Plants have been used for medical and health purpose from several thousand years, even traditional use of herbal medicines has long history and acknowledgment of safety, effectiveness and acceptance by national authorities. Herbal medicinal products are derived from plants containing active ingredients one or more herbal substances, herbal preparations and herbal combinations. Herbal medicinal products can be obtained in the form of powdered plant material and purified extract from active ingredients isolated from plant materials. Herbal medicinal products can be made by part of plant either fragmented or cut of plant, algae, lichen and fungi. Traditional herbal medicine contains vitamins and minerals with reference that there should be documented evidence for safety. However, use of traditional herbal medicinal products has resulted both in mild and serious adverse reaction, such as organ toxicity and hypersensitivity have raised worldwide. Furthermore herbal medicinal products have less or no side effects than the conventional pharmaceutical drugs.
Herbal Medicinal Products Market: Dynamics
In recent years, use of herbal medicinal products is raising its popularity among consumers in developed countries. Consumption of traditional herbal medicinal products grown tremendously as there is increase in global expenditure on these products. Herbal medicinal treatments are independent of any age group so the scope for key players in herbal medicinal market will increase in coming forecast period. A majority of population in developing countries still relies on herbal medicinal products to reach its health needs. Herbal medicinal therapy is the only affordable remedy available in developing and developed countries. Middle aged and aged people are major consumer of herbal medicinal products with respect to rise in health consciousness and prevent health disorders has raised demand for the products. Many of the herbal medicinal products manufactures have developed with various alternative therapies to relive women from insomnia, menopause and hot flashes.
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Herbal Medicinal Products Market: Segmentation
On the basis of product type global herbal medicinal products market is segmented into
- Ayurvedic Medicines
- Homeopathic Medicines
- Chinese Medicines
- Nutrition & Dietary Supplements
On the basis of application global herbal medicinal products market is segmented into
- Food & Beverages
- Personal Care
On the basis of forms global herbal medicinal products market is segmented into
- Capsules & Tablets
On the basis of distribution channel global herbal medicinal products market is segmented into
- Hospital Pharmacies
- Retail Pharmacies
- Mail Order Pharmacies
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Herbal Medicinal Products Market: Region-wise Outlook
Regionally, Herbal medicinal market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East Africa. Europe is dominating market in global herbal medicinal products, defined guidelines by European Union for approval of herbal medicine for production and testing will lead to market growth in Europe. Asia Pacific is the fastest growing market as herbal medicine is only affordable remedy available in developing countries. Countries in Asia Pacific like China, India, Malaysia, Japan and Singapore are expected to a prominent growth in herbal medicinal market over the forecast period. Herbal medicinal market is expected to grow in Asia pacific and Middle East Africa region honoring to factors such as availability, acceptability, consumer awareness and affordability.
Herbal Medicinal Products Market: Key Players
Some of the major players operating in global herbal medicinal products are Himalaya Drug Company, NBTY Inc., Arkopharma SA, Blackmore Limited, Nutraceutical Corporation, Bio-Botanica Inc., Potters Herbal Medicine, Twinlab Corporation and Arizona Natural Products. The increasing competition in key players will drive the global herbal medicinal market over the forecast period.