” Providing overview of key players and their strategic profiling in the market, comprehensively analyzing their core competencies and drawing a competitive landscape of the market.
Herbal Medicines are becoming increasingly popular among modern consumers. Market Research Future (MRFR) projects that the Global Herbal Mdicine Market will capture a CAGR of 5.88% between 2018 and 2023. Demand for plant-based therapeutic systems has continued to increase in recent years. The ingredients for herbal medicines are usually extracted from leaves, seeds, flowers, bark, and plant oil among others, which do not carry any risk of side-effects. Advances in technology has allowed modernization of herbal medicines, putting them in a better position to compete with mainstream medicinal therapeutics. Market players are focusing on introduction of herbal medicines in the form of capsules, powders, syrups, gel and juice. This, in turn, is boosting the marketability of herbal medicines. Herbal medicines hold an imperative background in countries such as China, Japan and India. These countries are viewed as the pioneers of many herbal medicines that are currently available.
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The global market for herbal medicine is also profiting from the rising consumption of natural or plant-based dietary supplements. Moreover, increased investment in research & development programs is likely to create new avenues for the particular medicine space. However, awareness regarding such medicine categories is still moderate, which is hindering their market potential. At the same time, lack of efficient regulatory framework also acts as a hurdle for the market.
Segmental Analysis
Segmental analysis of the global herbal medicine market is based on product type, type of medicinal plants, by form, by source, by indication and by distribution channel. On the basis of the product type, the market has been segmented into herbal pharmaceutical, herbal dietary supplements, herbal functional foods, and others. The herbal pharmaceutical segment holds the dominant share of the market. This segment is expected to surpass a market valuation of USD 73,000 Mn in 2023 up from USD 50,975.8 Mn in 2017, reflecting an above-average growth rate. Increased use of herbal pharmaceuticals for treating diseases such as cancer, arthritis, diabetes, sleeping disorders and other chronic diseases.
By type of medicinal plants, the market has been segmented into Aconitum Ferox (Ranunculaceae), Allium Sativum (Liliaceae), Andrographis Paniculata (Acanthaceae), Commiphora Wightii (Burseraceae), Crocus Sativus (Iridaceae), and others. Among these, the aconitum ferox segment is expected to remain highly attractive over the next several years. In 2017, the segment surpassed a valuation of USD17,100 Mn and is projected to post a CAGR of 6.31% during the review period.
By form, the market has been segmented into capsules and tablets, powder, syrups, extracts, and others. The extracts segment currently holds the dominant share of the market. Herbal extracts are derived from herbs by using different solvents with the combination of certain chemicals, water, alcohol, or other liquids that help to maintain medicinal components of plants. Towards 2023, the segment is expected to surpass a market valuation of USD 48,100 Mn.
By sources, the market has been segmented into leaves, roots and barks, whole plant, fruit, and others. The whole plant segment holds the top position in terms of market value. The segment is expected to remain highly profitable throughout the assessment period. In 2017, the segment stood a valuation of over of USD 9,500 Mn.
On the basis of indication, the market has been segmented into cardiovascular disorders, respiratory disorders, digestive disorders, hypnotics and sedatives, and others. The cardiovascular disorders segment accounts for the largest market share. This can be attributed to the growing prevalence of heart diseases and various cardiovascular disorders.
By distribution channel, the market has been segmented into e-commerce, hospitals and retail pharmacies and others. The hospital and retail pharmacies segment is expected to retain its dominant position over 2023. During the review period, the segment is projected to exhibit a CAGR of 5.98%. Hospitals and retail pharmacies are one of the primary distribution channels of herbal medicine owing to their wide network and robust global presence.
Regional Outlook
On the basis of region, the market has been segmented into Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA). Europe has emerged as the largest market for herbal medicine. The market in Europe is projected to reach a valuation in excess of USD 58,600 Mn by the year 2023. The Europe herbal medicine market is expected to surge at a healthy CAGR during the assessment period. Herbal medicines are witnessing tremendous market prospects in several European countries owing increasing acceptance of such medicines. APAC is also expected to present lucrative opportunities to market players in the forthcoming years. In addition, the market in APAC is expected to witness the fastest CAGR during the forecast period.
Competition Tracking
Some of the leading market players include Arkopharma, Bayer AG, BEOVITA, Hishimo Pharmaceuticals, Schaper & Brummer, ZeinPharma Germany GmbH, Venus Pharma GmbH, Dasherb Corp, Arizona Natural Products, Blackmores, Himalaya Global Holdings Ltd, Dr. Willmar Schwabe India Pvt. Ltd.
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