AYUSH And Alternative Medicine Market Size (2024 - 2029)

Ayush & Alternative Medicine Market Analysis

The AYUSH And Alternative Medicine Market size is estimated at USD 23.30 billion in 2024, and is expected to reach USD 32.30 billion by 2029, growing at a CAGR of 6.75% during the forecast period (2024-2029).

Due to the pandemic, there was an increased demand for various ayurvedic products to boost immunity in the market for alternative medicines like Ayurveda. As per a study published in Frontiers in Medicine in October 2021, during the pandemic, the Kerala government launched 1206 Ayur Raksha Clinics and accompanying task forces across the state to expand the reach and penetration of Ayurvedic preventive, therapeutic, and convalescent care techniques for the COVID-19 pandemic. The study found that ayurvedic programs done systematically, within an organized framework with social participation, allowed for greater usage of ayurvedic products and services. The interest in these products was fueled by the recommendations from the Ministry of Ayush to fight COVID-19. Additionally, in September 2021, the Ayush ministry launched a campaign for distributing Ayush prophylactic medicines and written guidelines on diet and lifestyle to 75 lakh people across the country to help combat the COVID-19 pandemic. However, the market is expected to grow with the increasing focus of Indian people toward Ayurveda and alternative medicine over the forecast period. Thus, during the pandemic, the market studied was positively impacted.

The system of alternative medicines in India consists of Ayurveda, yoga, naturopathy, Unani, Siddha, and homeopathy (AYUSH). Due to the abundance of ancient scientific knowledge, India is considered the hub for alternative medicines, like Unani, Ayurveda, Siddha, and homeopathy. The market currently is experiencing a surge in demand for AYUSH and alternative medicines in India, owing to the growing awareness about the effectiveness and efficacy of traditional systems of medicine, coupled with increasing initiatives by the government to support these systems and rising R&D. For instance, in April 2022, the Indian administration launched a system that uses a district/block/taluk as a unit to put out only proven AYUSH activities. This scheme intends to offer grant-in-aid to government and non-government organizations to implement only proven AYUSH interventions for improving public health through AYUSH interventions such as medicine distribution and health awareness camps.

In April 2022, in Gandhinagar, the Prime Minister inaugurated the Global AYUSH Investment and Innovation Summit. The summit will help find investment opportunities and boost innovation, R&D, the start-up ecosystem, and the wellness business. It will serve as a platform for future collaborations by bringing together industry leaders, academicians, and scholars. Such initiatives are expected to increase awareness about AYUSH and ayurvedic medicines in the country, thereby boosting the market's growth.

At present, India is also one of the top exporters of alternative medicines in the world. Major export destination includes the United States and European countries, such as Germany and France. The government of India is continuously supporting the industry with investments in scientific research in AYUSH, building the necessary infrastructure and regulatory framework to regulate this system of medicine. However, one of the major factors hindering the growth of the Indian AYUSH and alternative medicine market is the general perception of the treatment as a secondary source of medication.

Ayush & Alternative Medicine Industry Segmentation

AYUSH signifies the combination of an alternative system of medicine, which was earlier known as the Indian system of medicine. AYUSH includes Ayurveda, yoga and naturopathy, Unani, Siddha, and homeopathy. The objective of AYUSH is to promote medical pluralism and to introduce strategies for mainstreaming the indigenous systems of medicine. In India, at the Union Government level, AYUSH activities are coordinated by the Department of AYUSH under the Ministry of Health and Family Welfare. Most of these medical practices originated in India and its neighboring countries and were adopted in India over time. The AYUSH and Alternative Medicine Industry in India is Segmented by type (Ayurvedic medicine, herbal medicine, aroma therapy, homeopathy, acupuncture, and other types). The report offers values in USD million for all the above-mentioned segments.