Herbal Medicine Market Overview
The herbal medicine market has registered a praiseworthy spike in the growth rate in the last few years. As per the MRFR reports, the herbal medicine market is anticipated to cross USD 136024.26 Million during the forecast period. The report further predicts the market to thrive at a healthy CAGR of over 5.88% during the assessment era. The herbal medines market’s growth is attributed mainly to the growing demand for herbal medicines among the growing populace.
Furthermore, the growing understanding regarding the advantages of herbal medicines and growing research investments and funding are also anticipated to impact the market’s growth over the assessment period positively. On the other hand, the poor standardization of herbal medicines will likely restrict the market’s growth.
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Herbal Medicine Market Segment Analysis
The herbal medicine market has been fragmented into various segments based on distribution channel, category, medicinal plants, form, source, and region.
The herbal medicine market is divided into e-commerce and hospital & retail pharmacies based on distribution channels.
Based on category, the herbal medicine market is split into herbal dietary supplements, herbal beauty products, herbal functional foods, and herbal pharmaceuticals.
The herbal medicine market is divided into leaves, fruits, root & barks, and whole plants based on the source.
The herbal medicine market is split into syrups, extracts, capsules & tablets, and powders based on form.
Based on medicinal plants, the herbal medicine market is divided into allium sativum, Cocos Nucifera, aloe vera, camellia Sinensis, echinacea, marrubium Vulgare, Cinnamomum Spp, zingiber officinale, Actaea racemose, Curcuma longa, and Vaccinium macrocarpon.
Herbal Medicine Market Regional Analysis
The herbal medicine market is studied across five major regions: Europe, Asia-Pacific, North America, Latin America, and the Middle East & Africa.
The MRFR report suggests that the European region will lead the herbal medicine market over the assessment era. The growing R&D is primarily driving the growth of the regional market for herbal medicines across the region. Furthermore, the factors such as increasing investments, the growing prevalence of chronic illness, and the growing geriatric population are also projected to boost the market’s growth over the forecasted era.
The American region is anticipated to secure the second spot in the global herbal medicine market over the coming years. the regional market’s growth is mainly credited to the increasing cases of chronic illness among the growing populace. The US is anticipated to be the leading growth contributor, given the increasing awareness of the benefits of herbal medicines.
The herbal medicine market for the Asia-Pacific region is likely to register the highest growth over the assessment era. The regional market’s growth is primarily attributed to the increasing awareness of the benefits of herbal medicines. China and India are likely to be the leading revenue pockets across the region. The benefits such as lower cost of the medicines and chemical-free nature are anticipated to boost the demand for herbal medicines across the region over the coming years. furthermore, the implementation of the supportive policies and increasing investments are also anticipated to impact the market’s growth positively.
Herbal Medicine Market Competitive Analysis
The herbal medicine market has an incredibly competitive landscape. The players across the global market are making heavy investments in research & development activities to launch innovative medicines. The herbal medicine market has prominent players such as Dasherb Corp., ZeinPharma Germany GmbH, Hishimo Pharmaceuticals, Bayer AG, Dr. Willmar Schwabe India Pvt. Ltd., Blackmores, Venus Pharma GmbH, Schaper & Brümmer, BEOVITA, Arkopharma, Arizona Natural Products, and Himalaya Global Holdings Ltd among several others.
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Recent Developments
March 2022- California-based company, ABVC Biopharma, has announced its programs in Phase II trials to treat the major depressive disorder (MDD), myelodysplastic syndrome (MDS), and deficit hyperactivity disorder (ADHD) using active herbal ingredients obtained from conventional Chinese medicines.
March 2022- 111, Inc., a leading tech-enabled healthcare platform company in China, has signed a strategic cooperation agreement on direct supply with Xi’an Beilin Pharmaceutical Co., Ltd. the agreement enables both sides to leverage their respective advantages completely discover the digital marketing of Chinese patent medicines.
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