Global Herbal Medicine Market Information; By System (Ayurveda, Chinese, Western and Other), Application (Pharmaceutical, Personal Care and Other), By Source (Vegetable (Leaves and Fruit, Seeds, Roots, Bark and Other) and Animal (Oils, Bones, and Other)) – Forecast to 2023
Pune, India – April 12, 2018 —
This study covers the market dynamics and trends in major countries that are expected to influence the current market scenario and future status of the Global Herbal Medicine Market over the forecast period. 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.
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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.
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 – Overview:
Herbal medicine, or phytomedicine is a medicinal system using a plant or animal materials such as seeds, roots, leaves, bark, flowers, oils etc. for medicinal purposes. Herbalism has emerged from a long historical tradition of using nature for curing diseases. According to WHO estimates, almost 80% of population of many Asian and African countries depend on traditional medicine for primary health care. The market drivers for the global herbal medicine market are growing aging population, increasing consumer awareness, little or no side effects, supplier innovations, and the release of Current Good Manufacturing Practices (CGMP) for dietary supplements by the FDA. Another factor is escalating prices, tighter health budgets of modern medicinal system which has driven consumers towards the more economical and safer herbal medicine systems. The market constraints are lack of research and standardization in herbal medicines, poor legal and regulatory frame work which causes patent problems, poor manufactured herbal products etc.
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.
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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.
What makes our report unique?
1) An extensive research study on the Global Herbal Medicine market, and its entire ecosystem, describes the market trends, drivers, restraints and opportunities of the Herbal Medicine market.
2) We provide you the longest possible market segmentation based on type of products, procedures and geography and describe the market share region wise.
3) The report gives a bird eyes view on the competitive landscape which includes mergers and acquisitions, collaborations, market strategies, and new product launches.
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