Herbal Medicine Market Growth Insight, Regional Opportunities, Key Country Outlook And Leading Players Forecast To 2023

Herbal Medicine Market Analysis

Herbal medicines are developed using various parts of plants such as bark, flowers, leaves, seeds, bark, etc. Modern methods have made it possible for these medicines to adopt forms of capsules, tablets, powders, and syrups. The global herbal medicine market report by Market Research Future (MRFR) outlines pertinent drivers, challenges, trends, and opportunities for the period of 2018 to 2023 (forecast period).

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Herbal Medicine Market Outlook

The global herbal medicine market is predicted to reach a valuation of USD 129,689.3 million by 2023. It is expected to expand at 5.88% CAGR over the forecast period. Massive demand for herbal medicines, multiple applications of herbal medicines, and increased funding for research into the effects of these medicines are major drivers of the market. According to the National Center for Biotechnology Information, around 70-80% of the population relied on natural medicines for their treatment. Awareness of alternative medicines owing to the advent of social media is likely to augur well for the market.

However, side-effects to herbal and low number of standards can negatively impact the market growth.

Herbal Medicine Market Competition Outlook

Venus Pharma GmbH, Hishimo Pharmaceuticals, Schaper & Brümmer, Himalaya Global Holdings Ltd, Dr. Willmar Schwabe India Pvt. Ltd., Arizona Natural Products, Bayer AG, Blackmores, BEOVITA, Arkopharma, ZeinPharma Germany GmbH, and Dasherb Corp. are prominent names in the global herbal medicine market. Entry of newcomers to the industry as well as attempts to carve their niches to control market share can be witnessed in the coming years.

Herbal Medicine Market Segmentation

The global herbal medicine market is segmented by category, type of medicinal plants, form, source, and distribution channel.

The global herbal medicine market, by category, has been segmented into herbal beauty products, herbal pharmaceuticals, herbal dietary supplements, and herbal functional foods. Herbal pharmaceuticals accounted for 54.9% market share in 2017.

Based on type of medicinal plants, the herbal medicine market has been categorized as cinnamomum spp, echinacea, marrubium vulgare, cocos nucifera, vaccinium macrocarpon, curcuma longa, aloe vera, camellia sinensis, actaea racemose, zingiber officinale, and allium sativum. Marrubium vulgare is expected to be the leading segment of the market till 2023.

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Based on form, the herbal medicine market has been classified as syrups, extracts, powders, and capsules & tablets.

Based on the source, the herbal medicine market has been divided into whole plants, leaves, root & barks, and fruits.

By distribution channel, the global herbal medicine market has been bifurcated into hospital & retail pharmacies and E-commerce. The hospital & retail pharmacies segment is expected to account for a large market share owing to the demand for drugs and medicines amid prevalence of chronic diseases.

Herbal Medicine Market Regional Analysis

The global herbal medicine market, based on region, is divided into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).

Europe is predicted to lead the market owing to preference for herbal drugs, rise in funding for research on herbal plants, and rising inclination towards natural products. Development of herbal medicines which are quick to act and provide immediate symptomatic relief can lead to good returns for the global market till the end of the forecast period.

APAC is anticipated to be the second-largest region owing to adoption of traditional medicinal formulations by researchers, pharmaceutical companies, and policy makers. The geriatric populace and use of healthcare IT for making patients aware of alternative medicines can drive the regional market growth. Initiatives by the healthcare departments of economies to commence clinical trials on the effects of herbal medicines on COVID-19 can augur favorably for the market.

The Americas is predicted to follow APAC in rankings owing to the use of herbal medicines by the denizens of countries in the region. According to the National Center for Biotechnology Information, herbal supplements were used for cancer, arthritis, and strokes in the U.S.

Lastly, the MEA region is seen to be registering a slow growth rate owing to less awareness of herbal drugs.

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