Herbal medicine is also recognized as phytomedicine, it is basically a medicinal procedure that utilizes plant or animal matter like bark, flowers, seeds, roots, and leaves for treating various conditions. Statistics provided by World Health Organization (WHO) states that approximately 80% of the African and Asian countries depend on this form for medicine for primary health care.
Herbal Medicines are becoming increasingly popular among modern consumers. Market Research Future (MRFR) projects that the Global Herbal Mdicine Market will capture a CAGR of 5.88% between 2018 and 2023. Whereas it is also anticipated to generate a revenue of around USD 111 billion by the end of the projection period.
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Demand for plant-based therapeutic systems has continued to increase in recent years. The ingredients for herbal medicines are usually extracted from leaves, seeds, flowers, bark, and plant oil among others, which do not carry any risk of side-effects. Advances in technology has allowed modernization of herbal medicines, putting them in a better position to compete with mainstream medicinal therapeutics. Market players are focusing on introduction of herbal medicines in the form of capsules, powders, syrups, gel and juice. This, in turn, is boosting the marketability of herbal medicines. Herbal medicines hold an imperative background in countries such as China, Japan and India. These countries are viewed as the pioneers of many herbal medicines that are currently available.
Report Synopsis
At present, the market seems to gaining a lot of traction and during the forthcoming forecast period the market will develop at an extraordinary rate. Figuratively too, the future looks good for the herbal medicine market.
The major growth propellers for this market can be distinguished and listed as supplier innovations in terms of products, higher ratio of geriatric population when compared to earlier times, rising awareness amongst the end-users, minimal to no side-effect and the launch of Current Good Manufacturing Practices (CGMP) for dietary supplements by the FDA. Additional factors that further add to the expansion of the market are fluctuating prices of the conventional drugs and reduced health expenditure margin.
The market may however, come across certain restraints like standardization of herbal medicines and lack of proper research activities. Efforts are being taken in this direction and very soon a solution will emerge.
Companies Covered
Bayer AG, Arkopharma, Hishimo Pharmaceuticals, ZeinPharma Germany GmbH, Dasherb Corp, Blackmores, Dr. Willmar Schwabe India Pvt. Ltd., BEOVITA, Schaper & Brummer, Venus Pharma GmbH, Himalaya Global Holdings Ltd, and Arizona Natural Products.
The report offers insights into the leading market players and presents an assessment of their current market position. Company information with regards to revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives is also available in the report.
Segmental Analysis
Segmental analysis of the global herbal medicine market is based on product type, type of medicinal plants, by form, by source, by indication and by distribution channel. On the basis of the product type, the market has been segmented into herbal pharmaceutical, herbal dietary supplements, herbal functional foods, and others. The herbal pharmaceutical segment holds the dominant share of the market. This segment is expected to surpass a market valuation of USD 73,000 Mn in 2023 up from USD 50,975.8 Mn in 2017, reflecting an above-average growth rate. Increased use of herbal pharmaceuticals for treating diseases such as cancer, arthritis, diabetes, sleeping disorders and other chronic diseases.
By type of medicinal plants, the market has been segmented into Aconitum Ferox (Ranunculaceae), Allium Sativum (Liliaceae), Andrographis Paniculata (Acanthaceae), Commiphora Wightii (Burseraceae), Crocus Sativus (Iridaceae), and others. Among these, the aconitum ferox segment is expected to remain highly attractive over the next several years. In 2017, the segment surpassed a valuation of USD17,100 Mn and is projected to post a CAGR of 6.31% during the review period.
By form, the market has been segmented into capsules and tablets, powder, syrups, extracts, and others. The extracts segment currently holds the dominant share of the market. Herbal extracts are derived from herbs by using different solvents with the combination of certain chemicals, water, alcohol, or other liquids that help to maintain medicinal components of plants. Towards 2023, the segment is expected to surpass a market valuation of USD 48,100 Mn.
By sources, the market has been segmented into leaves, roots and barks, whole plant, fruit, and others. The whole plant segment holds the top position in terms of market value. The segment is expected to remain highly profitable throughout the assessment period. In 2017, the segment stood a valuation of over of USD 9,500 Mn.
On the basis of indication, the market has been segmented into cardiovascular disorders, respiratory disorders, digestive disorders, hypnotics and sedatives, and others. The cardiovascular disorders segment accounts for the largest market share. This can be attributed to the growing prevalence of heart diseases and various cardiovascular disorders.
By distribution channel, the market has been segmented into e-commerce, hospitals and retail pharmacies and others. The hospital and retail pharmacies segment is expected to retain its dominant position over 2023. During the review period, the segment is projected to exhibit a CAGR of 5.98%. Hospitals and retail pharmacies are one of the primary distribution channels of herbal medicine owing to their wide network and robust global presence.
Regional Outlook
On the basis of region, the market has been segmented into Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA). Europe has emerged as the largest market for herbal medicine. The market in Europe is projected to reach a valuation in excess of USD 58,600 Mn by the year 2023. The Europe herbal medicine market is expected to surge at a healthy CAGR during the assessment period. Herbal medicines are witnessing tremendous market prospects in several European countries owing increasing acceptance of such medicines. APAC is also expected to present lucrative opportunities to market players in the forthcoming years. In addition, the market in APAC is expected to witness the fastest CAGR during the forecast period.
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