The global herbal medicines market is projected to grow at a CAGR of 5.88% and reach USD 1,29,689.3 Mn 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.
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
The global market for herbal medicines can be segmented on the basis of category and distribution channel.
The category-based segments of the global market for herbal medicines are herbal dietary supplements, herbal pharmaceuticals, herbal functional foods, and herbal beauty products. Among all, the herbal pharmaceutical segment is anticipated to procure a significant market value during the assessment tenure.
The distribution channel based segments of the global market for herbal medicines are hospital and retail pharmacies, e-commerce, and others. Among all, the hospital and retail pharmacies segment is anticipated to maximum market share during the forecast period.
The form-based segments of the global market for herbal medicines are powders, extracts, capsules and tablets, syrups, and others.
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.
Regional Analysis
As per the assessment, Europe is anticipated to dominate the market during the forecast period owing to the increasing R&D for herbal medicines. The investment for the same has been rising, which is another salient cause that can augment the market size in the assessment tenure. Countries such as; Germany and France are likely to make a notable contribution in developing the market in the region. The increasing consumer health market in the region is another salient cause that is making a significant contribution in developing the market during the assessment tenure. On the other hand, the APAC is expected to be the fastest-growing region during the review time. The presence of developing countries such as; India, China, and Japan are likely to make a notable contribution in augmenting the regional market during the forecast tenure. The lower price and chemical-free nature of such medicines are likely to play an important role in growing the market significantly. The presence of established players is another important factor that can make necessary contributions in increasing the regional market. Furthermore, the establishment of AYUSH by the government of India is a notable initiative taken that is likely to make people aware of the importance of herbal medicines, which will benefit the market relentlessly. China accounted for the largest revenue share in AAC in 2017. The growth of China can be attributed to the increasing dependence on traditional medicines and the availability of a wide variety of herbal products in the country. The growing adoption of western diets, increasing consumption of tobacco, alcohol, and reduced physical activities are likely to make a salient contribution in generating the demand for herbal medicines. The Americas is expected to procure the second largest market share during the forecast period. The increasing cases of chronic illness and the growing geriatric population are expected to be significant factors that can grow the market in the coming time. Among all, the US is likely to make the most significant contribution in driving the regional market in the coming period.
Competitive Landscape
The important players in the market for herbal medicine are Blackmores, Tsumura, Hamdard Laboratories, Schwabe, Madaus, Himalaya Drug Company, Arkopharma, China Herbs Company, Patanjali Ayurved Ltd, Nutraceutical International Corporation, Sheng Chang Pharmaceutical Company, Ricola AG, Zandu Pharmaceutical Works Ltd and Dabur to name a few.
1 Report Prologue
2 Executive Summary
3 Market Introduction
3.1 Scope Of Study 20
3.2 Research Objective 20
3.3 List Of Assumptions 21
4 Research Methodology
4.1 Research Process 23
4.2 Primary Research 24
4.3 Secondary Research 24
4.4 Market Size Estimation 26
5 Market Dynamics
5.1 Introduction 28
5.2 Drivers 28
5.2.1 Increasing Demand For Natural Medicines 28
5.2.2 Increasing Research Funding For Herbal Medicines 28
5.2.3 Multiple Applications Of Herbal Medicines 28
5.3 Restraints 29
5.3.1 Side-Effects And Allergic Reactions 29
5.3.2 Poor Standardization 29
5.4 Opportunity 29
5.4.1 Relatively Untapped Markets Of The Asia-Pacific Region 29
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