The global herbal medicines market is projected to grow at a CAGR of 5.88% and reach USD 1,29,689.3 Million by the end of the forecast period of 2017-2023, reveals Market Research Future (MRFR) in a minutely analyzed research report. Herbalism dates back to ancient times, and the herbal medicine market has been observing continuous growth over the years. The consumer base of herbal medicines is growing exponentially owing to the perceived notion of being effective and without any side effects. The development of the market stems from the shift in universal trend from synthetic to herbal medicine.
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The reliance on older methods of medication has been identified for the development of the market. Moreover, herbal medicines are more accessible in underdeveloped and have also demonstrated a significant level of effectiveness in treating various conditions. The herbal medicines are also more reasonably priced as compared to allopathic and antibiotic forms of medicines which has increased their preference by end users. As herbal medicines are typically not subject to any drug approval processes and lack standardization might deter the market’s growth.
Market Segmentation
Global herbal medicine market has been segmented on the basis of category, source, form, distribution channel, and region. On the basis of category, the market is divided into herbal pharmaceuticals, herbal dietary supplements, herbal functional foods, and herbal beauty products. The herbal pharmaceutical segment is growing owing to the increasing research and development on various herbs to find their medicinal properties, growing demand for natural medicines having fewer side-effects, and rising prevalence of chronic diseases such as diabetes, arthritis, cancer, sleep disorders, and digestive problems.
On the basis of form, the market has been divided into extracts, powders, capsules and tablets, syrups, and others.
On the basis of distribution channel, is segmented into hospital and retail pharmacies, e-commerce, and others. The hospital & retail pharmacies segment accounted for the largest market share in 2017. The growing prevalence of cancer and infectious diseases across the globe, improving healthcare infrastructure, and skilled professionals are driving the growth of hospital and retail pharmacies in the herbal medicine market.
Regional Overview
North America, Asia-Pacific (APAC), Europe, and the rest of the globe are the regions discussed in the herbal medicine market study. Many businesses working in the herbal medicine industry throughout the North American market are distributed across the United States, Canada, and Mexico. The European herbal medicine industry involves companies in major European countries, including Germany, France, Spain, Italy and the UK. Similarly, in the Asia-Pacific region, the global herbal medicine industry is also expanding across India, China, and Japan. Other areas of the world, including the Middle East, Africa and others, are also included in the business study. The Global Market Study on Herbal Medicine offers a detailed overview of geographic markets on the basis of market performance, market scale, and revenue for herbal medicine.
Market Competitive Landscape
There are several growth factors driving the global demand for herbal medicine. Analysts, however, still advise enterprises to be mindful of the new industry dynamics covered in the study. The factors that could impact the global demand for herbal medicine are also examined and presented in the study. Analysts have extensively researched the industry and have obtained data from primary and secondary sources in order to carry out the study. The origins include major players in the pharmaceutical industry, big companies, distributors, retailers, suppliers, consumers, and key decision makers.
Industry News
Some of the major companies in the herbal medicine industry have joined hands to strengthen their foreign market presence as well as take advantage of current market conditions. RedHill Biopharma and Movantik have entered into an arrangement that encourages both businesses to explore potential opportunities in the pharmaceutical sector with access to funding for faster growth.
List Of Tables
TABLE 1 MARKET SYNOPSIS 18
TABLE 2 LIST OF ASSUMPTIONS 21
TABLE 3 PRIMARY INTERVIEWS 23
TABLE 4 GLOBAL HERBAL MEDICINE MARKET, BY CATEGORY, 2020–2027 (USD MILLION) 36
TABLE 5 GLOBAL HERBAL MEDICINE MARKET, BY HERBAL PHARMACEUTICALS, 2020–2027 (USD MILLION) 37
TABLE 6 GLOBAL HERBAL MEDICINE MARKET, BY HERBAL FUNCTIONAL FOODS, 2020–2027 (USD MILLION) 37
TABLE 7 GLOBAL HERBAL MEDICINE MARKET, BY HERBAL BEAUTY PRODUCTS, 2020–2027 (USD MILLION) 38
TABLE 8 GLOBAL HERBAL MEDICINE MARKET, BY HERBAL DIETARY SUPPLEMENTS, 2020–2027 (USD MILLION) 38
TABLE 9 GLOBAL HERBAL MEDICINE MARKET, BY TYPE OF MEDICINAL PLANTS, 2020–2027 (USD MILLION) 41
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