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

Regional Analysis

Global Traditional Medicine Market- Regional Insights

• North America is expected to be the largest market for traditional medicine during the forecast period, accounting for over 35.7% of the market share in 2023. The ayurvedic medicine sub-segment is witnessing the fastest growth under the product segment in North America. As people increasingly aspire towards healthy and preventive healthcare approach, ayurveda is gaining acceptance. It offers holistic techniques for balancing mind, body and spirit through dietary guidelines, yoga, meditation and herbal formulations. Many American spas and wellness centers now provide ayurvedic treatments and therapies. For instance, according to the article published by National Center for Biotechnology Information, 2022 over 250 Ayurvedic clinics have opened across the U.S. and Canada in the last 5 years alone. Easy access to Ayurvedic consultations and products on e-commerce sites like Amazon is also a key factor fueling the growth of this sub-segment. Consumers are displaying more willingness to experiment with Ayurveda for various conditions like PCOS, arthritis, anxiety and weight management.
• Asia Pacific is expected to be the second-largest market for traditional medicine, accounting for over 25.2% of the market share in 2023. The Asia Pacific region has emerged as the fastest expanding traditional medicine market globally. Several Indian states have also implemented policies to boost domestic production of Ayurvedic medicines and products. For instance, in the past 5 years, the Himachal Pradesh government’s ‘Hamari Dharohar’ program has focused on promoting cultivation of over 250 Ayurvedic herbs indigenous to the region. This has led to a sizable growth in the availability of raw materials for Ayurvedic pharmacological production clusters in the state.
• Europe is expected to be the fastest-growing market for traditional medicine, with a share of 30.4% during the forecast period. Certain herbal medicines have also received regulatory approval and recommendations from organizations like the EMA and European Scientific Cooperative on Phytotherapy (ESCOP). Such endorsements have increased trust in herbal products. Furthermore, developments in extracts, standardization techniques and manufacturing have enhanced quality, safety and efficacy of herbal medicines in the Europe.

Figure 1. Global Traditional Medicine Market Share (%), By Region, 2023