Ayurveda is one of the most ancient systems of medicines in the world. Originated in India, Ayurveda is spreading its wings globally. People are using Ayurvedic medicines and foodstuffs in their daily life. India has a rich heritage in practising Ayurvedic and herbal medicines supported by nutraceuticals.
Sri Lanka has emerged as a big player in Ayurvedic medicines and finding its way in the field of herbal products, the country has become a big competitor of India. However, Sri Lanka is not developed in terms of scales and doesn’t have a rich heritage like India.
Ayurveda and herbals have recently gained importance as alternative medicines. Countries like the United States and United Kingdom have accepted the use of Ayurveda; however, these countries have kept it in alternate medicine category and hence, the clampdown. Both these countries are still in the process of establishing a complete Ayurveda market.
Despite of production facilities and expertise, US also lacks in the availability of raw materials for Ayurveda. India and Indian sub-continent is trying to expand its reach in US, starting with medicines, followed by individual treatment and surgery. Ayurvedic medicine is the one of the fastest growing market among medicines in the world.
US Ayurvedic medicine market grew with a CAGR of 9.6 % from 2010 to 2015. The CAGR is expected to be 18.47% till 2020.
Ayurvedic medicines are becoming increasingly popular because of its use in the treatment of almost all major types of diseases/illness. Ayurvedic medicines promise cure from normal cold to dangerous diseases. People have started giving preference to Ayurvedic medicines as allopathic medicines are costly and have side-effects. Allopathy does not have a proper treatment for cancer, whereas Ayurveda offers permanent cure for many types of cancer.
Ayurvedic medicine market sales from various practitioners in US accounted to US$ 46 million in 2014, which is expected to reach US$ 49 million by the end of 2015. Ayurvedic medicines are based on plant & animal extracts and minerals, both in single ingredient drugs and compound formulations. Basic raw materials used in the formulation of Ayurvedic machines are mainly of plant origin hence, consumption of Ayurvedic medicine will not have any adverse effect on human body. On the other hand, allopathic medicines are seen to cause harmful effects on kidney, liver, intestines, along with some allergic effects on skin.
Ricola AG is the leading producers of herbal products in US. However, the brand do not market its product on the basis of medicinal properties but as a health supplement. Other Ayurvedic producers includes: Himalaya Herbals, Ayur, Botique, Dabur, Shri Baidyanath, Vicco Laboratories and Divya Pharmacy.
Market is highly competitive and not much market power is there in the hands of producers. Market share of major brands is as below:
HERBAL MEDICINES VERSUS OTHER COMPLEMENTARY AND ALTERNATE MEDICINES:
Contemporary and alternate medicines are a part of daily life in US. Nearly 20% of US population has taken herbal treatment at least once in their life. A major share goes to herbal (Ayurvedic) medicines, which accounts to 36% of all contemporary and alternate medicine market. Herbal medicines were the most commonly used alternative therapy medicines as of 2013, followed by aroma therapy.