The India AYUSH and Alternative Medicine Market are anticipated to expand at a significant CAGR during the forecast period 2021–2028. Growth of the market is attributed to rising healthcare expenditure, increasing demand for various ayurvedic products, and growing initiatives by the government.
Alternative medicine is another word for medical practices and products which is not part of standard care. Standard care means practices performed by doctors of osteopathy, medical doctors, and allied health professionals, such as physical therapists and nurses. Alternative medicine is used over standard medical care.
The Covid-19 pandemic affected the demand and supply of AYUSH and alternative medicine market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
The report on the AYUSH and alternative medicine market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
India AYUSH and Alternative Medicine Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018-2019 |
Forecast Period |
2021-2028 |
Segmentation |
Types [Herbal Medicine, Aroma Therapy, Ayurvedic Medicine, Homeopathy, Acupuncture, and Other], Distribution Channels [Special Centers, Distance Correspondence, Online sales, and Direct Sales] |
Geographical Scope |
India |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players covered in the Report |
Sydler India Pvt. Ltd, Patanjali Ayurved Limited, Himalaya Wellness, GR Herbals, Dabur India, Baidyanath, Ganga Pharmaceuticals, Hamdard, Hootone Remedies, and SBL Mathur |
Based on types, the AYUSH and alternative medicine market is segregated into herbal medicine, aroma therapy, ayurvedic medicine, homeopathy, acupuncture, and others. The ayurvedic medicine segment accounts for a key share of the market. Growth of the market is attributed to increasing investment in research and development, increasing adoption of ayurvedic medicine around the globe, and natural benefits of the medicines.
However, the herbal medicine segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rising medical tourism, growing awareness about the importance of healthy lifestyle, and increasing preference in favor of chemical-free natural products.
Based on distribution channels, the AYUSH and alternative medicine market is divided into special centers, distance correspondence, online sales, and direct sales. The direct sales segment accounts for a key share of the market. Growth of the market is attributed to increasing production of conventional skin care products and growing demand for natural and organic products. However, the online sales segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rising cost of conventional healthcare, increasing side-effects of mainstream medicines, and rising healthcare expenditure.
The structure of alternative medicines in India contains homeopathy, Unani, yoga, naturopathy, siddha, and Ayurveda. Due to the plenty early scientific knowledge. India is considered as hub for alternative medicines such as homeopathy, Unani, Ayurveda, and Siddha. The market presently experiences a surge in demand for alternative medicines and AYUSH in India, owing to the increasing awareness about the efficacy and effectiveness of traditional systems of medicine, along with increasing initiatives by Indian government to support these infrastructure and rising research and development.
The Parliament of India approved two bills to improve access to affordable and quality medical knowledge by ensuring the availability of high-quality and adequate homeopathy, and other AYUSH medicines across the country.
The AYUSH and alternative medicine market has been segmented on the basis of
Key players competing in the AYUSH and alternative medicine market include Sydler India Pvt. Ltd, Patanjali Ayurved Limited, Himalaya Wellness, GR Herbals, Dabur India, Baidyanath, Ganga Pharmaceuticals, Hamdard, Hootone Remedies, and SBL Mathur
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and rise their production line of the business in the coming years.
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