GLOBAL TRADITIONAL MEDICINE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Global Traditional Medicine Market is Segmented By Product (Herbal Medicine, Ayurvedic Medicine, Unani Medicine, Alternative Medicine, Homeopathy Medicine, Others ), By Form (Capsules and Tablets, Powders and Granules, Liquid Extracts, Syrups, Creams and Ointment, Others ), By Disease Indication (Cardiac Disorders, Bone and Joint Disorders, Gynecological Disorders, Neurological and Mental Disorders, Digestive Disorders, Others), By Distribution Channel (Hospital and Retail Pharmacies, Online Pharmacies, Specialty Stores, Direct Sales), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Global Traditional Medicine Market - Recent Developments

Product and Technology Launch

In November 2021, BASF SE, a multinational company, launched Phytocine signifying a new generation of scientifically inspired actives based on Traditional Chinese Medicines (TCM), an advancement made possible through combination of modern skin biology science and TCM plants grown in the Pan-Himalaya region of YunNan China. The Phytocine series addresses skin concerns that can be released through the use of TCM.
In September 2021, Ginkgo Bioworks, a company that is building the leading horizontal platform for cell programming, announced the launch of Ayana Bio to enable a healthier future by harnessing bioactive compounds for use as complementary medicine to support human health and wellness
In March 2021, India-based Vasu Healthcare Pvt Ltd, one of the leading brand in herbal and ayurveda space with its flagship brand TRICHUP forayed into Herbal Skincare, launched a wide range of herbal skincare products in personal care that includes face washes, shower gels, body lotions, skin cream, face masks, and face scrubs under 'Vasu Naturals'.

Business Development Activities by the Market Players

In November 2021, Biohaven Pharmaceutical Holding Company Ltd., a clinical-stage biopharmaceutical company, and Pfizer Inc., an multinational pharmaceutical and biotechnology corporation, announced a strategic commercialization arrangement for rimegepant in markets outside of the U.S. upon approval. Rimegepant is commercialized as Nurtec ODT in the U.S., and is indicated for the acute treatment of migraine attacks with or without aura and the preventive treatment of episodic migraine in adults. An application for the approval of rimegepant is currently under review by the European Medicines Agency and several additional regulatory authorities outside of the U.S.
In October 2020, Indian brand Dabur, an Indian multinational consumer goods company, announced its alliance with Amazon, an multinational technology company, in order to take its products global. Amazon is available in 120+ countries and is renowned worldwide as one of the leading Ayurvedic and Natural Health Care Company. Dabur's collaboration with Amazon will help it to expand and increase its penetration into the U.S. market.