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Considering all these factors the market for herbal medicine is expected to reach $ 111 billion by the end of 2023, this market is projected to growing at a CAGR of ~ 7.2 % during 2017-2023.
The report titled “Herbal Medicine Market -Forecast to 2023″ is a direct appreciation by Market Research Future of the market potential of the Herbal Medicine Market. The report intends to provide accurate and meaningful insights, both quantitative as well as qualitative. It can be said with high confidence level, that this report will satisfy the need for comprehensive insights needed to compete and beat other players in today’s winner takes all market!
Global Herbal Medicine Market – Overview:
Herbal medicine is the study of botany that uses plant materials such as seeds, roots, leaves, bark, flowers, and oils for medicinal purposes. Herbalism is one of the ancient historical traditions that uses nature’s by-products for curing diseases. Some of the commonly used herbal medicine includes Soy, Echinacea, aloe vera and horse chestnut together accounts major share in the herbal medicine market. Moreover, Ginko is another herb that has been driving the market for herbal medicine.
The market for herbal medicine is on the rise and is expected to grow at a reasonable rate in the near future. Increasing demand for food supplements such as multivitamins, omega-3 acid, is expected to drive the market growth in the future. Additionally, the legalization of cannabis in some countries such as the U.S. has boosted the growth of the market for herbal medicine. Fish oil, probiotics are some of the emerging animal segment in herbal medicines. Moreover, with biologically-active plant derived herbal products, many other plant bioactive principles had served as lead compounds for the design, synthesis, and development of herbal drugs.
Herbal medicines are formulated in dosage in various forms such as extracts, pastes, gels, oils, tablets & capsules, powders, and others. Out of which tablets & capsules provide are the most accurate dosage forms out of other dosage forms.
Herbal medicine is recognized by the World Health Organization as the second largest therapeutic system in use in the world. While it is most popular in India and South America, over thirty million people in Europe also benefit from its practice. For instance in France, 40% of the population uses homeopathic medicines and around 30% of physicians prescribe them and is also very popular in the U.K.
Europe dominates the market and is expected to retain the share during the forecast period. Associations such as European Herbal & Traditional Medicine Practitioners Association (EHTPA) and British Herbal Medicine Association are the major promoters for herbal medicines in the European region and to increase the awareness these organizations organize various seminars and increase the awareness regarding benefits of using herbal remedies. According to the WHO estimates, almost 80% of the population of Asian and African countries dependent on traditional medicine for primary medical health.
Some of the major drivers for the global herbal medicine market are rising elderly population, growing consumer awareness regarding the use of herbal medicines, slight or no side effects, and the release of Current Good Manufacturing Practices (CGMP) for dietary supplements by the FDA. Moreover, factor such as escalating prices for pharmaceutical drugs, constricted health budgets for the modern medicinal system has helped to drive the consumers towards the more economical and safer herbal medicine. Therefore, this has upsurged the growth of the market.
Global Herbal Medicine Market – Key Players:
Himalaya Drug Company (India), Schwabe (Germany), Madaus (Spain), Arkopharman (France), Blackmores (Australia), Tsumura (Japan), Sheng Chang Pharmaceutical Company (Taiwan), Ricola AG (Switzerland), Zandu Pharmaceutical Works Ltd (India), Hamdard laboratories (India), Dabur (India), Patanjali Ayurved Ltd (India) China Herbs Company (U.S.), Nutraceutical International Corporation (U.S.), are some of the prominent players at the forefront of competition in the Global Herbal Medicine Market and are profiled in MRFR Analysis.
Global Herbal Medicine Market – Market Assessment:
The report for Global Herbal medicine Market by Market Research Future comprises of extensive primary research along with the detail analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight of the market and industry performance. The report gives a clear picture of current market scenario which includes past and estimated future market size with respect to value and volume, technological advancement, macro economical and governing factors in the market. The report provides detail information about and strategies used by top key players in the industry. The report also gives a broad study of the different market segments and regions.
Global Herbal Medicine Market – Competitive Analysis:
The market for herbal medicine is characterized by the presence of several well-established and small players, the global market for herbal medicine appears to be highly competitive and fragmented. Major players are increasingly expanding their footprint in the emerging nations, making it putting pressure on the regional players, especially in terms of features such as type, product portfolios, and pricing. The market is witnessing increased competition which is expected to get more intense during the forecast period. The major market players are concentrating on improving the quality of herbal products and technological advancements such as improved extraction techniques and equipment deployed to maintain the product quality which will increase the herbal medicines market growth.
For instance, in May 2017, Himalaya entered into cancer therapy with innovative herbal drugs. Himalaya Drug Company pioneer in the herbal drugs is now focusing on extending its product line in the cancer therapy market worldwide. At Himalaya, researchers have been testing different herbal extracts to find the ones that can accelerate and improve the treatment outcome. Its main focus has been on developing herbal assistants that can effectively lessen the side effects of existing first-line treatments such as chemo and radiotherapies. Product development and marketing are strong strategies for the growth of the market.
Global Herbal Medicine Market – Regional Analysis:
Asia Pacific countries such as China followed by India accounts for the maximum market share due to its tradition of using the herbal system. Europe is the second largest market due to large disposable income and growing demand for natural therapies and remedies. The European market will be led by France followed by Germany. Asia pacific region will be the fastest region because of which will be led by China and India. The Middle East and Africa market will be led by the gulf nations particularly Saudi Arabia and UAE. The poor regions of Africa is expected to be a laggard due to poor economic and political conditions.
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