Herbal Medicine Market is Projected to Register a Healthy CAGR of 7.2% in the Forecast Period

Herbal medicines make use of natural products for medicinal purposes that contain as active ingredients, parts of the plant, or plant materials, or combinations. According to the WHO, 80 percent of Asian and African countries use herbal medicines for primary health care. Herbal medicine has attained a significant position as a potential source of therapeutics in the world of medical science. In recent years, as the shortcomings and side effects of other modern forms of medicine have become more prominent, herbal medicine seems to be reviving. According to a research report published by Market Research Future (MRFR), the global herbal medicine market is projected to capture a CAGR of 7.2 % during the forecast period, 2017-2023.

Herbal medicines have widely become available commercially in both developed and developing countries. Besides being cheap and locally available, herbal medicines are with little or no side effects, even though they might interfere with any other modern medications. Developed countries have widely accepted herbal medicines as an alternative or complimentary option to primary healthcare. The primary driver for the growth of herbal medicines in developing countries might be attributed to the lack of proper healthcare facilities; in such countries herbal medicines are the only accessible and affordable treatment option. Fear of side effects of synthetic medicines and conviction regarding the effectiveness of herbal medicines and self-medication practices are also vital factors in the growth of the herbal medicines market. Increase in geriatric population, escalating prices of modern medicines and innovations in the field of herbal medicines has augmented the market. Additionally, various marketing strategies by manufacturers have projected these medicines in a good light and has increased the awareness among consumers. Moreover, the current Good Manufacturing Practices for dietary supplements by FDA has made changes in rules and regulations related to herbal medicine formulations which aids the growth of the market.

The market constraints are lack of R&D activities, patent-related problems owing to poor legal and regulatory framework and poorly manufactured herbal products. Most herbal medicines lack quality controls, adequate labeling and patent information which gives rise to safety concerns. Lack of standardization of products for a mass market also remains a hindrance to the market growth. Another factor impeding the market growth is the fact that even though herbal medicines are believed to be effective, there has rarely been any scientific investigation or proof to support the claims. There has been adverse events (stroke, heart attacks, heart-rate irregularities, liver toxicity, seizures, psychoses and death) of side effects associated with the use of herbal medicines, that few countries have issued regulatory measures restricting the use of herbal medicines.

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Market Segmentation

The global herbal medicine market is segmented based on system, application, and source. By system, the market has been segmented into Ayurveda, Chinese, Western and others. By application, the market has been segmented into pharmaceutical, personal care, and others. By source, the market has been segmented into vegetable and animal. The vegetable segment has been further segmented into leaves and fruits, seeds, roots, bark, and others. The animal segment has been further segmented into oils, bones, and others.

Regional Analysis

The key markets of the global herbal medicine market are Asia-pacific, Europe and the Middle East and Africa. Asia-Pacific is at the forefront of the market owing to the presence of countries such as China and India. Herbal medicines are deeply rooted in cultures of these countries makes herbal medicines easily accepted by consumers in the region. The Asia-Pacific market is also estimated to be the fastest-growing market which will be led by china and India. Europe ranks the second largest market after Asia-Pacific due to large disposable income and increasing demand for natural therapies. The Europe market for herbal medicine will be led by France and Germany. The gulf countries will be leading the market in the Middle East and Africa region. However, the backward regions of Africa are expected to lag behind due to poor economic and political conditions.

Competitive Landscape

The global herbal medicines market is highly fragmented due to the presence of many small vendors. Some of the prominent companies operating in the market are Himalaya Drug Company, Tsumura, Arkopharma, Zandu Pharmaceutical Works Ltd, Dabur, Patanjali Ayurved Ltd., Ricola AG, Schwabe, Sheng Chang Pharmaceutical Company, Neutraceutical International Corporation, Hamdard laboratories, China Herbs Company and Madaus.

Industry Updates

In May 2018, Pax Herbal Clinic and Research Laboratories, announced that the company is planning to introduce degree and certificate courses in collaboration with three Nigerian universities. This would be a step towards boosting the research and development of herbal medicine in Nigeria.
The Food and Drug Administration announced warning to three companies who made false claims that Kratom can help to recover from cancer, opioid addiction, treat pain and lower blood pressure. FDA had earlier warned companies regarding Kratom having properties that expose users to addiction and dependence.
Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/herbal-medicine-market-3250

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This release was published on openPR.