Key Vendors Operating in the Global Ayurveda Market:
Zandu Pharmaceutical Works Ltd, Charak Pharma, Hamdard laboratories, Dabur, Baidyanath Group, Patanjali Ayurved Ltd., Vicco Labs, Emami Group and others. Dabur is the largest india-based company and has a lion’s stake in the Indian market.
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Ayurveda is an Indian system of medicine derived from “Ayurvedic” natural herbs and is a form of alternative medicine. Almost 80 percent of people in India use some form of traditional medicine, a category that includes Ayurveda. Other practicing nations include Nepal, Sri Lanka, Pakistan, and Myanmar and as such is comparable to Chinese and European traditional systems of medicine.
The market drivers of Ayurveda are growing awareness of the effectiveness and efficacy of traditional systems of medicine, disillusionment with modern Allopathy with its concurrent high side effects, support from Governments, increase in the R&D activities, and others. The Beijing declaration on traditional medicine by the World Health Organization has provided impetus to the adoption of traditional systems of medicine. The support from Governments is expected to pave the development of Ayurveda. For example, the Indian Government set up AYUSH ministry to promote Ayurveda and traditional systems of medicine while the indian council of medical research is conducting molecular-based studies to validate the efficacy of Ayurveda medicines. The Indian government has also incentivised the industry by lowering the goods and service tax on Ayurveda products to only 5 % to encourage the sector. The growing ecommerce and emergence of self-learned consumers coupled with the growth of global herbal and nutrition industry is serving the cause of the market. The clinical drivers of the market are growing incidence and prevalence of chronic diseases such as rheumatic disorders, cardiology, allergy and others, lower side effects associated with herbal medicines and lack of effectiveness of modern allopathy in treatment of diseases such as Hepatitis, arthritis and others.
The lack of scientific validation for Ayurveda in developed nations such as the United States, where Ayurveda is not licensed or regulated coupled with the outlook of Ayurveda as supplementary and pseudoscience is deterring the growth of the market. The prime market constraints include lack of National Accreditation Board for Hospitals & Healthcare Providers accreditation, lack of health insurance approval, scarcity of trained work force, and others.
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The Global Ayurveda Market is segmented based on application, disease pattern, source, form, end users, distribution, and regions.
Based on application, the market comprises of medicinal, personal care and other.
Based on disease pattern, the market comprises of respiratory system, nervous systems, gastrointestinal track, cardiovascular system, infectious diseases, skeletal system, skin and hair, others.
Based on source, the market comprises of vegetable (leaves and fruit, seeds, roots, bark and other) and animal (oils, bones, and other).
Based on form, the market comprises of herbal, herbomineral, mineral and others.
Based on end users the market is segmented into academia and research, hospitals and clinics, over and others.
Based on distribution, the market is segmented into organized, over the counter and others.
Based on the regions, the market is segmented as North America, Europe, Asia Pacific Middle East and Africa and rest of the world.
Asia Pacific region accounts for the largest share of the market owing to their rich tradition of herbal medicines led by India, Sri Lanka, Pakistan, Indonesia, Myanmar and others. India is the largest market and accounts for almost USD 1200 million in terms of market value. India exports of Ayurvedic drugs was estimated to be around. USD 64 million in 2016. The major exports of Indian Ayurveda include Psyllium and Senna.
Russia is the second largest market followed by USA, Kazakhstan, UAE, Nepal, Ukraine, Japan, Philippines, Kenya and Mauritania. Europe led by France, Germany, and U.K. accounts for the third largest market due to growing demand for natural therapies and remedies. The Middle East and Africa market is expected to be skewed in favor of Gulf economies of Saudi Arabia and UAE. The regions of Africa will also generate strong growth owing to the cost advantages of herbal medicines.
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