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Global Herbal Medicinal Products Market, by Product Type (Ayurvedic Medicines, Homeopathic Medicines, Chinese Medicines, and Aromatherapy), by Dosage Form (Syrups, Tablets and Capsules, Powder, and Others), by Disease Indication (Cough and Cold, Bone Health, Pain, Allergy, Digestive Disease, Thyroid Disorders, and Others), by Distribution Channel (Hospital Pharmacies, Retail Stores, Specialty Clinics and Stores, and E-commerce), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$ 75,807.0 million in 2018 and is expected to exhibit a CAGR of 5.5% over the forecast period (2019-2027).
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The increasing demand for natural medicinal products, attributed to its high therapeutic effectiveness, safety, and low side effects, which are expected to drive growth of the market over the forecast period. For instance, according to the World Health Organization (WHO), herbal medicine research plays a critical role in maintaining the global health. Moreover, countries such as China, India, Nigeria, the U.S., and the World Health Organization (WHO) have made significant research investments in traditional herbal medicines. Furthermore, rising incidence of allergic diseases such as allergic rhinitis, asthma, sinusitis, food allergy, and other respiratory allergies are expected to fuel growth of the herbal medicinal products market over the forecast period. For instance, in 2013, according to the World Health Organization (WHO), over 300 million patients across the globe suffered from asthma and this number is expected to surpass 400 million by 2025.
Moreover, researchers from Wuyi Traditional Chinese Medicine Hospital conducted a study, which demonstrated that the herbal medicine effectively relieves symptoms and improves quality of life for patients suffering from allergic rhinitis, thus offering a reliable treatment option. Furthermore, major players are focusing on developing herbal medications with low side effects to treat pain, which is further expected to drive market growth over the forecast period. For instance, in March, 2019, Sanfe launched Sanfe Period Pain Relief Roll-on developed by students from the Indian Institute of Technology (IIT), Delhi. The roll-on is an oil-based natural formulation, which can be applied to the pain affected areas.
Browse 35 Market Data Tables and 21 Figures spread through 189 Pages and in-depth TOC on ‘Herbal Medicinal Products Market’- Global Forecast to 2027, by Product Type (Ayurvedic Medicines, Homeopathic Medicines, Chinese Medicines, and Aromatherapy), by Dosage Form (Syrups, Tablets and Capsules, Powders, and Others), by Disease Indication (Cough and Cold, Bone Health, Pain, Allergy, Digestive Disease, Thyroid Disorders, and Others), by Distribution Channel (Hospital Pharmacies, Retail Stores, Specialty Clinics and Stores, and E-commerce), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Among regions, Asia Pacific is expected to offer lucrative market opportunities for market players in the herbal medicinal products market over the forecast period. This is attributed to increasing focus of market players in the region to adopt of inorganic growth strategies such as collaborations or acquisitions to expand their product portfolio. For instance, in September 2017, Dabur India Ltd. and Amazon collaboratively launched a platform to offer ayurvedic brands of Dabur, and insights about ayurvedic products. Moreover, various institutes and manufacturers of herbal products in the region are focusing on collaborations with an aim of endorsing ayurvedic products globally, which is further expected to drive growth of the market over the forecast period. For instance, in February 2016, the School of Ayurvedic Pharmaceutical Sciences of Lovely Professional University, India and Shree Dhanwantri Herbals, an ayurvedic company entered into a collaboration to manufacture and promote ayurvedic products globally.
Key Takeaways of the Herbal Medicinal Products Market:
- The global herbal medicinal products market is expected to exhibit a CAGR of 5.5% over the forecast period, attributed to rising number of collaborations and acquisition strategies adopted by key players and increasing adoption of herbal medicinal products
- Among product type, Chinese medicine segment held a dominant position in the herbal medicinal products market in 2018, attributed to increasing number of partnerships and rising promotions about Traditional Chinese Medicines (TCM) by key players. For instance, in March, 2019, Luye Pharma and AstraZeneca entered into a partnership for promoting TCM and Xuezhikang capsules at global level. These are patented Chinese medicine that are indicated for regulating blood lipid levels.
- Among dosage form, syrups segment held a dominant position in the herbal medicinal products market in 2018, attributed to increasing number of product launches by market players. For instance, in September 2018, Alchem launched AlchemLife PhytoRelief-CC, a cold and cough supplement, which contains concentrated plant actives of Ginger (Zingiber officinale), Turmeric (Haridra), and Pomegranate (Dantabija).
- Among disease indication, cough and cold segment held a dominant position in the herbal medicinal products market in 2018, attributed to its advantages such as easy formulation preparation and minimal processing. The syrup dosage form offers dosage flexibility, which allows physicians to prescribe for children, as liquid can be readily absorbed and are convenient to swallow.
- Key players operating in the global herbal medicinal products market include Sanofi S.A, Himalaya Global Holdings Ltd., Arkopharma Laboratories, Integria Healthcare, Young Living Essential Oils, Boiron, Blackmores Ltd., and Soho Flordis International (SFI)
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