Herbal Medicine Market Research Report
Growth opportunities in the herbal medicine market look
promising over the next six years. This is mainly due to increasing consumer
preference towards traditional medicines such as Unani and Ayurveda and the
growing use of conventional drugs.
Request
for a FREE Sample Report on Herbal Medicine Market
Herbal Medicine Market Dynamics (including
market size, share, trends, forecast, growth, forecast, and industry analysis)
Key
Drivers
The surging role of the World Health Organisation's
monographs on the selected medical plants has resulted in massive growth in the
herbal
medicine market. WHO has been operating with at least 15 national drug
regulatory authorities such as NMRA, CDSCO, and AHWP, etc., which is promoting
market growth. Also, the augmenting usage of these medicines in traditional and
conjunction drugs has strengthened the herbal medicine market share. The
growing inclination of consumers towards conventional medicines like Ayurveda,
Unani, etc., owing to the absence of side effects compared to the modern
medicines and no toxicity from an overdose, is stimulating the market growth.
In accordance with the WHO, there has been a boost in the registration systems
of these medicines from 109 in 2012 to 125 in 2018. Additionally, approximately
88% of traditional and complementary medicines were used in 2018, which
resembles its huge consumption by individuals, leading to massive growth.
However, the growing consciousness among consumers about the toxicity level in
these medicines will curb the market growth.
Distribution
Channel Segment Drivers
On the basis of distribution channels, hospitals and retail
pharmacies are expected to expand at a higher CAGR over the forecast period.
This is primarily because of the expansion in the number of these pharmacies.
For instance, the number of independent pharmacies between 2010 and 2019
fuelled by greater than 2,600 stores (12.9%), which raised the market growth.
Regional
Drivers
Based on the regional coverage, North America is predicted
to grow at a faster CAGR over the forecast period. This is attributed to the
intensifying sales of herbal dietary supplements in the U.S., As per the
(ABC's) American Botanical Council, United States in 2019 disbursed almost
$9.602 billion on herbal dietary supplements, which presents a growth of 8.6%
in the net U.S. sales from the year 2018. Moreover, the vigorous prevalence of
key players in the market like Bayer AG, Arizona Natural Products, Arkopharma,
have bolstered the market growth.
Herbal
Medicine Market’s leading Manufacturers:
·
Arizona Natural Products
·
Venus Pharma GmbH
·
Schaper & Brümmer
·
DABUR
·
Arkopharma
·
Blackmores
·
Dasherb Corp.
·
ZeinPharma Germany GmbH
·
Hishimo Pharmaceuticals
·
Bayer AG
Herbal Medicine Market Segmentation:
Segmentation by Category
·
Herbal Pharmaceuticals
·
Herbal Functional Foods
·
Herbal Dietary Supplements
·
Herbal Cosmetic Products
Segmentation by Form
·
Tablets & Capsules
·
Powders
·
Extracts
·
Syrups
·
Others
Segmentation by Source
·
Leaves
·
Roots and barks
·
Fruits
·
Whole plants
·
Others
Segmentation by Distribution Channel
·
Hospitals & Retail Pharmacies
·
E-commerce
Segmentation by Region:
·
North America
o
United States of America
o
Canada
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
o
Rest of the world (remaining countries of the
LAMEA region)
About GMI Research
GMI Research is a market research and consulting company
that offers business insights and market research reports for large and small
& medium enterprises. Our detailed reports help the clients to make
strategic business policies and achieve sustainable growth in the particular
market domain. The company's large team of seasoned analysts and industry
experts with experience from different regions such as Asia-Pacific, Europe,
North America, among others, provides a one-stop solution for the client. Our
market research report has in-depth analysis, which includes refined forecasts,
a bird's eye view of the competitive landscape, key factors influencing the
market growth, and various other market insights to aid companies in making
strategic decisions. Featured in the 'Top 20 Most Promising Market Research Consultants' list
of Silicon India Magazine in 2018, we at GMI Research are always looking
forward to helping our clients to stay ahead of the curve.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com
Comments