Market
Overview
Herbal medicines products are considered
to be dietary supplements or nutraceuticals with health claims in regions like
North America, pre-approved by the Food and Drug Administration (FDA). FDA
regulations for such products are less strict compared to traditional medicines.
Therefore, favorable regulations for herbals medicinal products, mainly in North
America,benefits the global herbal medicines market. Expanding geriatric
population could be another factor boosting the herbal medicinal products
market growth. The elderly population in
countries like Mexico and Brazil is equal to the countries in Europeand North
America. This population makes extensive use of dietary supplements, a factor
that will drive the sale of herbal medicinal products in the coming years.
The global herbal medicinal
products market is set to have a lucrative run at a healthy growth rate over
the forecast period (2017-2023), reveals Market Research Future (MRFR).
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In recent years, countries in
western Europe have noted a considerable surge in the prescription of
homeopathic medications owing to the mounting awareness and adoption of this
type of treatment. Fewer side effects, safety during pregnancy,and higher
effectivenessare some of the instrumental factors stimulating market growth.
Other than homeopathy, Western
Europe also observes a high sale of herbal products, which works in favor of
the herbal medicinal products market. In Eastern Europe, herbal medicines have
experienced a remarkable increase in the past couple of years. In Russia, a
vast measure of population opts for traditional medicines as a basic option for
treatment. More number of people that suffer from infertility are going for traditional
treatment option, despite the advancement of contemporary medicines.
Key
Companies
Young
Living Essential Oils LC (U.S.), TSUMURA & CO. (Japan), Ricola AG
(Switzerland), ARKOPHARMA Laboratories, Company Ltd. (France), Sanofi-Aventis
Healthcare Pty Ltd. (Australia),Nature's Answer, Inc. (U.S.),Bio-Botanica Inc.
(U.S.)
Market
Segmentation
The Global Herbal
Medicinal Products Market Size has been segmented on the basis of
product type, medicine function, and form.
Herbal medicinal products market,
depending on the product type, includes traditional Chinese medicines,
homeopathic medicines, aromatherapy medicines, ayurvedic medicines, and others.
Between these, ayurvedic medicines cover the largest share, with Chinese
medicines covering the second-biggest share. The chief reason for the surge in ayurvedic
medicines sale is the easier approval for ayurvedic formulations by the
regulatory authorities.
With context to medicine
function, the herbal medicinal products market is considered for general
wellness, cardiovascular health, gut & digestive health, cognitive health,
and others. Among these, the gut and digestive health is the most profitable
segment owing to the rising consumption of herbal medicines for illnesses such
as dyspepsia and indigestion. On the other hand, herbal medicines for
cardiovascular health is now gaining immense popularity among consumers based
on the surging incidences of hypertension.
Form-wise, the herbal
medicinal products market covers powder, syrups, ointments, oils, capsules,
tablets, and others. The tablet form prevails as the leading segment with capsules
being the second-leading segment. The table form of herbal medicinal products
notes strong demand owing to dose accuracy. On top of that, tablets are handy, which
gives them an advantage over other formulations.
Regional
Outlook
The worldwide herbal medicinal
products market is spread across the main regions of Europe, North America, Asia
Pacific, and the rest of the world (RoW).
Europe is the leading herbal
medicinal products market, trailed by Asia Pacific. Europe is counted among the
top consumers of herbal medicinal products backed by the mounting awareness regarding
the benefits of consuming herbal remedies. Moreover, strong government support with
regards to new product launchesresults in the superlative performance of the
regional market.Regulatory authorities,including British herbal medicine
association and European herbal & traditional medicine practitioners
association are also striving to promote the useof herbal medicines, which
works wonders for the market.
Asia Pacific has secured the
second leading position in the global market as a result of the rising consumer
awareness among consumers. Also, high demand for herbal medicinal products such
as drugs, skin care products,and dietary supplements in India and China ispossibly
the chief driving factors behind the market growth. Surge in research and
development (R&D) activities for the advancement in herbal medicines could uplift
the market position in the years to come.
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North America is counted among
the strongest contenders in the herbal medicinal products
market, with predictions of it retaining its growth rate over the review period.
Favorable government support towards clinical research for improving herbal
medicine coupled with the hike in consumer demand for natural variants,could
benefit the regional market in the subsequent years.
Industry
Update
June
2019
DRDO has developed an herbal
drug called Lukoskin that treats leukoderma. This ointment is made of a number
of herbal ingredients with properties like anti-blister, anti-irritation, anti-septic,
copper supplementing and wound healingproperties. The oral formulation helps
keep track of emergence of any new spots.
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