Auguest 16, 2021, New York, USA Ayurvedic Medicine Market – Ayurveda is an ancient medicine that has its roots in India. It is referred to as an alternate medicine system that has its historical roots in the Indian sub-continent.
The concept of Ayurveda dates almost 5000 years back and is regarded as the most prevalent concept of medicine that enhances the longevity of life. It does not give immediate effects but is responsible for the positive long-term effects.
Ayurveda follows the concept of body types and suggests the medicines accordingly. It is a concept that is derived from natural herbs.
In India around 80% of the people follow Ayurveda, some of them used a combined element of allopathy and Ayurveda. The other practicing nations which follow Ayurveda are Nepal, Sri Lanka, and Myanmar.
In South Asia, the concept of Ayurveda is a highly regarded science while in some developed nations e.g. the United States is yet to regard Ayurveda as an alternative medicine while the Indian Government has set up the Ayush Ministry to support the concept of Ayurveda.
The Global Ayurveda Medicine Market analysis-
Asia-Pacific is the largest contender for the Global Ayurveda Market. It contributes to around $US1200 million in terms of revenue and it is the highest in terms of market value. The Indian Government is at the forefront for the support of developing Ayurveda and taking it to the global level. It is estimated to show a market growth at a CAGR of 15.63% from the forecast period of 2021 to 2028.
Russia is the second-largest market for Ayurveda and it is followed by Kazakhstan, Nepal, Ukraine, Japan, Philippines, Kenya, and Europe. The United Kingdom accounts for the third-largest market owing to the demand for natural remedies and natural therapies in the country. The Middle East countries have skewed market variation in regards to the Ayurvedic Market as also the Gulf economies of Saudi Arabia and the UAE.
It is also forecasted that the different regions of Africa will also show significant growth for the Ayurvedic market, the reason being the cost advantage of various herbal medicines.
The Ministry of Ayush, Government of India has signed 18 MOUs with various countries for co-operation and assistance in Traditional Medicine and Homeopathy, along with various collaborative and academic researches.
The Key Players in the Global Ayurvedic Market are-
- Amrutanjan Healthcare
- Zandu Pharmaceuticals
- Welex Laboratories
- Surya Herbal
- Khadi Natural
- Lotus Herbals
- Himalaya Drug Company
- Charak Pharma
Segment by Type:
Personal Care Products
Segment by Application:
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Key Market Drives for the Global Ayurvedic Medicine Market-
The importance of Ayurveda is now being recognized the world over which is paving the way for Medical and Health tourism. People from all over the globe are now increasingly visiting India to get acquainted with the magical benefits of the Ayurveda and also experience the magical therapies and various relations techniques it is known for.
Another reason is a lot many Indian Corporates are cashing on this opportunity of taking Ayurveda Medicine to the Global level. Through the various channel of export and e-commerce systems, the products are reached on an international level. There are also developments to hire various executives to handle customer management and international services management.
Technology is also the biggest driver for the success of the Global Ayurveda Market as people are now able to order through various e-commerce websites sitting in the comfort of their homes.
The rising awareness of the global population is slowly inching toward realizing the importance of the Ayurvedic Market. Along with the medicines, there has also been rising importance of anti-wrinkle and anti-aging creams in the market which is predicted to further drive the market growth.
The various distribution channels which are responsible for the Ayurvedic Market are-
- Departmental Stores
The restraints in the Global Ayurvedic Market-
Even though a lot has been happening on the Global and international level, this market does have its share of restraints and challenges. We take a lot at some of it-
- There is not much awareness about the healing and curing properties of this type of medicine. Awareness should be created at the national and international level by various Government and Corporate bodies. It can be carried out in form of seminars, events, and various workshops.
- Also in the curriculum of schools and various medical colleges, there has not been much induction of Ayurvedic medicine. A separate book should be introduced for the same to prepare the youth for the global awareness of the benefits of the ancient Indian form of medicine. This is because there are still some countries that are against the concept of Ayurveda and there is also not much awareness regarding the benefits of Ayurveda.
- Evidence-based research and aggressive practices must be carried out on a larger scale in the Universities and research papers must be a regular practice.
- Also, various Ayurveda Practitioners must focus on innovation not only in terms of medicine but also in terms of professional management to achieve worldwide recognition and also focus on high-quality medicatio
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