The global traditional medicine market generated $174.89 billion in 2023

According to the report by Coherent Market Insights, the global traditional medicine market generated $174.89 billion in 2023 and is anticipated to generate $ 289.66 billion by 2031, witnessing a CAGR of 7.5% from 2024 to 2031. According to the report, more people are becoming inclined toward natural and herbal remedies as they supposedly have lesser side effects compared to allopathic medicines.

Traditional medicine treatments also tend to be more affordable and cost-effective. The medicines used are largely plant and herb-based which are readily available. This makes traditional treatments highly accessible for common people as well as in remote areas. 

Governments of various countries are engaged in increasing awareness about traditional medicine among the population by collaborating with big organizations, and this is expected to fuel the growth over the forecast period. According to the WHO, around 80% of people in the developing world rely on traditional medicine for their primary healthcare needs.

Integrating proven traditional therapies within allopathy is helping to develop evidence-backed formulations. Many countries are now recognizing traditional therapies by establishing relevant regulatory frameworks and national policies. This growing official recognition and integration is enhancing the credibility of traditional medicine and expanding the market on a global scale.

The lack of scientific research to back some therapies continues to be a major restraint. There is also a lack of standardization in the production of herbal medicines which can impact the quality and consistency of effects. This poses regulatory challenges and restrains wider acceptance.

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