Herbal Medicine Market In-Depth Analysis & Global Forecast to 2023

Herbal Medicine Market
Market Research Future published a Cooked Research Report on “Global Herbal Medicine Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Himalaya Drug Company (India), Blackmores (Australia), Tsumura (Japan), Schwabe (Germany), Madaus (Spain), Arkopharman (France), Sheng Chang Pharmaceutical Company (Taiwan), China Herbs Company (U.S.), Nutraceutical International Corporation (U.S.), Ricola AG (Switzerland), Zandu Pharmaceutical Works Ltd (India), Hamdard laboratories (India), Dabur (India), Patanjali Ayurved Ltd (India) 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, is a medicinal system which uses plant or animal materials such as seeds, roots, leaves, bark, flowers, and oils for medicinal purposes. Herbalism has emerged from a long historical tradition of using nature for curing diseases. The herbal medicine market is led by growth in segment of certain herbs such as Soy, Echinacea, aloe vera and horse chestnut. Ginko is another herb that has been driving the market for herbal medicine. Increasing demand of food supplements such as multivitamins, omega-3 acid, is expected to drive the market growth in the future. The legalization of cannabis in some countries such as US will give a boost to the market for herbal medicine. Fish oil, probiotics etc. are some of the emerging animal segment herbal medicines. Additionally, to the 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. For instance, aspirin was developed in 1953 through structural modification of salicylic acid, which was identified as the active principle in a number of plants known for their pain relieving properties.

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Herbal medicines are formulated in dosage in various forms such as extracts, pastes, gels, oils, tablets & capsules, powders, and others. Tablets & capsules provide dose accuracy compared to other dosage forms.

Product development and marketing are strong strategies for the growth of the market. We predict the MLM strategy for faster market uptake by the herbal medicine players to yield greatest benefit. MLM compensates the sales force for personal sales as well as for the sales of others they recruit, which creates a line of distributors and a hierarchy of multiple levels of compensation

According to the 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.

Global Herbal Medicine Market   – Competitive Analysis

Due to the presence of small players the market is fragmented. Moreover, the use of medicinal plants on a household level has made the industry unorganized and the major stakeholders in the industry include TSUMURA & CO., Dr. Willmar Schwabe India Pvt. Ltd., Blackmores and Others. 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.

May, 2017- Himalaya soon to enter cancer therapy with innovative herbal drugs. Herbal drugs pioneer Himalaya Drug Company is finally ready with its plans to be a serious player 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 adjutants that can effectively mitigate the side effects of existing first line treatments such as chemo and radio therapies.

Global Herbal Medicine Market   – Regional Analysis

Europe dominates the market and is expected to retain the share during the forecast period. Associations such as British Herbal Medicine Association and European Herbal & Traditional Medicine Practitioners Association (EHTPA) promotes the use of herbal medicines in European region by organizing various seminars and increase the awareness regarding benefits of using herbal remedies.

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.  

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We are thankful for the support and assistance from Global Herbal Medicine Market Research Report – Forecast to 2023 chain related technical experts and marketing experts during Research Team survey and interviews.

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