PUNE, India , Feb. 16, 2021 (GLOBE NEWSWIRE) -- The Global Herbal Medicine Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global herbal medicine market size was estimated to be US$ 83 billion in 2019 and is expected to reach US$ 550 billion by 2030 at a CAGR 18.9% through 2030. An herb is basically a plant or plant part that is used in medicine, because of its scent, flavour, or its therapeutic properties. Herbal medicines are a type of dietary supplement. They make use of plants or plant parts, to treat disease and enhance general health and wellbeing.
These natural medicines are sold in the form of tablets, capsules, powders, and fresh or dried plants. People use herbal medicines to cure ailments, or as an attempt to maintain or improve their health. Herbal medicines aim to return the body to its state of natural balance so that it can heal itself when ill. Different types of herbs act on different parts of the body.
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With the increase in the prevalence of liver and heart diseases, and the increased Research and Development activities that are going into the making of the newer versions of the more effective Herbal Medicine, many health conscious people are now turning to these natural remedies as a way to cure their diseases. The herbal plants contain several medicinal properties that are used to treat a variety of diseases and conditions. Furthermore, the lower cost of these medicines as compared to their laboratory made counterparts, is driving the growth of the Herbal Medicine Market.
The increasing preferences for Traditional Medicines act as a Boost to the Market:
The demand for herbal medicines amongst the people is anticipated to be a vital factor that will prove to be of great help in the growth of the market. The rising awareness surrounding the pros of natural remedies is expected to be another cause which can boost the global herbal medicine market in the next few years.
Herbal medicines are chemical-free. Therefore they are preferred by the general population, augmenting the herbal medicine market size in the forecast period. Besides, they are also inexpensive in comparison to its alternatives.
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Herbal Pharmaceuticals dominates the Category segment of the Herbal Medicine Market:
The increasing geriatric population, combined with the rising awareness amongst the people today, is acting in favour of the surging Herbal Pharmaceuticals market share, alongside other important factors such as supplier innovations, few to no side effects of the Herbal medicine usage, and the introduction of Current Good Manufacturing Practices (CGMP) by the FDA for dietary supplements, will further boost the global herbal medicine market.
Echinacea takes the lead in the segment of type of Medicinal Plants:
Echinacea is the most popular amongst the consumers of the Herbal Medicines, and it is the third most favoured herbal supplement in the mainstream retail distribution network in the United States. A rise in the number of clinical studies demonstrating the health benefits of Echinacea also fueled their demand, which in turn, contributed to the segment’s highest revenue share.
Echinacea can reduce the chances of recurrent colds by 60%, and can also decrease the time period of common cold by 26%. This fact was further enforced by Bioforce in 2015, with an Echinaforce hot drink product taken under consideration, that consisted of a combination of elderberry and concentrated Echinacea herb and root extract. It was concluded that for the flu treatment in early stages, this combination is as effective as the treatment involved in the case of Tamiflu, which is an antiviral medication.
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In the form segment, extract takes the leading position:
The extract market dominated the form segment of the Herbal Medicine Market. A higher absorption rate of extracts as compared to the other forms of dosage, is the reason that boosts the extract market, and will continue to do so over the forecast period. Tablets & capsules are expected to witness a significant growth owing to the increasing adoption of tablets over other dosage forms. Additionally, tablets are easy to carry, as they occupy less space, do not possess the threat of spillage, which gives it an advantage over other forms.
By Distribution Channel, hospitals and retail pharmacies dominate the market:
When considering the segment of Distribution Channel of the global market for herbal medicine, the hospital and retail pharmacies market has managed to acquire the maximum market share, and will continue to hold the highest share throughout the forecast period. The reason can be deduced as, the rising number of the cases of cancer and infectious diseases across the globe have made the skilled professionals and the improving healthcare facilities across the world, to shift to the Herbal Medicines as an alternative, which is significantly boosting the growth of the global herbal medicines market.
Europe leads the Herbal Medicine Market, Asia Pacific market growing fast:
Europe dominated the global herbal medicine market and is expected to retain the lead position throughout the forecast period as well. Trustworthy sources, such as associations including the likes of the British Herbal Medicine Association and the European Herbal and Traditional Medicine Practitioners Association (EHTPA), routinely promote the usage of these natural medicines in the European region, by the organisation of various seminars, and spread awareness regarding the benefits of using herbal alternatives.
Asia Pacific is expected to show the fastest growth over the foreseen period due to increasing awareness about these medicines which include drugs, dietary supplements, and skin care products. The countries of India and China are the major markets for herbal medicinal products in the Asia Pacific region.
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The key players present in the Herbal Medicine Market include Schaper & Brümmer, Hishimo Pharmaceuticals, imalaya Global Holdings Ltd., Venus Pharma GmbH, Patanjali Ayurved Ltd, Blackmores Ltd, Dasherb Corp, Bayer AG, ZeinPharma Germany GmbH, Arizona Natural Products, Willmar Schwable India Pvt. Ltd.
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