Global Botanical and Plant Derived Drugs Market: Overview
The growth of the global botanical and plant derived drugs market is expected to gain considerable momentum over the tenure of analysis, from 2020 to 2030. The growing risk of potential side effects of synthetic drugs, such as drug recalls, gastrointestinal upsets, allergic reactions, and high price of specialty drugs are expected to work in favor of the global botanical and plant derived drugs market in the near future. As more herbal drug manufacturers are coming with a plethora of products together with the extension of conventional drugs are likely to emerge as growth factors for the global botanical and plant derived drugs market.
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Technology type and region are the two important parameters based on which the global botanical and plant derived drugs market has been categorized.
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Global Botanical and Plant Derived Drugs Market: Notable Developments
A rising incidences of acquisitions and mergers by several companies is likely to emerge as key trends in the global botanical and plant derived drugs market.
Some well-known organizations in the global botanical and plant derived drugs market include the below-mentioned:
· Glenmark Pharmaceuticals Limited
· Johnson & Johnson
· Abbott Laboratories
· Bayer Healthcare Pharmaceuticals
· Bionumerik Pharmaceuticals Inc.
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Global Botanical and Plant Derived Drugs Market: Key Trends
The global botanical and plant derived drugs market is characterized by the presence of the following restraints, drivers, and opportunities.
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Fear of Potential Risk of Side Effects of Synthetic Drugs to Amplify Demand
Augmented use of botanical drugs serve as an alternative option to synthetic medicine together with augmented prevalence numerous chronic diseases worldwide are likely to augur well for the market in the near future.
In addition, technological advancement in the making of botanical drugs and its low cost are also expected to support growth of the market. However, strict laws pertaining to the approval of botanical drugs are likely to drive the demand for botanical and plant derived drugs in the coming years.
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Global Botanical and Plant Derived Drugs Market: Geographical Analysis
India and China are estimated to dominate the global botanical and plant derived drugs market. Growth of the region is ascribed to the increasing awareness about such drugs. Europe and North America are likely to emerge as rapidly growing region due to technological advancement made in its production process.
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