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AYUSH and Alternative Medicine Industry in India - Growth, Trends, and Forecast (2020 - 2025)
The AYUSH and Alternative Medicine Industry in India is Segmented by Type (Ayurvedic Medicine, Herbal Medicine, Aroma Therapy, Homeopathy, Acupuncture, and Other Types) and Geography.
- ABOUT THIS REPORT
- Market Snapshot
- Market Overview
- Scope of the Report
- Key Market Trends
- Competitive Landscape
- Major Players
- TABLE OF CONTENTS
Market Snapshot
Study Period:
2016-2024
Base Year:
2019
Major Players:
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Market Overview
Ayurveda, yoga, naturopathy, Unani, Siddha, and homeopathy (AYUSH) is a system of alternative medicines in India. Given its ancient scientific knowledge, India is a hub for alternative medicines like Unani, Ayurveda, Siddha, and homeopathy. The main reason for the surge in demand for AYUSH and alternative medicine in India is the rising consumer awareness about the long- and short-term side effects of using chemical products. AYUSH and alternative medicine products are natural and comparatively safe. They also cost less than synthetic products. India has a vast reservoir of natural flora and fauna, along with ancient texts and knowledge, which have made it an authority in the field of AYUSH. Today, India is one of the top exporters of alternative medicines in the world. Major export destination includes the United States and European countries, like Germany and France. The government is also supporting the industry with investments in scientific research in AYUSH, building the necessary infrastructure and regulatory framework. One of the major factors hindering the growth of the Indian AYUSH and alternative medicine market is the general perception of the treatment as a secondary source of medication.
Scope of the Report
AYUSH signifies the combination of an alternative system of medicine, which was earlier known as the Indian system of medicine. AYUSH includes Ayurveda, yoga and naturopathy, Unani, Siddha, and homeopathy. The objective of AYUSH is to promote medical pluralism and to introduce strategies for mainstreaming the indigenous systems of medicine. In India, at the Union Government level, AYUSH activities are coordinated by the Department of AYUSH, under the Ministry of Health and Family Welfare. Most of these medical practices originated in India and its neighboring countries but were adopted in India over time.
| By Type | |
| Ayurvedic Medicine | |
| Herbal Medicine | |
| Aroma Therapy | |
| Homeopathy | |
| Acupuncture | |
| Other Types |
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Key Market Trends
Ayurveda to Dominate Market Share
Ayurvedic medicine originated in India and has been around in clinical usefulness for the past many decades. Practitioners use a variety of techniques, including herbs, massage, and specialized diets to balance the body, mind, and spirit, to promote overall wellness. Ayurvedic products are gaining popularity in India and across the world, due to the natural medicinal benefits, they offer without side effects. In addition, the Indian government is promoting and encouraging Ayurvedic product usage through education and various awareness programs. In India, states, like Tamilnadu and Kerala, benefit from medical tourism. These states have many advantages, such as adequate infrastructure, specialized workforce, significant R&D, beautiful landscapes, and a relatively less contaminated environment. Also, the governments of these states are very supportive of drafting industry-friendly policies.
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Competitive Landscape
The future of the AYUSH and alternative medicine industry is lucrative, as more and more players are entering the market with innovative products, quality packaging, and strategic marketing activities. Earlier, companies in the natural medicine market failed in attracting consumers as result of lack of promotional activities and poor presentation of products. However, the new generation of entrepreneurs is working and focusing on these aspects, to partake in the growing market competition. Various manufacturing companies are focusing on investing in marketing strategies, to generate awareness and increase their brand value as well as sales. All these underlying factors are anticipated to drive the AYUSH and alternative medicine market in the country, over the forecast period.
Table Of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Support from Governments
4.2.2 Growing Awareness about the Effectiveness and efficacy of traditional systems of medicine
4.2.3 Increase in the R&D Activities
4.3 Market Restraints
4.3.1 Lack of World-class Treatment Centers
4.3.2 Lack of Health Insurance Approval and Scientific Validation
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Ayurvedic Medicine
5.1.2 Herbal Medicine
5.1.3 Aroma Therapy
5.1.4 Homeopathy
5.1.5 Acupuncture
5.1.6 Other Types
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Baidyanath
6.1.2 Dabur India
6.1.3 Ganga Pharmaceuticals
6.1.4 GR Herbals
6.1.5 Hamdard
6.1.6 Himalaya Wellness
6.1.7 Hootone Remedies
6.1.8 Patanjali
6.1.9 SBL Mathur
6.1.10 Sydler India Pvt Ltd
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments
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