Market Research Future Insights:
Since ancient times, herbal medicines have been utilised to treat a variety of medical ailments. It is currently the oldest and most widely practised medical system in existence. The use of herbal supplements and treatments varies greatly around the globe. Around 70% to 80% of people worldwide, according to the World Health Organization (WTO), rely on herbal sources for their medical care, according to the National Center for Biotechnology Information. Additionally, the American Botanical Council announced in September 2017 that sales of herbal supplements climbed by 7.7% in the US in 2016. Additionally predicted was an increase in consumer spending on herbal supplements to USD 7.452 billion in 2016. Thus, this market is anticipated to grow throughout the forecast period as demand for herbal products for medicinal applications rises.
Herbal Medicine Market size was valued USD 145 billion in 2021 and expected to reach USD 356 Billion by 2030 at 10.9% CAGR during the forecast period 2022-2030. Herbal medicines market do have certain adverse effects and allergic reactions, though, including drowsiness, dry mouth, itching, erythematous sores, and others, in addition to their many uses. They may occasionally harm the patient’s liver and induce kidney failure. The National Center for Biotechnology Information reports that in 2017, 8.4% of people who used herbal medicines experienced adverse reactions and 59.8% of people experienced erythematous rash. Additionally, herbal medications are risky for kidney patients, according to the National Kidney Foundation 2017, because the kidney may not operate properly and may lead to various difficulties following consumption of herbal medications. As a result, unpleasant reactions including allergic reactions following the use of herbal medications may hinder market expansion.
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Increasing interest in using traditional medicines
Increasing research funding and investments in herbal remedies
The global market for herbal medicines has been divided into sections based on category, source, form, distribution method, and geography. The market is segmented into herbal pharmaceuticals, herbal dietary supplements, herbal functional foods, and herbal beauty goods on the basis of category. The demand for natural medicines with fewer side effects, increased research and development on various herbs to discover their medicinal properties, and an increase in the prevalence of chronic diseases like diabetes, arthritis, cancer, sleep disorders, and digestive issues are all contributing to the growth of the herbal pharmaceutical industry.
The market has been segmented into extracts, powders, capsules and tablets, syrups, and others based on form.The market is divided into hospital and retail pharmacies, e-commerce, and other distribution channels. In 2017, the hospital and retail pharmacy segment held the biggest market share. Hospital and retail pharmacies are expanding in the herbal medicine market as a result of rising rates of cancer and infectious diseases around the world, better healthcare infrastructure, and knowledgeable staff.
The Americas, Europe, Asia-Pacific, and the Middle East and Africa make up the geographical segments of the global market for herbal medicines. The second-largest market share for herbal medicines is held by the Americas. As of 2017, it held a sizeable market share of 16.2%. After Eisenberg et al. conducted the first nationwide assessment of alternative and complementary medicines utilised, the use of herbal medicines is expanding in the US as well. The National Center for Biotechnology Information revealed that in the US, the most common uses of herbal supplements were for disorders like cancer (43.1%), stroke (48.7%), and arthritis (43%). The market growth over the anticipated period is going to be aided by the rising demand for and preference for herbal goods.
Due to intensive R&D in herbal medicine, rising funding for research on medicinal plants, and a rise in demand for herbal pharmaceuticals globally, Europe is anticipated to hold the greatest market share. Europe is divided into Western Europe and Eastern Europe on a regional basis. During the projection period, Western Europe is anticipated to have the highest market growth. Market expansion in the region is facilitated by rising government backing and an increase in the prevalence of chronic diseases.
Due to the adoption of traditional medications by pharmaceutical companies, researchers, and policymakers, Asia-Pacific is anticipated to grow at a CAGR of 5.99% throughout the projected year. In contrast, the Middle East and Africa are predicted to grow slowly because there is less expertise and awareness of herbal treatments there.
Bayer Arkopharma Inc.,Hiroshima Pharmaceuticals, BEOVITA,Brümmer & Schaper,German company ZeinPharma GmbH,Jupiter Pharma GmbH,Arizona Natural Products Dasherb Corp.,Blackmores
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