Herbal Medicine Market USD 111 Billion by the end of 2023 with Blackmores, Tsumura, Schwabe, Madaus, Arkopharma, Sheng Chang Pharmaceutical Company and China Herbs Company

Global Herbal Medicine Market 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.

Herbal Medicine Market Scenario:

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 depends 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.

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Worldwide Herbal Medicine Market Top Players Overview:

Novartis International AG (Switzerland), Terumo Medical Corporation (US), Transonic (US), F. Hoffmann-La Roche Ltd. (Switzerland), Astellas Pharma, Inc (Japan), Preservation Solutions, Inc. (US),  OrganOX Limited (UK), Bio Med Pvt. Ltd. (US), Transplant Biomedical (UK), TransMedic, Inc. (US), Accord Healthcare GmbH (Spain), Sanofi (France), Pfizer, Inc. (US), Veloxis Pharmaceuticals A/S (Denmark) and GlaxoSmithKline Plc. (UK).

Herbal Medicine Market Segmentation:

Global Herbal Medicine market is segmented on the basis of type of organ, into heart, kidney, liver, lungs, and other. On the basis of products, they are segmented into organ preservation solutions, transplant diagnostics, tissue products and other. On the basis of type of transplant the market is segmented into autograft, allograft and allotransplantation, xenograft and xenotransplantation and other.

On the basis of treatment the market is segmented into analgesic, immunosuppressant and other. Immunosuppressant is further segmented into calcineurin inhibitors, mTOR inhibitor, antiproliferative agents, steroids and other. Calcineurin Inhibitors are sub segmented into tacrolimus and cyclosporine. mTOR inhibitor is sub segmented into sirolimus and everolimus.

On the basis of end users the market is sub segmented into hospitals, transplant centers and other.

Herbal Medicine Market Regional Analysis:

On a regional basis, the global Herbal Medicine market is segmented into America, Europe, Asia Pacific and Middle East & Africa. America accounts for the largest market, owing to the huge number of people suffering from chronic diseases. An increasing number of Herbal Medicine, rising aging population and developments in the technology has also contributed for the growth of the market. Europe has the second largest market which is followed by Asia Pacific. Encouraging the start of new organizations and research, developed infrastructure and increasing healthcare expenditure has driven the Europe market. Asia Pacific has the growing market of Herbal Medicine. Rapid development in the healthcare sector, availability of skilled professionals and large diseases population pool is expected to fuel the growth of the market.

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