Market Trends of AYUSH and Alternative Medicine Industry
This section covers the major market trends shaping the AYUSH & Alternative Medicine Market according to our research experts:
Ayurveda Segment is Hold Significant Share in the Market Over the Forecast Period
Ayurvedic medicine originated in India and has been in clinical use for many decades. The segment is driven by a rising initiative by the government to support ayurvedic medicine in India, coupled with the increasing adoption of these systems of medicine across the world. In April 2021, under the Ayushman Bharat scheme, AYUSH Health &Wellness centers (AHWCs) were established with the help of States/UTs Governments 12500 AHWCs are to be operationalized by 2024. In 2020, 4400 AHWCs were made functional. Thus, it has a positive impact on the market studied. The product launches by the market players are expected to boost the market in the country. In September 2021, the All-India Institute of Ayurveda (AIIA), Under the Ministry of Ayush, launched an immunity-boosting 'Bal Raksha Kit' for children up to the age of 16.
Additionally, in March 2022, the World Health Organization (WHO) and the Government of India signed a memorandum of understanding to create the WHO Global Centre for Traditional Medicine. This worldwide knowledge center for traditional medicine, sponsored by a USD 250 million investment by the Government of India, intends to harness the potential of traditional medicine from across the world using contemporary science and technology to improve people's and the planet's health. Additionally, the government and market players are focusing on R&D and are fueling the market's growth. For instance, in February 2022, Amazon India announced the establishment of an Ayurvedic product storefront on their marketplace (Amazon. in). The storefront, which was officially launched by Shri Sarbananda Sonowal, Hon'ble Union Cabinet Minister, Ministry of Ayush at a virtual event, will increase the visibility of unique Ayurveda products such as juices, skin-care supplements, immunity boosters, oils, and more from small businesses and D2C brands. Customers who are trying out Ayurveda items for the first time will find it easier to shop because the selection is organized by focus areas and health advantages such as pain management, immunity boosters, blood purifiers, women's health, weight management, mental wellness, and so on. Hence, owing to all of these developments, the market studied is anticipated to have a positive growth over the forecast period.
Herbal Medicine Segment is Expected to Hold Significant Share Over The Forecast Period
Herbal medicine is a type of medicine that uses plant roots, stems, leaves, blossoms, or seeds to promote health, prevent disease, and treat illness. The growing inclination toward traditional medicine consumption among the expanding population is a driving factor for the growth of the segment during the forecast period. Another significant driver for herbal medicine is increased knowledge about the benefits of herbal medicine, which will fuel the market over the forecast period. Herbal medicines have no chemicals, and as a result, they are more popular among the general public.
Various initiatives taken by the government are expected to boost the market over the forecast period. For instance, in March 2022, the World Health Organization opened its Global Centre for Traditional Medicine in India with the goal of unlocking its potential by blending ancient practices with modern science. India invested USD 250 million in the initiative.
Increasing product launches by the market players are expected to support the segment expansion over the forecast period. For instance, in November 2020, Kunnath Pharmaceuticals, a manufacturer of herbal goods, introduced antiviral immunity booster capsules under the brand name 'Viromune' across the country, with a target revenue of INR 2,000 crore in the next three years.
Thus, all the aforementioned factors are expected to boost the growth of the segment over the forecast period.
