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Botanical and Plant Derived Drugs Market Trends Increases Steadily In Emerging Countries with Top Players GlaxoSmithKline, Pfizer, . Sanofi, Actelion, Aimil, Allergan, AstraZeneca
Botanical and Plant Derived Drugs
However, stringent laws and regulations for approval of botanical drugs is a key restraint for the growth of botanical and plant derived drugs market.Moreover, increasing number of mergers and acquisitions by manufacturing companies is driving growth of the botanical and plant derived drugs market.
The botanical and plant derived drugs market is estimated to be valued at US$ 30.1 Bn in 2017, and is expected to witness a robust CAGR of 6.3% during the forecast period (2017 - 2026).
In several diseases, there is no cure for chronic pain. Therefore, physicians prefer pharmacologic methods to treat pain and decrease the suffering of patients. Patients suffering from intractable chronic pain, which cannot be managed with conventional treatment methods, prefer botanical and plant derived drugs. Lung cancer is the leading cause of death in the Eastern, Southern, and Southeastern Asia.
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According to the 2013- International Agency for Research on Cancer data, in 2012, 1,033,881 cases of lung cancer occurred only in Asia. In addition, Eastern, Southern, and Southeastern Asia region accounts for 56% of the world’s population and contributes to 44% of the total cancer cases, worldwide according to the statistics mentioned in The Cancer Atlas. High cost of developing and manufacturing conventional drugs is propelling demand for alternative solution, such as plant-derived drugs that cost less than conventional drugs. Requirement of less technical experts and low capital investment for manufacturing botanical and plant-derived drugs. For instance, in October 2016, Napo Pharmaceuticals, Inc. launched Mytesi, an antidiarrheal indicated for the symptomatic relief of noninfectious diarrhea in adult patients with HIV/AIDS on Antiretroviral Therapy (ART).
Furthermore, in February 2015, Nature’s Power Nutraceuticals (NP Nutra) launched seven new products, which include Aloe Vera 100:1 Freeze-dried (Organic), Yacon Leaf Powder (Organic), Nopal Powder (organic), Pea Protein Powder 80% (organic), Hemp Protein Powder 45% (organic), and NutraProtein Power Blend.
Favorable government policies and supportive initiatives by various organizations also aid in growth of the botanical and plant derived drugs market
Government is taking initiatives for the development of new plant-based drugs with herbal medicine gaining significant traction from the global healthcare systems. China utilizes herbal medicines for treatment of diseases such as acute respiratory syndrome. World Health Organization (WHO) along with economies such as India, China, the US, and Nigeria are majorly investing in research and development for herbal drugs.
Furthermore, legalization of medicinal cannabis is expected to boost growth of the botanical and plant derived drugs market. For instance, in 2016, marijuana legalization in America reached a tipping point as the medical marijuana became legal in some of the states. In February 2016, the Australian Government amended the Narcotics Drugs Act 1967 to allow cultivation of cannabis for medicinal or scientific purposes under a national licensing scheme, which is expected to favor growth of the botanical and plant derived market. The legalization of medicinal cannabis is expected to increase research on medicinal cannabis offering a valuable medical option for treatment, which in turn is supporting growth of botanical and plant derived drugs market in near future.
Key players operating in the market include Bayer Healthcare, GlaxoSmithKline, Pfizer, Inc. Sanofi, Actelion Pharmaceuticals, Aimil Pharmaceuticals, Allergan, AstraZeneca, Boehringer Ingelheim, and GW Pharmaceuticals.
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