Global Ayurveda Market to Witness Increasing Revenue Growth By 2023
Alternative medicine such as ayurveda is gradually entering the mainstream. Be it reduced side effects or low cost, ayurveda is gaining commercial success of late. Market Research Future (MRFR) has recently published an in-depth report on the global ayurveda market, where growth avenues are discussed at length. As per the analysis of MRFR, the ayurveda market is anticipated to register a moderate CAGR over the forecast period of 2017-2023.
The longstanding tradition of ayurvedic healing is now being recognized worldwide. Ayurveda has been able to gain commercial interest as the global populace is inclining towards organic and pure stuff. The efficacy of ayurveda is being evidenced by its efficacy in treating medical problems ranging from cardiovascular diseases, skin problems, diabetes, cancer, depression to sexual problems. The failure of modern medicine and side effects associated with them is further creating a supportive dais for the growth of the market.
With more players foraying into the ayurveda space, the global ayurveda market is poised for significant growth. new ayurveda companies are aggressively indulging in promotional activities, which has been able to evoke awareness among consumers. Furthermore, the governments of various countries are drafting ayurveda-friendly policies which is furthering the growth of the market.
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Ayurveda has gained enormous popularity in medical tourism. As the benefits of ayurveda is becoming more visible, the trend of ayurveda medical tourism is consolidating. Various hospitals are increasingly catering to the ayurveda segment, with renowned doctors associated with them. Additionally, people across the globe are increasingly shifting to a preventive healthcare approach. Lately, people from across the globe are looking forward to wellness tourism and India has become an ayurveda & wellness hotspot.
However, the global ayurveda market might face some setbacks in the light of various impeding factors. Such factors include lack of scientific validation for ayurveda in developed countries, lack of proper regulatory framework, and the notion among people that ayurveda is a pseudoscience. other factors are lack of trained ayurveda professionals, unavailability of reimbursements, and lack of awareness.
The ayurveda market has been segmented based on application, disease pattern, source, form, end user, and distribution.
By application, the ayurveda market has been segmented into medicinal, personal care and other.
By disease pattern, the ayurveda market has been segmented into respiratory system, nervous systems, gastrointestinal track, cardiovascular system, infectious diseases, skeletal system, skin and hair, others.
By source, the ayurveda market has been segmented into vegetable (leaves and fruit, seeds, roots, bark and other) and animal (oils, bones, and other).
By form, the ayurveda market has been segmented into herbal, herbomineral, mineral and others.
By end user, the ayurveda market has been segmented into academia and research, hospitals and clinics, over and others.
By distribution, the ayurveda market has been segmented into organized, over the counter and others.
Region-wise, the ayurveda market has been segmented into North America, the Middle & Africa (MEA), Europe, and Asia Pacific (APAC).
APAC is at the forefront of the global ayurveda market. Ayurveda originated in India, due to which the market has a strong foothold in the region. Ayurveda is immensely popular in India and allied countries of the region, where it is indigenous to their culture. Other key contributors to the APAC ayurveda market include Nepal, Japan, Sri Lanka, Indonesia, Myanmar and Pakistan. India is the largest ayurveda market within APAC and currently stands at USD 1200 Mn. In 2016, ayurveda drugs worth USD 64 Mn were exported from India.
With the surging popularity of ayurveda across the globe, the market is expanding from all sides. In both North America and Europe, ayurveda is gaining traction on account of heightened demand for natural therapies. The key country-specific markets within Europe includes Russia, France, Germany, and the UK, while, the US is the largest market within North America. Other significant ayurveda markets include Kazakhstan, Ukraine, Philippines, Kenya and Mauritania.
The MEA ayurveda market is poised to showcase moderate growth in the coming years. Ayurvedic therapies are gaining grounds in the region, especially in Africa due to its cost effectiveness. The Gulf countries are also responsible for generating a considerable portion of the global demand.
Emami Group, Charak Pharma, Patanjali Ayurved Ltd., Dabur, Hamdard Laboratories, Baidyanath Group, Zandu Pharmaceutical Works Ltd., and Vicco Labs are the eminent players in the global ayurveda market.
TABLE OF CONTENT
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
Chapter 5. Market Factor Analysis
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