Traditional Medicine Market Size is valued at USD 178.46 Bn in 2023 and is predicted to reach USD 333.26 Bn by the year 2031 at a 8.35% CAGR during the forecast period for 2024-2031.
Traditional medicine encompasses a variety of health practices, theories, and beliefs based on indigenous cultural backgrounds. It includes herbal remedies, acupuncture, dietary therapies, and physical exercises like yoga and Tai Chi, among others. Rooted in a holistic approach, it aims to treat the mind, body, and spirit to maintain health and treat diseases. Practices like Traditional Chinese Medicine and Ayurveda have been used for thousands of years.
The market for traditional medicines has also grown due to the COVID-19 epidemic. Because of the lockdown limitations, most people could not go to fitness facilities like gyms and sports clubs to improve their fitness and immunity. As a result of the growing emphasis on developing immunity against COVID-19, the market for traditional medications grew. Vendors extensively promoted online sales during the lockdowns, particularly through brand-owned e-commerce platforms, and provided discounts on well-known herbal medications. During the forecast period, these factors are anticipated to fuel the market for traditional medicines.
Competitive Landscape
Some Major Key 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 Segmentation:
The traditional medicine market is segmented into Product, disease indication, and distribution channels. By Product, the market is segmented into Herbal Medicine, Ayurvedic Medicine, Unani Medicine, Alternative Medicine, Homeopathy Medicine, and Others (Siddha Medicine, Massage Therapy, and Others). Moreover, segmentation by disease indication involves Cardiac Disorders, Bone and Joint Disorders, Gynecological Disorders, Neurological and Mental Disorders, Digestive Disorders, and Others (Respiratory, Skin, Vision, Dental, etc.) Lastly, segmentation by distribution channels includes hospital and retail pharmacies, online pharmacies, speciality stores, and direct sales.
Herbal Medicine Based On Products Is A Major Growth Segment In The Traditional Medicine Market.
Herbal medications are an important aspect of medical therapy in many developing nations, which helps to fuel market expansion. These products are used to treat nearly all minor diseases. Visits to professional doctors or pharmacists are uncommon in developing and low-income nations, and they are often reserved for life-threatening conditions. In underdeveloped countries, medical herbs are unprocessed herbs, whole plants, or plant parts that have been dried and utilized in whole or cut form. Herbs are also used to prepare teas (often in the form of capsules or pills) to aid with internal healing, as well as salves and poultices for external ailments. Most developing economies have minimal regulations regarding herbs as medicines, so the industry size may expand rapidly in the coming years.
Online Pharmacies Segment Witnessed Growth In Traditional Medicine Market.
Sales of traditional medicine products through e-commerce distribution platforms have increased dramatically in recent years. This shift is a result of expenditures made to enhance online shopping experiences through more effective online teaching and targeted marketing. Numerous internet retailers, including Amazon, have created product portfolios just for herbal goods. Live chat services are offered by online distributors to meet the significant requirements of their clients. Furthermore, producers and merchants provide complimentary usage of "wellness tools" to generate a personalized inventory of traditional remedies according to certain ailments and specifications.
North America Has A Significant Revenue Share In The Global Traditional Medicine Market Region.
North America has dominated the global Traditional Medicine Market for several years. The region is home to many leading healthcare organizations and government institutions that are doing pioneering work in addressing social issues impacting public health outcomes. Several large cities in the U.S. and Canada have implemented innovative programs targeting social risk factors like housing, transportation, education, and employment. Asia Pacific, on the other hand, has strong cultural ties and government backing, making it a profitable region for the global traditional medicine business. Traditional Medicine is in high demand in nations like South Korea, Japan, China, and India.
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.
Traditional Medicine Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 178.46 Bn |
|
Revenue Forecast In 2031 |
USD 333.26 Bn |
|
Growth Rate CAGR |
CAGR of 8.35% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Product, Disease Indication, And Distribution Channels |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
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. And other market players. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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