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

Global Traditional Medicine Market Size and Trends

Global Traditional Medicine Market is expected to reach US$ 289.66 Bn by 2030, from US$ 174.89 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 7.5% during the forecast period.

Global Traditional Medicine Market- Trends

• Increasing adoption of ayurvedic medicine: The adoption of ayurvedic medicine is having a significant influence on the global traditional medicine market. Ayurveda originated in India thousands of years ago and focuses on balancing the three doshas (life forces) - vata, pitta and kapha - through herbs, meditation and yoga. It treats illness by promoting good health and preventing disease, rather than combating pathogens. Countries like India have also taken initiatives to promote ayurveda globally. The Government of India's MINISTRY OF AYUSH released a five-year roadmap in 2021 to expand ayurveda internationally. It is actively collaborating with various countries to set up wellness centers, introduce degree programs and exchange knowledge on traditional healing practices. According to data from Ministry Of Ayush, India's domestic ayurveda market grew 12% even during the pandemic, owing to growing health consciousness. Exports of ayurvedic products increased 18% during the same period.
• Technological advancements in traditional medicine: Technological advancements are significantly influencing the global traditional medicine market. Traditional medicine therapies such as Ayurveda and Chinese medicine are increasingly being integrated with advanced technologies such as artificial intelligence, virtual reality, 3D printing and robotics. This allows traditional medical practitioners to diagnose patients more accurately and provide customized treatment plans. For example, many hospitals and clinics in China are now utilizing AI and imaging technologies like CT scans and MRIs to identify imbalances in a patient's energy levels and deviations from normal body functions. This provides practitioners a more objective understanding of which traditional Chinese medicine therapies may help restore balance. Similarly, researchers at the University of Minnesota developed an AI tool using smartphone data to help practitioners of traditional Mongolian medicine accurately diagnose patients. The tool analyses voice, movement and other behavioural patterns to understand diseases and their root causes based on theories of traditional medicine.