific medical conditions and nature. This is driving personalized formulations in traditional medicine.
2. Integration with modern medical science - Researchers are exploring integration of traditional medicine with conventional drugs and therapies. For example, studying active compounds in herbs that can be used in modern drug R&D. This fusion offers potential synergies.
Market Opportunities
1. Untapped rural markets - In developing nations, rural areas still rely heavily on traditional medicine due to limited access to modern healthcare infrastructure. These remote regions present lucrative opportunities.
2. Favorable regulations - Growing regulatory acceptance of traditional medicines in countries like China, India and Brazil is creating conducive environment for commercialization. Regulation ensures safety, efficacy and quality of these products.
Impact of COVID-19 on Global Traditional Medicine Market
The COVID-19 pandemic has significantly impacted the growth of the global traditional medicine market. During the initial months of the pandemic in 2020, most countries went under complete lockdown to curb the spread of the virus. This led to disruptions in the supply chain and logistics worldwide. The production and supply of traditional medicines also faced major issues due to closed factories and restricted transportation. The demand for traditional medicines like Ayurveda, Chinese medicine, etc also declined as people avoided visiting clinics and medical stores for minor ailments amid lockdowns.
However, the situation has improved post-lockdowns in 2021 as most countries eased restrictions with a reduction in COVID cases. The market is witnessing heightened demand for traditional remedies that boost immunity. Many traditional medicines claim to enhance resistance against infections through natural ingredients like herbs, plants, minerals, etc. Manufacturers are focusing on products that support respiratory health as it is considered beneficial for COVID recovery. The pandemic raised awareness about alternative healthcare options and the advantages of traditional systems. This favors long-term growth opportunities especially in developing Asian and African countries where these medicines are popular.
Geographical Regions of Concentrated Value in Global Traditional Medicine Market
Asia Pacific accounts for the largest share of value in the global traditional medicine market currently. Countries like China, India, Japan, South Korea, etc see extensive usage of indigenous medical practices that are an indispensable part of the healthcare system. In China, more than 38,000 medical institutions offer Traditional Chinese Medicine (TCM). TCM revenues every year amount to over $130 billion. India is touted as the largest exporter of Ayurvedic products globally. The government actively promotes AYUSH (Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy) making it integrated with the conventional healthcare structure.
Fastest Growing Region in Global Traditional Medicine Market
Africa is expected to exhibit the fastest growth in the global traditional medicine market during the forecast period. Traditional African medicine is commonly used on the continent for primary healthcare in various communities. Countries are now taking initiatives to regulate these practices and integrate them with Western services. For example, South Africa established the Traditional Health Practitioners Act in 2007 to acknowledge traditional healers. Rising awareness about its cost-effectiveness will propel the traditional African medicine industry, supported by developing scientific studies on medicinal plants. technology, regulatory frameworks, collaboration with Western drug makers promise high growth opportunities for traditional medicine in this region.
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