Pune, India, June, 2022 /press release/- Market Research Future Published an Upcoming Research Report on Global Ayurveda Market Research Report.
According to projections, the ayurveda market would grow at a 15.06% CAGR from 2022 to 2030, reaching USD 23,810.04 million. Ayurveda is a traditional Indian system of medicine used by almost 80 percent of people in India.
Market Dynamics:
Growing Awareness And Disillusionment With Modern Allopathy Due To High Side Effects Is The Prime Driver Of Market Growth
The growing awareness of the efficacy of Ayurveda, disillusionment with modern Allopathy due to their high side effects, increase in the R&D activities, are the prime drivers of the market.
Support From Governments And Organizations In Favor Of Traditional Medicine Is Resulting In Faster Market Development
The Beijing declaration on traditional medicine by the World Health Organization has provided impetus to the adoption of conventional systems of medicine. The support from Governments exemplified by the setting up of AYUSH ministry to promote Ayurveda and traditional systems of medicine by the Indian Government is another prime driver of growth. The Indian government has also incentivized the industry by lowering the goods and service tax on Ayurveda products to only 5 % to encourage the sector.
Growing E-commerce And The Global Herbal And Nutrition Industry Is Expected To Drive A Large Market Demand
The growing e-commerce and emergence of self-learned consumers coupled with the growth of global herbal and nutrition industry is a silver lining of the market. The clinical drivers of the market are growing incidence and prevalence of chronic diseases such as rheumatic disorders, cardiology, allergy and others, lower side effects associated with herbal medicines and lack of effectiveness of modern allopathy in the treatment of diseases such as Hepatitis, arthritis, and others.
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Key Vendors:
Some of the dominant vendors operating in the market include Zandu Pharmaceutical Works Ltd, Charak Pharma, Hamdard laboratories, Dabur, Baidyanath Group, Patanjali Ayurved Ltd., Vicco Labs, Emami Group.
Lack of scientific validation and accreditation is hampering the market
The lack of experimental validation for Ayurveda in developed nations such as the United States, where Ayurveda is not licensed or regulated coupled with the outlook of Ayurveda as supplementary and pseudoscience is deterring the growth of the market. The prime market constraints include lack of National Accreditation Board for Hospitals & Healthcare Providers accreditation, lack of health insurance approval, scarcity of trained workforce, and others.
Segments:
The global Ayurveda market is segmented based on application, disease pattern, source, form, end users, distribution, and regions.
Based on application, the market comprises of medicinal, personal care and other.
Based on disease pattern, the market comprises of the respiratory system, nervous systems, gastrointestinal tract, cardiovascular system, infectious diseases, skeletal system, skin and hair, others.
Based on the source, the market comprises of vegetable (leaves and fruit, seeds, roots, bark and other) and animal (oils, bones, and other).
Based on form, the market comprises of herbal, herbomineral, mineral and others.
Based on end users the market is segmented into academia and research, hospitals and clinics, over and others.
Based on distribution, the market is segmented into organized, over the counter and others.
Based on the regions, the market is segmented as North America, Europe, Asia Pacific Middle East and Africa and rest of the world.
Regional analysis:
Asia Pacific market accounts for the most significant market share owing to the rich tradition of herbal medicines led by India, Sri Lanka, Pakistan, Indonesia, Myanmar, and others. India is the largest market and accounts for almost USD 1200 million markets. India exports of Ayurvedic drugs was estimated to be around. USD 64 million in 2016. The Indian market is projected to expand at a CAGR of 15.06 % during the forecast period to reach approximately USD 23,810.04 million by 2030. The principal exports of Indian Ayurveda include Psyllium and Senna.