The ayush and alternative medicine market in India size is projected to register a significant CAGR of 8.6% during forecast period, 2021–2028. The growth of the market is attributed to growing population, more recognition of AYUSH treatments, rising side-effects of mainstream medications, mounting prices of traditional health care, and government support.
Ayurveda, yoga & naturopathy, unani, siddha, and homeopathy are all part of the AYUSH acronym. These systems are founded on specific medical philosophies and provide a healthy way of life with well-established principles for illness prevention and health promotion. AYUSH's mission is to promote medical pluralism and to provide ways for mainstreaming indigenous medicinal systems. AYUSH initiatives in India are coordinated at the union government level by the department of AYUSH, which is part of ministry of health and family welfare. The majority of these medical procedures originated in India and adjacent nations and were later adopted in India. Due to increased demand for various ayurvedic products to improve immunity, the market for alternative treatments, such as Ayurveda, has been growing in the context of COVID-19. According to a survey released in August 2020, demand for honey has increased by 45 percent, chyawanprash by 85 percent, and turmeric by 40 percent at ayurvedic stores. Due to growing awareness of the usefulness and efficacy of traditional systems of medicine, as well as increased government measures to support these systems and expanding R&D, the market for AYUSH and alternative medicines in India is currently seeing a boom in demand.
The Indian parliament approved two laws in September 2020 to enhance access to high-quality, cheap medical education by guaranteeing that enough and high-quality homoeopathy and other AYUSH medications are available throughout the country. When compared to other synthetic goods, these medications are more cost-effective. India is becoming one of the world's leading exporters of complementary and alternative medicines.
The significant observation of AYUSH and alternative medicine as a secondary source of medicines, however, is one of the primary problems impeding the expansion of the Indian AYUSH and alternative medicine market.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing awareness about AYUSH medicine is estimated to fuel the market during the forecast period.
- Rising side-effects of mainstream medications is major factor propelling the market in the coming years.
- Lack of world-class treatment centers are expected to restrict the market growth.
- Lack of health insurance approval and scientific validation act as major challenge that can hamper the market expansion during the forecast period.
- R&D investment is anticipated to create lucrative opportunities for the market players.
Key Players
- Patanjali Ayurved Limited
- Dabur India Ltd
- Himalaya Wellness
- Sydler Remedies Pvt Ltd
- Baidyanath
Competitive Landscape
Key players competing in the ayush and alternative medicine market in India include Patanjali Ayurved Limited, Dabur India Ltd, Himalaya Wellness, Sydler Remedies Pvt Ltd, and Baidyanath.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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