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Ayurveda Medicine Market

Ayurveda Medicine Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Pharmaceuticals & Biotechnology | Author Name: Sayali

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Rising Preference for Holistic Healing to Drive Ayurveda Medicine Market

Ayurveda, which stems from the ancient vedic culture, is one of the popular Indian traditional medicinal systems, besides Siddha. Ayurvedic treatment based on the principle of balance and connectedness between mind, body, and spirit. It recognizes that we fall ill or have health complications when the balance is disturbed. The natural remedy is considered equal to conventional Western medicine, traditional Chinese medicine, naturopathic medicine, homeopathic medicine, Tibetan, and folk.

The oldest holistic healing science has evolved over the years and is now integrated with other traditional practices such as massage, meditation, and yoga, and the treatment combines products mainly derived from plants, also include animal, metal, and mineral sources, herbal remedies, diet, exercise, and lifestyle. Despite rapid advancements in allopathic medicines, a sizeable population in India and surroundings still prefer to believe in and rely on ayurvedic cure. The method holds its relevance to date and will continue the same in the future, driving the global ayurveda medicine market.

Rising Usage of Ayurveda in Conjunction with Allopathic Medicine Broadens Application Scope

Ayurveda can have positive effects when used as a complementary therapy in combination with conventional medical care. Contrary to allopathic medications, the consumption of ayurvedic drugs (in recommended amounts) has no long-term side-effects. As a consequence, the demand for herbal products has grown by 8% worldwide. The world is crippled with a large number of diseases that were never known to us previously, from mental stress to fatal degenerative diseases. The prevalence of chronic ailments could help in expanding the scope of Ayurveda across the world. Its positive results have been attracting a large number of people to adopt the same in their lives. More innovations are in the pipeline in view of the shift in consumer preferences.

Ayurveda is gaining prominence

In the US, ayurveda medicines are regulated as dietary supplements rather than as drugs, and thus do not require to meet the safety and efficacy standards of conventional medicines. Moreover, ayurveda practitioners in the US are not licensed and there is no national standard for ayurveda training or certification. Nevertheless, ayurveda has been recently getting the attention and respect among Americans and the courses in ayurveda medicine are appearing in reputed institutes such as California College of Ayurveda, and American Institute of Vedic studies). The National Center for Complementary and Alternative Medicine has been inaugurated as the United States Federal Government’s lead agency for scientific research in this arena of medicine. Many universities all across the world are now offering courses in this field as an alternative medical practice, or a complementary and alternative medicine (CAM).

There are international ayurvedic associations, including International Ayurveda Foundation, The European Academy of Ayurveda, European Ayurveda Association (EUAA), and AAPUK - the Association of Ayurvedic Professionals UK. Ayurvedic literature is widely translated into Arabic, German, Latin, and many other foreign languages in addition to a number of annual meetings and conferences conducted to promote ayurveda as a way of life. All these are collectively working in favour of the global ayurveda medicine market.

Ayurveda Gaining Ground Globally; Preventive Healthcare Approach to Benefit Market

Ayurveda is spreading its footprints across the globe. The West is increasingly adopting this ancient healing system. More than 80% of people in developing countries cannot afford the most basic medical procedures, drugs, and vaccines. Thus, alternative medicines and herbal drugs are being used by about 60% of the world's population. In the Western countries, approximately 40% of people use herbal medicines. In India particularly, about 70% of rural population depends follows the traditional ayurveda system of medicine as the first preference. Most healers/practitioners of the traditional systems of medicine prepare formulations by their own recipes and dispense to the patients without the use of any additional chemicals, additives, flavorings, colorings, preservatives or other synthetic materials.

This interest in traditional medicines is growing rapidly due to the attention being given to it by governmental agencies with an aim to raise awareness about the efficacy of natural and traditional medicines. Several NGOs also work in the areas of ayurveda and naturopathy, involving inputs from the general public and researchers, in contrary to adverse drug reactions, increased side effects, and cost factor associated with modern medicines. With more people now opening up for experimentation to attain better health inside-out, ayurveda medicines will highly likely experience a boost. Growing emphasis on preventive healthcare, easy access to supplements, technological advancements, and increased usage of social media are other key factors boosting the growth of ayurveda medicine market.

Health Benefits of Ayurveda Making Headlines amid COVID-19 Pandemic

Ayurvedic products have become prominent in retail shelf space and online stores. A greater number of players are eyeing the lucrative market, supporting rapid market expansion. While big players are witnessing surge in demand, new entrants are looking to scale-up their businesses to take advantage of the prospects. The COVID-19 outbreak has proven to be a blessing in disguise for the field of Ayurveda as it has triggered a huge uptick & surge in sales of ayurvedic products. There has been renewed interest of the public in ayurvedic products amid the pandemic, thereby accelerating the growth of ayurveda-based food and nutrition market.

Major Players Stirring Market Competition

Baidyanath, Charak Pharma Pvt. Ltd., Chinese Herbs Direct, Dabur India Ltd, Doctor Green's, E3 Live, ELZAC Herbals, Emami, Hamdard Laboratories, Kairali Ayurvedic Group, Native Remedies, Naturally Direct, Nuralz, Nutricore Biosciences, Patanjali Ayurveda, Sandu Pharmaceuticals Ltd., The Himalaya Drug Company, Thymely Solutions, Uniray Lifesciences, Vicco Laboratories, Xtend-Life Natural Products (Intl) Ltd., and Zandu Realty Limited constitute some of the leading companies in the Ayurveda medicine market.

Key Elements Included In The Study: Global Ayurveda Medicine Market

  • Ayurveda Medicine Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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