- The non-invasive nature of Ayurveda is also one of the key factors fostering the market growth.
- There is no solid medical evidence that Ayurveda prevents or cures diseases, which may hinder growth.
- The Asia Pacific region is estimated to dominate the market with the largest market share.
Ayurveda, although a traditional Indian healing system, worldwide, it has long been recognized as an effective alternative treatment, being offered in therapeutic practices. It takes a holistic approach to health, promoting daily maintenance of the mind, body, and soul, striking a balance between the two which further reduces the risk of needing major medical intervention in the future.
Alongside the recognition, Ayurveda has also garnered huge popularity across the globe. Online and store-based distribution channels are availing various therapeutic-grade Ayurveda products, offering the convenience of purchasing. Resultantly, the global Ayurveda market is growing pervasively, witnessing augmented uptake of Ayurveda as an alternative medicine practice. All these factors such as advantages, awareness, and accessibility cumulatively drive the Ayurveda market on the global platform.
Acknowledging the traction this market perceives today, Market Research Future (MRFR) in its recently published study report asserts that the already booming market of Ayurveda is expected to gain fabulous accruals registering a phenomenal CAGR during 2017-2023.
Improving economic conditions worldwide are fueling the urbanization, further ushering in the problems of the changing lifestyle. Simultaneously, the improving economy is fostering the market growth, enhancing the quality of life of people making the best healthcare available to them. The non-invasive nature of Ayurveda is also one of the key factors fostering the market growth exclusively.
Conversely, there are some growth restraining factors as well that are expected to hinder the market growth. These factors are stringent regulations about the obligatory differentiation label on the product citing therapeutic grade or cosmetic grade products, and lack of expertise. Also, the fact that there is no solid medical evidence that Ayurveda prevents or cures diseases mentioned above, is impeding the market growth up to some extent.
The MRFR analysis is segmented into seven key dynamics;
By Applications : Medicinal, and Personal Care among others.
By Disease Pattern : Respiratory System, Nervous Systems, Gastrointestinal Track, Cardiovascular System, Infectious Diseases, Skeletal System, Skin & Hair among others.
By Sources : Vegetable (leaves and fruit, seeds, roots, bark and other), Animals (oils, bones, and other) and Minerals.
By Forms : Herbal, Herbomineral, and Mineral among others.
By End-Users : Academia & Research Centers, Hospitals, and Clinics among others.
By Distributions : Organized, and Over the Counter among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World.
The Asia Pacific region is estimated to dominate the market with the largest market share in terms of revenue and size both, followed by North America and Europe respectively. Led by China and India, the region is expected to emerge as the fastest growing market for Ayurveda, owing to their rich traditions of herbal medicines. Besides the APAC region is the largest producer of ayurvedic products including medicinal products which is undoubtedly impacting the regional market growth positively.
North America accounts for one of the growing markets for Ayurveda owing to the high per capita income and healthcare expenditures, the U.S. and Canada are major markets for Ayurveda in the region. Strong potential of Ayurveda products, rising application areas and therapeutic applications in cosmetics and personal care are supporting market growth in the region.
Whereas, in Europe, another promising market for Ayurveda, France, Italy, and Germany are major Ayurveda products market. Increasing popularity of Ayurveda as therapeutics and pharmaceuticals is supporting the Ayurveda market in the region. High disposable income and the presence of large facilities especially in France and Germany drive the regional market growth.
Key players are more focusing on the expansion of Ayurveda business across the globe which is contributing around 40% of strategy share. After expansion, key players are acquiring companies to strengthen their presence and to get an edge over increasing competition. R&D, partnership, and product launch contribute equally (~10%) in the strategic share of key players in Ayurveda market.
The global Ayurveda market is led by some of the fervent players including Patanjali Ayurved Ltd., Zandu Pharmaceutical Works Ltd, Dabur, Baidyanath Group, Charak Pharma, Hamdard laboratories, Vicco Labs, and Emami Group
April 25, 2018 – Hanna, LLC (US), an Ayurvedic-influenced company announced the launch of its new product – HANAH Cordyceps+, wild-harvested from the Bhutanese Himalayas. The new product is a powerful combination of wild Bhutanese Cordyceps sinensis, a rare Himalayan medicinal mushroom, with eight other herbs and minerals all wild harvested from the untouched Bhutanese Himalayas.
August 14, 2018 – India – Ministry of AYUSH introduced new Central Sector scheme for promoting pharmacovigilance of Ayurveda, Siddha, Unani and Homoeopathy (ASU&H) Drugs.
The prime objective of the scheme is to develop the culture of documenting adverse effects and undertake safety monitoring of these alternative therapies including Ayurveda and Homoeopathy alongside surveillance of misleading advertisements appearing in the print and electronic media.
The scheme intends to facilitate the establishment of a three-tier network of National Pharmacovigilance Centre (NPvCC), Intermediary Pharmacovigilance Centres (IPvCCs) and Peripheral Pharmacovigilance Centres (PPvCC).