Global Herbal Medicine Market: Overview
An herb is mainly a plant or a part of a plant that is utilized for its therapeutic properties, flavor, and scent. Herbal medicines are usually considered a form if dietary supplement. These medicines are sold as fresh or dried plants, extracts, teas, powders, capsules, and tablets. People are increasingly making use of herbal medicines in an effort to improve and maintain their health, which is likely to boost the global herbal medicine market in near future.
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Many people are of opinion that products labeled “natural” are good for them and always safe. Many conventional drugs are made from various plant sources. Almost a century ago, most of the effective drugs were plant-based.
The global herbal medicine market has been segmented based on category, type, form, source, distribution channel, and region. The main objective of providing such a comprehensive report is to provide a deep insight into the market.
Global Herbal Medicine Market: Notable Developments
The global Herbal Medicine market has come across quite a few developments in the last few years. One such development of the market is mentioned below:
- In December 2017, India-based Himalaya Global Holdings Ltd. introduced a new herbal medicine , Oro-T. This novel medicine is an advanced mouth rinse containing turmeric powder for people suffering from cancer. It has been a first-of-its-kind product with curative and preventive characteristics for oral mucositis. This disease generally occurs in cancer patients who are undergoing radiotherapy and chemotherapy.
Some of the key market players of the global herbal medicine market are
- Himalaya Global Holdings Ltd
- ZeinPharma Germany GmbH
- Hishimo Pharmaceuticals Pvt. Ltd
- Venus Pharma GmbH
- Arizona Natural Products
- Beovita Vital GmbH
- Dr. Willmar Schwabe India Pvt. Ltd
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Global Herbal Medicine Market: Growth Drivers
Integration of New Technologies into the Field of Herbal Medicine to Drive Demand
Various plants or parts of plants such as bark, oil, flowers, seeds, leaves, and roots are utilized in the making of herbal medicines. Herbal medicines are being used since centuries for the treatment of several diseases. With the integration of various new methods and technologies, herbal medicines can now be found in various conventional forms such as capsules, syrups, powders and others. With the availability of herbal medicines in such conventional forms, the global herbal medicine market is predicted to witness considerable growth in the years to come.
Owing to fewer side effects, there has been growing preference for traditional and natural medicines by consumer across the globe, which is likely to support growth of the global herbal medicine market over the assessment tenure.
In addition to that, augmented funding for research and development activities on herbal medicines is predicted to intensify the demand for it. Besides, emergence of new scope of application for herbal medicines is likely to bolster growth of the global herbal medicine market in the years to come.
Many conventional and effective drugs have their roots in plant sources. Examples of such plant-based conventional drugs are digoxin (made from goxglove), aspirin (contain extracts of willow bark), and morphine (made from opium poppy).
Global Herbal Medicine Market: Regional Outlook
In the global herbal medicine market, Europe is predicted to come up as one of the leading regions. Such regional dominance of Europe lies in the extensive research and development activities for herbal medicines and growing popularity for these medicines in the region.
Asia-Pacific is forecasted to emerge as another important regional market over the timeline of assessment. Presence of several herbal medicine-based pharmaceutical companies together with rising preference of these medicines is expected to propel growth of the herbal medicine market in Asia Pacific.
The global herbal medicine market is segmented as:
- Herbal Pharmaceuticals
- Herbal Functional Foods
- Herbal Beauty Products
- Herbal Dietary Supplements
- Marrubium Vulgare
- Vaccinium Macrocarpon
- Echinacea, Curcuma Longa
- Camellia Sinensis
- Actaea Racemose
- Aloe Vera
- Zingiber Officinale
- Cocos Nucifera
- Cinnamomum Spp
- Allium Sativum
- Capsules and Tablets
- Root and Barks
- Whole Plants
- Hospital and Retail Pharmacies
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