Market Overview:
Ayurveda is a traditional healing system developed during medieval period and can be compared to pre-modern European and Chinese system of medicines. It offers a unique approach to healthcare by collaboration of body, mind and spirit to fasten the healing process. Market Research Future (MRFR) has published a detailed report stating that the global Ayurveda market is marked to expand moderately by the end of the forecast period (2023).
Market Drivers and Restraints:
Increasing reliance on organic and herbal treatment procedures with the belief of having no or less side effects is majorly propelling the growth of the global Ayurveda market. Utilization of natural herbs for preparation of concoctions that possess healing properties and increased research in the field of Ayurveda along with the collaboration with technologically advanced techniques are some of teh other factors that are fueling the growth of the global Ayurveda market. Growing awareness of the effectiveness of traditional system of medicines, increasing popularity of Ayurveda in the various regions and rise in government support to promote research in the field of Ayurveda are also acting as driving factors for the expansion of the global Ayurveda market. However, lack of scientific validation for Ayurveda in developed regions and outlook of Ayurveda as supplementary and pseudoscience are restraining the expansion of the global Ayurveda market during the forecast period.
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Market Segmentation:
The global Ayurveda market has been segmented on the basis of application, disease pattern, source, form, end users and distribution. Based on application, the global Ayurveda market has been segmented into medicinal, personal care and other. Based on disease pattern, the global Ayurveda market has been segmented into respiratory system, nervous systems, gastrointestinal track, cardiovascular system, infectious diseases, skeletal system, skin and hair, and others. Based on source, the global Ayurveda market has been segmented into vegetable and animal (oils, bones, and other). The vegetable segment has been sub-segmented into leaves and fruit, seeds, roots, bark and others. The animal segment has been sub-segmented into oil, bones and others. Based on form, the global Ayurveda market has been segmented into herbal, herbomineral, mineral and others. Based on end users, the global Ayurveda market has been segmented into academia and research, hospitals and clinics, over and others. Based on distribution, the global Ayurveda market has been segmented into organized, over the counter and others.
Regional Analysis:
Geographically, the global Ayurveda market has been segmented into four major regions such as North America, Asia Pacific, Europe and the Middle East and Africa. The Asia Pacific region commands the lion’s share in the global Ayurveda market led by India. The rich tradition of herbal medicines and large-scale export of Ayurveda drugs from India to various regions in the world are majorly aiding the growth of the Ayurveda market in this region. Increasing trend of organic treatments and reduction in preference of synthetic drugs are propelling the expansion of the Ayurveda market in the North America region. Growing demand for natural therapies that might not cause any side-effects on the body is fueling the growth of the Ayurveda market in the Europe region. The Ayurveda market in the Middle East and Africa region is flourishing owing to the availability of herbal medicines that provide cost advantages over synthetic drugs.
Competitive Analysis:
The prominent players profiled by MRFR that are operating in the global Ayurveda Market are Zandu Pharmaceutical Works Ltd, Charak Pharma, Hamdard laboratories, Dabur, Baidyanath Group, Patanjali Ayurved Ltd., Vicco Labs, Emami Group and others. The players in the global Ayurveda market are focusing on the expansion of their businesses by introducing innovative techniques in the global market along with undergoing strategic mergers and acquisitions. For instance, in December 2018, EnSoftek, a provider of comprehensive technology solutions to public and private customers, has announced the launch of Ayurmegha which is an enterprise cloud-based secure application that aids in patient relationship management for Ayurveda practitioners.
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