India Alternative Medicine and Herbal Products Market is Expected to Reach INR 660 Billion in the Future : Ken Research
Posted on 18 November 2016 by KenResearch Consumer Products and Retail,
Alternate medicine and herbal products face a stiff competition from the chemical based synthetic products and allopathic medicines. Majority of the population in India prefer allopathic medicine in case of serious illness.
According to ken Research Chyawanprash is an ancient ayurvedic formulation which was traditionally used to boost immunity and longevity. Chyawanprash is considered as the most effective dietary health supplement in the ayurvedic medicines and products segment. It is prepared from a combination of nearly 30 to 80 herbs that provide various health benefits. The popularity of Chyawanprash as a health supplement is not only prevalent in India but also in other countries such as the US, European countries and other countries as well.
Balms comes under the category of OTC (over the counter) drugs or medicines which are legally allowed to be sold without the prescription of a registered medical Practitioner. The balm market in India has witnessed a robust growth rate in the past few years. With the growing working population and hectic work schedule, the demand for herbal balms has been on the rise. The reformulation of balms for curing fast relief in pain has pushed the demand for balms in India, According to ken Research
The chemical based medicines give faster results in terms of curing a disease or an ailment as compared to alternative medicines. Moreover, the presence of wide variety of synthetic personal care product has given tough competition to herbal products.
The government of India is providing full support to AYUSH ministry and promoting ayurvedic products and medicines in the country. The government along with AYUSH ministry has also decided to open AYUSH institutes in all states of the country. Furthermore, there are plans to open AYUSH Hospitals and a yoga wellness centers in every district in India.
Herbal drugs constitute a major share in all AYUSH medicines except homeopathy. In India, more than 70% of the population uses alternative medicines either for preventive purpose or curing purpose. Also, it has been anticipated that the number of AYUSH hospitals, Ayurvedic centers and Yoga centers will increase in coming future which will drive the revenues. The government has plans to open AYUSH institutes in every district of the country which will impel the demand for herbal medicines.
The government of India is taking various initiatives and allocated funds for uplifting institutes for alternative medicines such as Ayurveda, Unani, Siddha, Homeopathy and Yoga which will attribute to the increasing number of AYUSH practitioners in future, According to ken Research.
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