Herbal medicine, or phytomedicine is a medicinal system using a plant or animal materials such as seeds, roots, leaves, bark, flowers, oils etc. for medicinal purposes. Herbalism has emerged from a long historical tradition of using nature for curing diseases. According to WHO estimates, almost 80% of population of many Asian and African countries depend on traditional medicine for primary health care. The market drivers for the global herbal medicine market are growing aging population, increasing consumer awareness, little or no side effects, supplier innovations, and the release of Current Good Manufacturing Practices (CGMP) for dietary supplements by the FDA. Another factor is escalating prices, tighter health budgets of modern medicinal system which has driven consumers towards the more economical and safer herbal medicine systems. The market constraints are lack of research and standardization in herbal medicines, poor legal and regulatory frame work which causes patent problems, poor manufactured herbal products etc. Considering all these factors the market for herbal medicine is expected to reach $ 111 billion by the end of 2023, this market is projected to growing at a CAGR of ~ 7.2 % during 2017-2023.
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Key Players of Global Herbal medicine Market:
Key players profiled in the report are Himalaya Drug Company, Blackmores, Tsumura, Schwabe, Madaus, Arkopharma, Sheng Chang Pharmaceutical Company, China Herbs Company, Nutraceutical International Corporation, Ricola AG, Zandu Pharmaceutical Works Ltd, Hamdard laboratories, Dabur, Patanjali Ayurved Ltd.
Herbal Medicine Market Segments:
The global herbal medicine market is segmented on the basis of system. Based on the system, the market has been segmented as Ayurveda, Chinese, Western and other. Based on the application, the market has been segmented as pharmaceutical, personal care and other. Based on the source, the market has been segmented as vegetable and animal. The vegetable segment is sub segmented into leaves and fruit, seeds, roots, bark and other. The animal segment is sub segmented into oils, bones, and other.
Herbal Medicine Market Regional Analysis
Asia Pacific countries such as China followed by India accounts for the maximum market share due to its tradition of using the herbal system. Europe is the second largest market due to large disposable income and growing demand for natural therapies and remedies. The European market will be led by France followed by Germany. Asia pacific region will be the fastest region because of which will be led by China and India. The Middle East and Africa market will be led by the gulf nations particularly Saudi Arabia and UAE. The poor regions of Africa is expected to be a laggard due to poor economic and political conditions.
The report for Global Herbal medicine Market by Market Research Future comprises of extensive primary research along with the detail analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight of the market and industry performance. The report gives a clear picture of current market scenario which includes past and estimated future market size with respect to value and volume, technological advancement, macro economical and governing factors in the market. The report provides detail information about and strategies used by top key players in the industry. The report also gives a broad study of the different market segments and regions.
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Detailed Table of Contents:
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.2.2 ASSUMPTIONS & LIMITATIONS
1.3 MARKET STRUCTURE:
2 RESEARCH METHODOLOGY
2.1 RESEARCH PROCESS:
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH:
3 MARKET DYNAMICS
3.4 MACROECONOMIC INDICATORS
4 MARKET FACTOR ANALYSIS
4.1 PORTERS FIVE FORCES MODEL
4.2 BARGAINING POWER OF SUPPLIERS
4.3 BARGAINING POWER OF BUYERS
4.4 THREAT OF NEW ENTRANTS
4.5 THREAT OF SUBSTITUTES
4.6 INTENSITY OF RIVALRY
5 GLOBAL HERBAL MEDICINE MARKET, BY SYSTEM
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