Traditional medicine refers to health practices, approaches, knowledge and beliefs incorporating plant, animal and mineral based medicines, spiritual therapies, manual techniques and exercises, applied singularly or in combination to treat, diagnose and prevent illnesses or maintain well-being. Some traditional medicine practices have been in existence for thousands of years and still play an important role in modern healthcare with more people looking for natural alternatives.
The global traditional medicine market involves the production and sale of herbal medicines, acupuncture services and other natural remedies with applications across diverse therapeutic areas including orthopedics, cardiology, oncology, ophthalmology, and neurology. Key players in the market offer herbal supplements containing plant-based ingredients like ginkgo biloba, echinacea, green tea, St. John's wort, and garlic that are believed to prevent or treat health conditions. Increasing preference for herbal remedies over synthetic drugs due to lesser side effects along with utilization of integrated approaches combining traditional techniques and modern medical practices are driving growth in the market.
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, and Charak Pharma.
- Growing awareness about the effectiveness of traditional medicine practices and rising health expenditure are driving increased demand in the global market. Herbal supplements for conditions like arthritis, hypertension and anxiety are witnessing strong sales.
- Technological advancements involving application of artificial intelligence, digital tools and hybrid models combining conventional and alternative techniques are expanding the capabilities and reach of traditional medicine. Standardization and quality control measures are also improving.
Market Trends
- Higher adoption of traditional medicine approaches in developed markets - Traditional therapies were largely confined to developing nations but are increasingly gaining acceptance in the US, UK and other western countries.
- Integrative solutions combining allopathic drugs and alternative modalities - Many healthcare providers are offering integrated plans leveraging strengths of traditional and modern medicine for better outcomes.
- Online sales and digital marketing – Key players are promoting their herbal products through sophisticated websites, apps, social media, blogs and online communities to tap the vast virtual customer pool.
Market Opportunities
- Scope for R&D of new herbal formulations - Continuous scientific research can help identify additional plants with medicinal properties and develop standardized extracts.
- Cell and gene therapies based on traditional knowledge - Emerging areas like nutrigenomics and ethnobotany may uncover molecules and cures with applications in preventive and clinical medicine.
- Wellness tourism centered on traditional therapies - Countries with rich traditional medicine legacies can promote medical tourism with international patients traveling for specialized Ayurveda or Chinese medicine treatments.
Impact of COVID-19 on the Global Traditional Medicine Market
The COVID-19 pandemic has impacted the growth of the global traditional medicine market. During the initial outbreak in early 2020, there was increased demand for traditional medicines and supplements as people tried to boost immunity against the virus. However, subsequent lockdowns imposed worldwide disrupted supply chains and decreased access to traditional medicines. Factors like travel restrictions, social distancing norms and shortage of raw materials posed challenges for traditional medicine manufacturers.
As the pandemic progressed through 2020 and 2021, the market saw a shift in consumer behavior. More people started adopting traditional medicines and turned to alternatives like Ayurveda, Chinese medicine, herbal supplements etc. to naturally boost immunity. This demand helped the market recover losses incurred during the initial months. Manufacturers also responded by ramping up production of immunity-boosting medicines and launching online channels for seamless access.
Looking ahead, the market is expected to witness steady growth in the forecast period. Increased awareness about strengthening immunity and preventive health is projected to boost consumption. Manufacturers will need to focus on digital platforms, leveraging data analytics for targeted offerings and supply chain resilience to cater rising demand sustainably in the evolving market scenario.
Geographical Regions with High Concentration in the Global Traditional Medicine Market
The Asia Pacific region currently holds the largest share in terms of value in the global traditional medicine market. This is driven by strong roots and continuous evolution of traditional medicine systems like Ayurveda and Chinese medicine in countries like India, China, Japan and other Southeast Asian nations. Large patient pool, availability of raw materials and government support for traditional & alternative medicines have further aided market growth.
North America is also emerging as one of the fastest growing regional markets. Increased adoption of traditional Asian medicine and natural supplements in the US and Canada is a major factor spurring market expansion. Growing health awareness and preference for holistic approaches to well-being offer promising opportunities for traditional medicine producers targeting Western markets. Apart from Asia Pacific and North America, regions like Middle East & Africa and Latin America are showing high potential for market growth in the traditional medicine sector.
Get more insights on Global Traditional Medicine Market
Traditional Chinese Medicine for Skincare Market: IntroductionAccording to the report, the global traditional Chinese medicine for skincare market was valued at US$ 3.5 Bn in 2019 and is projected to expand at a CAGR of ~8% from 2020 to 2030.
Traditional Chinese medicinal system is one of the oldest Chinese medicinal systems with focus on entire body’s well-being.
Different types of traditional Chinese medicine are used in the treatment of skincare problems such as eczema, acne, hypopigmentation, psoriasis, and others.
The growth of the global traditional Chinese medicine for skincare market can be ascribed to the entry of pharmaceutical companies in the market and rise in popularity of traditional Chinese ingredients.Request Brochure –https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=81414Asia Pacific dominated the global traditional Chinese medicine for skincare market in 2019.
Additionally, large patient base in countries such as India, Japan, and China and rise in the number of traditional Chinese medicine for skincare service providers drive the market in the country.
This can be attributed to the consistent rise in the prices of fresh herbal medicinal ingredients, which makes it difficult to hold the cost of TCM products down, prompting these pharmaceutical firms to pursue a new source of revenue.
