PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419030
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419030
Traditional Medicine Market size was valued at USD 169,191 Million in 2023, expanding at a CAGR of 7.5% from 2024 to 2032.
Traditional medicine encompasses a wide range of health practices, knowledge, and beliefs that utilize plant, animal, and mineral-based remedies, as well as spiritual therapies, manual techniques, and exercises. These approaches can be used individually or in combination to diagnose, treat, prevent illnesses, or promote overall well-being. The pharmaceutical industry now recognizes traditional medicine as a valuable source for identifying bio-active substances that can be incorporated into synthetic medicines. Throughout history, traditional and complementary medicine (T&CM) has played a crucial role in promoting health within households and communities. A total of 170 countries have reported the use of traditional medicine, with acupuncture being the most prevalent form of practice in 113 countries. Developed nations have also started acknowledging and integrating traditional medicine into their healthcare systems. It is important to note that traditional medicine practices vary significantly across cultures and regions. Examples include Traditional Chinese Medicine, Ayurveda from India, Unani Medicine from ancient Greece and Persia, and Native American healing traditions, each with their own distinct principles and practices.
The prevalence of chronic health conditions, such as pain, stress-related disorders, and lifestyle-related diseases are expected to drive the market growth.
The rising prevalence of chronic health conditions has led individuals to explore complementary and alternative approaches, such as Traditional Medicine, in their pursuit of comprehensive and effective solutions to enhance their overall well-being. Traditional Medicine encompasses various techniques like acupuncture, herbal remedies, and manual therapies, which offer diverse pain management strategies. Given that chronic pain is a common symptom across many health conditions, individuals often turn to traditional therapies for relief, particularly when conventional treatments have limitations. In 2021, it was estimated that approximately 20.9% of U.S. adults (equivalent to 51.6 million individuals) experienced chronic pain, with 6.9% (around 17.1 million individuals) suffering from high-impact chronic pain, as reported by the national health institute. Moreover, ongoing Research and Development efforts to scientifically validate the effectiveness and safety of traditional medicine practices present opportunities for growth in the Traditional Medicine Market. However, the lack of standardized practices and quality control in traditional medicine remains a significant challenge.
The Global Traditional Medicine Market is segmented on the basis of Therapy Type, End-User and Region.
The market is categorized into six groups according to Therapy Type: Acupuncture, Cupping Therapy, Herbal Medicine, Aroma Therapy, Compounding Therapy, and Magneto Therapy. The Traditional Medicine market is constantly developing as these therapies gain worldwide recognition and acceptance, often being combined with conventional medical practices to provide comprehensive healthcare. It is crucial to acknowledge that the efficacy of these therapies may differ, and individuals should seek personalized advice from healthcare professionals.
The market is categorized into three segments according to the end-users: Clinics, Home Healthcare, and Hospitals. The market is predominantly dominated by Hospitals. Hospitals possess the capacity to establish healthcare teams that comprise professionals from both conventional and traditional medicine fields. This cooperative strategy is designed to provide all-encompassing care that addresses the physical, emotional, and spiritual aspects of well-being. By integrating traditional medicine practices into lifestyle and preventive healthcare programs, hospitals can further encourage wellness and prevention.
This market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The North American region dominates the market primarily because of the increasing consumer demand for natural products. The market has a significant opportunity to cater to the rising demand for alternative options to conventional pharmaceuticals, including herbal remedies and plant-based products. The U.S. nutrition industry alone reached sales of USD 117 billion, as reported by the natural product association. Europe holds the second-largest region for market growth during the forecast period, mainly due to the increasing consumer demand for holistic healthcare.
According to the World Health Organization (WHO), approximately 80% of the population in Asian and African countries relies on traditional medicine for primary healthcare. The global market for traditional medicine is driven by factors such as the rapid aging population, increased consumer awareness, minimal or no side effects, innovative supply methods, and the release of Current Good Manufacturing Practices (CGMP) for dietary supplements by the FDA. The competition and demand for traditional medicine vary across different regions, each with its unique perspectives and approaches to healthcare. Some pharmaceutical companies have invested in research and development related to traditional medicine, focusing on extracting active compounds from plants for the development of pharmaceutical drugs. In certain regions, there is a growing trend of integrating traditional medicine into mainstream healthcare, leading to collaborations between traditional medicine practitioners and modern healthcare providers. Companies specializing in the production of herbal supplements, teas, and other natural remedies compete based on the quality, safety, and effectiveness of their products.
On May 2023, Bayer's Consumer Health Division introduced a dedicated business unit aimed at creating innovative Precision Health products within its diverse range of everyday health categories. Bayer's primary objective is to develop products that empower individuals to have a stronger grasp on their personal well-being by utilizing digital solutions that enhance decision-making through personalized insights and unique delivery methods.
The scope of this report covers the market by its major segments, which include as follows: