Covid-19 Outbreak Impact on Herbal Medicine Market Growth 2020, Industry Analysis, Growth Opportunities, FDA Approvals, Report Outlook, Company Players, Key Regions, New Drug Development & Trends

Herbal Medicine Market Analysis

Global herbal medicine market is predicted to touch USD 1,29,689.3 million at a 5.88% CAGR over the forecast period (2017-2023), in accordance with the latest Market Research Future (MRFR) report. Herbal medicine, also known as phytomedicine/botanical medicine uses flowers, bark, leaves, roots, berries, and plant seeds to promote health and treat illness. Both dried plant matter and fresh are used, depending on the herb. Herbal medicines come in different dosage forms, including dried plants, extracts, tablets, and others.

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Various factors are propelling the herbal medicine market growth. These factors, as stated by the latest MRFR report, include the increasing R&D activities on different herbs to discover their medicinal properties, burgeoning demand for natural medicines with few side effects, multiple applications of herbal medicines, and cost-effective prices compared to allopathic medicine. Additional factors pushing market growth include recent technological advancements and growing prevalence of various chronic diseases such as digestive problems, sleep disorders, cancer, arthritis, and diabetes.

On the flip side, poor standardization and allergic reactions are factors that may impede the herbal medicine market growth over the forecast period.

Herbal Medicine Market Segmentation

The MRFR report provides a complete segmental analysis of the herbal medicine market report on the basis of category, type, form, source, and distribution channel.

Based on category, the herbal medicine market is segmented into herbal dietary supplements, herbal beauty products, herbal functional foods, and herbal pharmaceuticals.

Based on type, the herbal medicine market is segmented into allium sativum, cinnamomum spp, cocos nucifera, zingiber officinale, aloe vera, actaea racemose, camellia sinensis, curcuma longa, echinacea, vaccinium macrocarpon, and marrubium vulgare. Of these, the marrubium vulgare segment will dominate the market over the forecast period. It is widely used to treat digestion problems such as gallbladder complaints, constipation, diarrhea, bloating, gas, loss of appetite, and indigestion. Besides, it is also used to treat breathing problems.

Based on form, the herbal medicine market is segmented into syrups, capsules and tablets, powders, and extracts. Of these, the extracts segment will have the largest share in the market over the forecast period.

Based on source, the herbal medicine market is segmented into fruits, whole plants, root and barks, and leaves. Of these, the leaves segment will lead the market over the forecast period.

Based on distribution channel, the herbal medicine market is segmented into e-commerce and hospital and retail pharmacies. Of these, the hospital and retail pharmacies segment will have the maximum share in the market over the forecast period. The rising incidences of infectious diseases as well as cancer worldwide, the presence of skilled professionals, and improving healthcare infrastructure are boosting the market growth.

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Herbal Medicine Market Regional Analysis

By region, the herbal medicine market report covers the latest trends and growth opportunities across the Asia Pacific, Europe, the Americas, and the Middle East and Africa. Among these, Europe will lead the herbal medicine market during the forecast period. Factors attributing to market growth in the region include growing preference for herbal drugs, increasing funding for research on medicinal plants, and extensive research and development for herbal medicine.

The APAC region is predicted to have the second-largest share in the market over the forecast period. Factors attributing to market growth in the region include the growing adoption of traditional medicines by policymakers, researchers, and pharmaceutical companies.

The herbal medicine market in the Americas is predicted to have a notable growth over the forecast period. This is owing to the extensive use of herbal supplements to treat arthritis, stroke, and cancer in the US.

In the Middle East and Africa, the herbal medicine market is predicted to have a slow growth over the forecast period. This is owing to less in-depth knowledge and less awareness regarding herbal drugs in the region.

Herbal Medicine Market Key Players

Leading players profiled in the herbal medicine market report include Dr. Willmar Schwabe India Pvt. Ltd, Himalaya Global Holdings Ltd, Blackmores, Arizona Natural Products, Dasherb Corp, Venus Pharma GmbH, ZeinPharma Germany GmbH, Schaper & Brümmer, Hishimo Pharmaceuticals, BEOVITA, Bayer AG, and Arkopharma, among others. Key players have incorporated different strategies such as acquisition, product development, and innovation to create a niche in the market.

August 2019: Iranian scientists have developed two herbal drugs- Melitropic and SaffroTin capsule to prevent and also control Alzheimer’s disease. The former contains lemon balm extracts that will reduce the toxic beta-amyloid protein’s destructive effects and slow down the progression of the disease. The latter contains saffron extract.

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This release was published on openPR.