Integrative Medicines (IM) Market Trends

Growth Drivers

• Rising Prevalence of Chronic Disease - Diseases such as piles, rheumatoid arthritis, jaundice, and many more are still incurable by allopathy. Nonetheless, Ayurveda has been successful in treating and controlling these illnesses. Around 0.5% of adults worldwide suffer from rheumatoid arthritis (RA), which affects around 20–50 per 100,000 people each year, mostly women over the age of 40.

• Rising Government Expenditure on Ayurveda - Over the past seven years, the overall budget allocated to the Ayush Ministry for the National Ayush Misson’s (NAM) cost-effective Ayush services has increased by more than four times, from around USD 83 Million to nearly USD 370 Million.

• Number of People Inclined to Yoga - Several types of yoga decreased the biochemical indicators of inflammation in numerous chronic diseases. Yoga is frequently practiced by about 300 million individuals worldwide. In addition to this, around 36 million Americans routinely practice yoga.

• Increasing Count of Clinical Trials for Ayurvedic Medicine– Higher clinical trials are expected to launch new products. From July 1, 2018, to March 31, 2020, around 9700 trials were registered in Clinical Trials Registry-India (CTRI), out of all, around 1400 were cited as the type of study.

• Higher Number of Wellness Centers - Wellness centers offer various health services for both the body and mind, it provides internal healing of a person. According to NITI Aayog around 150,000 Health and Wellness Centers (HWCs) that are expected to be created as part of the Ayushman Bharat Program.

Challenges

• Poor Understanding of Integrative Medicines - Many people who promote and purchase fake products do so in the name of Ayurveda, which is frequently unjustified. Tulasi is considered to have teeksha (pungent) and ushna (hot) characteristics in Ayurveda medicine. While typically safe to consume, doing so in excess may increase the chances of underlying bleeding conditions. Therefore, lack of full understanding of integrative medicines is likely to hamper the market growth

• Lack of Scientific Evidences Supporting the Integrative Medicines

• Rising Use of Allopathic Medicines