A new market study, titled “Herbal Medicine Market Research Report – Global Forecast till 2023” has been featured on MarketResearchFuture.com.
The Global Herbal Medicine Market continues to grow on account of the increasing popularity of herbal products in advanced economies. Europe has emerged as a major market for herbal medicines, which also characterizes the growing acceptance of such products in the West. The outlook towards the herbal medicine industry remains positive for the medium term. The global herbal medicine market is expected to surge at a compound annual growth rate of 5.88% during the review period (2018-2023). Sales of herbal medicines is increasing at a healthy pace owing to consumer inclination towards such products. There is a growing preference for traditional and plant-based medicinal products across the globe.
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This report offers a comprehensive assessment of the global herbal medicine market along with a five-year (2018-2023) revenue forecast. The report also includes a thorough discussion on factors impacting the future proposition of the market and its sub-markets. Revenue analysis on the basis of the different herbal medicine product is also available in the report. Various type of medical plants that are used for preparing herbal medicines in mentioned in the report. Further, primary forms of herbal medicine that are currently available has been discussed in the report. Other key pointers include medicine source, indication and distribution channel.
Bayer AG, Arkopharma, Hishimo Pharmaceuticals, ZeinPharma Germany GmbH, Dasherb Corp, Blackmores, Dr. Willmar Schwabe India Pvt. Ltd., BEOVITA, Schaper & Brummer, Venus Pharma GmbH, Himalaya Global Holdings Ltd, and Arizona Natural Products.
The report offers insights into the leading market players and presents an assessment of their current market position. Company information with regards to revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives is also available in the report.
MRFR employs a methodology that draws an extensive research that is of gold standard. The crux of the research exemplifies the best use of primary and secondary research techniques. For distilling raw data, a novel and tested data triangulation formula is utilized. This allows confirmation of information and data obtained through an exhaustive research. The research methodology is devised to deliver an unbiased market outlook. The multi-level evaluation process ensures a highly accuracy of the data and industry insights. Use of top-down and bottom-up approaches allow precise valuation of market and future projection.
Segmental analysis of the global herbal medicine market is based on product type, type of medicinal plants, by form, by source, by indication and by distribution channel. On the basis of the product type, the market has been segmented into herbal pharmaceutical, herbal dietary supplements, herbal functional foods, and others. The herbal pharmaceutical segment holds the dominant share of the market. This segment is expected to surpass a market valuation of USD 73,000 Mn in 2023 up from USD 50,975.8 Mn in 2017, reflecting an above-average growth rate. Increased use of herbal pharmaceuticals for treating diseases such as cancer, arthritis, diabetes, sleeping disorders and other chronic diseases.
By type of medicinal plants, the market has been segmented into Aconitum Ferox (Ranunculaceae), Allium Sativum (Liliaceae), Andrographis Paniculata (Acanthaceae), Commiphora Wightii (Burseraceae), Crocus Sativus (Iridaceae), and others. Among these, the aconitum ferox segment is expected to remain highly attractive over the next several years. In 2017, the segment surpassed a valuation of USD17,100 Mn and is projected to post a CAGR of 6.31% during the review period.
By form, the market has been segmented into capsules and tablets, powder, syrups, extracts, and others. The extracts segment currently holds the dominant share of the market. Herbal extracts are derived from herbs by using different solvents with the combination of certain chemicals, water, alcohol, or other liquids that help to maintain medicinal components of plants. Towards 2023, the segment is expected to surpass a market valuation of USD 48,100 Mn.
By sources, the market has been segmented into leaves, roots and barks, whole plant, fruit, and others. The whole plant segment holds the top position in terms of market value. The segment is expected to remain highly profitable throughout the assessment period. In 2017, the segment stood a valuation of over of USD 9,500 Mn.
On the basis of indication, the market has been segmented into cardiovascular disorders, respiratory disorders, digestive disorders, hypnotics and sedatives, and others. The cardiovascular disorders segment accounts for the largest market share. This can be attributed to the growing prevalence of heart diseases and various cardiovascular disorders.
By distribution channel, the market has been segmented into e-commerce, hospitals and retail pharmacies and others. The hospital and retail pharmacies segment is expected to retain its dominant position over 2023. During the review period, the segment is projected to exhibit a CAGR of 5.98%. Hospitals and retail pharmacies are one of the primary distribution channels of herbal medicine owing to their wide network and robust global presence.
On the basis of region, the market has been segmented into Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA). Europe has emerged as the largest market for herbal medicine. The market in Europe is projected to reach a valuation in excess of USD 58,600 Mn by the year 2023. The Europe herbal medicine market is expected to surge at a healthy CAGR during the assessment period. Herbal medicines are witnessing tremendous market prospects in several European countries owing increasing acceptance of such medicines. APAC is also expected to present lucrative opportunities to market players in the forthcoming years. In addition, the market in APAC is expected to witness the fastest CAGR during the forecast period.
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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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