인도의 전통의학 시장 규모는 2023년 275억 3,000만 달러에 달했습니다. 이 시장은 2024년부터 2031년까지 예측 기간 동안 13%의 연평균 복합 성장률(CAGR)로 성장하여 2031년에는 731억 9,000만 달러에 달할 것으로 예상됩니다. 인도의 전통의학 시장 성장의 주요 촉진요인으로는 전통의학의 비용 효율성, 환자의 개인적 신념과 일치, 합성 의약품의 잠재적 부작용에 대한 우려 완화, 개인 맞춤형 의료에 대한 수요 충족, 건강 지식에 대한 일반 대중의 접근성 향상, 자연스럽고 안전하다는 일반적 인식, 통합의학 연구에 의해 통합의학 연구에 의해 입증된 특정 약초 요법의 효과와 안전성 등을 꼽을 수 있습니다.
인도의 전통의학 시장의 확대는 환자와 의료 부문 모두에 깊은 공감을 불러일으키는 복합적인 요인에 뿌리를 두고 있습니다. 근본적인 원동력은 전통 의학에 내재된 비용 효율성입니다. 많은 치료법은 쉽게 구할 수 있는 약초와 식물의 치유력을 활용하기 때문에 합성 의약품보다 경제적으로 더 쉽게 접근할 수 있습니다. 이러한 경제성은 특히 인도와 같이 의료 접근성이 특정 계층에게 어려움이 될 수 있는 다양한 국가에서 특히 유리합니다.
또한, 전통 의약품이 자연스럽고 안전하다는 인식이 인도의 전통의학 시장 수요 증가에 크게 기여하고 있습니다. 많은 사람들이 자연에 기원을 둔 약초 요법을 신뢰하고 있습니다. 이러한 신뢰는 특정 약초 요법의 효과와 안전성을 뒷받침하는 실증적 증거를 제공하는 통합의학 연구에 의해 더욱 강화되고 있습니다. 예를 들어, 강황은 항염증 효과가 세계적으로 인정받고 있으며, 과학적 연구를 통해 여러 가지 건강상의 이점이 입증되었습니다.
요컨대, 인도의 전통의학 시장 확대는 경제성, 문화성, 안전성, 지식 주도적 요소의 시너지 효과에 의해 추진되고 있습니다. 이러한 요소들이 결합되어 전통의학은 인도 국민의 다양한 요구와 취향을 충족시키는 필수적인 의료 서비스 요소로 자리 잡았습니다.
이 보고서는 인도의 전통의학 시장을 조사했으며, 시장 개요와 함께 의료 시스템별, 하위 부문별, 기원별, 용도별, 투여 경로별, 유통 채널별, 지역별 동향, 시장 진출기업 프로파일 등의 정보를 제공합니다.
India traditional medicine market size was valued at USD 27.53 billion in FY2023, which is expected to reach USD 73.19 billion in FY2031, with a CAGR of 13% for the forecast period between FY2024 and FY2031. The primary drivers behind the growth of India traditional medicine market include cost-effectiveness of traditional medicines, alignment with the patient's personal beliefs, alleviation of concerns about the potential side effects of synthetic drugs, fulfilment of a desire for individualized healthcare, facilitation of broader public access to health knowledge, prevalent perception of being both natural and safe, and the efficacy and safety of certain herbal remedies being backed by integrative health research.
The expansion of India traditional medicine market is rooted in a complex interplay of factors that deeply resonate with both patients and the healthcare sector. A fundamental driving force is the cost-effectiveness inherent in traditional medicinal practices. Many remedies harness the healing power of readily available herbs and plants, rendering them more economically accessible than synthetic pharmaceuticals. This affordability is especially advantageous in a nation as diverse as India, where healthcare access can pose challenges for certain demographics.
Furthermore, the perception of traditional medicines as being natural and safe significantly contributes to the growing demand in India's traditional medicine market. Many individuals trust herbal remedies due to their origins in the natural world. The trust is further reinforced by integrative health research, which provides empirical evidence supporting the effectiveness and safety of specific herbal treatments. For example, turmeric has received global recognition for its anti-inflammatory properties, with scientific studies validating its numerous health benefits.
In essence, the expansion of India's traditional medicine market is propelled by the synergy of economic, cultural, safety, and knowledge-driven elements. These elements collectively establish traditional medicine as an indispensable component of the nation's healthcare landscape, catering to its population's diverse needs and preferences.
Increasing Prevalence of Chronic Diseases
The prevalence of chronic diseases in India has been steadily increasing, posing a significant public health challenge. Studies have revealed high rates of diabetes and hypertension across the country, with diabetes affecting more than 100 million people and hypertension accounting for more than 188.3 million people. Notably, among 18 to 25-year-olds, the prevalence of hypertension is as high as 12%. These conditions are more prevalent in urban areas and worse among the elderly. The burden of chronic diseases is particularly pronounced in urban areas, where 29% of the elderly are affected, compared to 17% in rural areas. Hypertension and diabetes account for a substantial proportion of chronic diseases, with heart disease, acute upper respiratory tract disease, asthma, and stroke contributing to the overall prevalence.
The increasing prevalence of chronic diseases in India has contributed to a rising demand for traditional medicines. Traditional medicines, especially Ayurveda, have gained popularity in India and amidst other countries. The market for medicinal plants in India is growing, with a significant increase in demand for herbal and value-added extracts of medicinal herbs, both domestically and in foreign markets.
Growing Desire for Individualized Healthcare
The desire for individualized healthcare has caused a great surge in India's traditional medicine market. The traditional medicinal systems provide a customized healthcare approach that considers an individual's unique constitution, lifestyle, and health requirements. In contrast to the one-size-fits-all approach of modern medicine, traditional systems like Ayurveda recognize the distinctiveness of each person and the necessity for a personalized treatment regime. These systems often evaluate a patient's physical, mental, and emotional well-being, including diet, environment, and personality traits. By prioritizing individualized care, traditional medicines target specific ailments and strive to enhance overall balance and well-being. The comprehensive approach appeals to many individuals seeking a more tailored and holistic healthcare experience.
Heightened Emphasis on Integrative Health Research
Increased focus on integrative medicine research contributes to the expansion of India traditional medicine market. There is a rising acknowledgment of integrative medicine's potential benefits as individuals seek holistic healthcare solutions. Both patients and healthcare professionals are growing interested in blending conventional medical practices with complementary therapies to create well-rounded and personalized treatment strategies. Consequently, research in the field is crucial for validating these assertions and guaranteeing safety, effectiveness, and seamless integration of evidence-based techniques into mainstream healthcare systems, ultimately leading to improved patient outcomes. In May 2023, The Ministry of Ayush and Indian Council of Medical Research (ICMR) inked a Memorandum of Understanding (MoU) to foster and jointly engage in integrative health research. The MoU is centered on prioritized areas of national significance in healthcare and aims to stimulate impactful research that generates evidence using contemporary scientific methodologies. The collaboration will enhance research capabilities by providing training opportunities for Ayush researchers.
Government Initiatives
A significant portion of the accolades for the expansion of India traditional medicine market can be attributed to the Indian government, which has undertaken numerous initiatives to foster traditional medicine systems. India has entered into international agreements and partnerships to advance traditional medicine on a global scale, exemplified by Memorandums of Understanding (MoU) with nations like the United States and Russia, fostering collaborative research and exchange programs in the traditional medicine domain. Public awareness campaigns and initiatives are systematically executed to enlighten the population about traditional medicine's merits and stimulate its widespread embrace.
These initiatives frequently entail the organization of workshops, seminars, and public health campaigns. A significant move occurred in March 2022 when the Government of India inked a deal with the World Health Organization (WHO) to establish the WHO Global Center for Traditional Medicine in Jamnagar, Gujarat, India. It is an international hub of traditional medical knowledge, backed by a substantial investment of USD 250 million from the Indian government, geared toward leveraging the worldwide potential of traditional medicine by merging it with modern science and technology. The overarching goal is to enhance both human health and environmental well-being.
Ayurveda is Dominating India Traditional Medicine Market
The ayurvedic sector plays a dominant role in propelling the expansion of India traditional medicine market. The growth is propelled by several key factors, including a surging demand for genuine ayurvedic medicinal offerings, heightened consumer awareness, and increasing emphasis on health and well-being. In contrast to prescription medications, Ayurvedic products are known for their minimal risk of causing severe side effects while demonstrating efficacy in addressing chronic ailments. India is presented with a remarkable opportunity to harness the economic potential of the
Ayurvedic pharmaceutical industry, driven by a clear purpose and substantial demand, both domestically and internationally. Numerous prominent companies are striving to capitalize on the future growth potential of India traditional medicine market, which will be shaped by the increasing levels of disposable income and the changing lifestyle trends. In January 2023, Dabur India unveiled its commitment to promote Ayurveda among contemporary consumers. They introduced two products, namely the premium sugar-free health revitalizer, called Ratnaprash Sugar-Free and the ayurvedic digestive tonic, known as Aampachak kadha, during the 9th World Ayurveda Congress & International AROGYA EXPO held in Goa.
Sustained Interest in Herbal Goods
Herbal products account for a significant portion of the traditional medicine market in India. Large pharmaceutical corporations in India are steadily establishing a presence in the expanding market for herbal medicines. The development is driven by consumers' increasing preference for high-quality natural treatments associated with well-known brands. The demand for herbal dietary supplements has surged due to consumers embracing natural preventive solutions for various health issues. The shift has gained significant attention in 2020 during the global pandemic, with individuals seeking stress relief and immune system support, consequently driving up the sales of herbal dietary supplements. For instance, in May 2023, Himalaya Wellness, a brand specializing in herbal supplements and plant-based personal care products, launched its Ashwagandha+ supplement range while expanding its Hello product line with three new offerings. One of these additions was Himalaya's Ashwagandha+ Focus, crafted to enhance memory and concentration. This formulation, containing ashwagandha, bacopa, rosemary, and green tea, promotes cognitive function.
Key Players Landscape and Outlook
Pharmaceutical giants are strategically acquiring Indian ayurvedic enterprises in response to shifting consumer preferences causing a great shift in India traditional medicine market. Traditional medicinal systems have experienced a revival in popularity, driven by consumers' growing interest in natural and comprehensive healthcare alternatives. By acquiring well-established ayurvedic companies, pharmaceutical giants can enter this expanding market, presenting an array of herbal and ayurvedic products that resonate with consumers' preferences for natural remedies. The calculated maneuver diversifies pharmaceutical firms' product portfolios and allow them to harness the trust and heritage associated with these local Ayurvedic brands. Hence, they meet the emerging needs of health-conscious consumers who are increasingly exploring alternative and complementary therapeutic options.
In November 2022, Mankind Pharma Ltd. made a significant investment by acquiring a majority stake in Upakarma Ayurveda Pvt Ltd through one of its subsidiaries, for an undisclosed amount. Mankind Pharma's commitment to enhancing healthcare services led to its partnership with Upakarma Ayurveda, which is aimed at meeting the evolving demands of consumers.
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work