Herbal medicine is a type of dietary supplements extracted from different parts of the plant including leaves, bark, berries, seeds, and roots. It is also called botanical medicine or phytomedicine. It involves various herbal supplements, herbs, herbal preparations, and complete herbal products. It is available in various dosage forms for instance tablets, extracts, dried plants, and others. It is classified as detoxification medicine, antipyretic medicine, Digestant medicine, blood circulation medicine, and others.
The key benefits are included strengthen the immune system, stabilizes the hormone & metabolism, easier to obtain than prescription medicine, and many more.
According to study, “Global Herbal Medicine Market Size study, by Product (Root, Leaf, Flower, Other), By End-User (Western Herbalism, Traditional Chinese Medicine, Others) and Regional Forecasts 2018-2025” the key companies operating in the global herbal medicine market are Madaus, Arizona Natural, Tsumura, Blackmores, Schwabe, Arkopharma, Weleda, Bio-Botanica Inc., Dabur Ltd., Zand, Blackmores, Haiyao Co., Ltd., Guangzhou Pharma Co, Imperial Ginseng, Genius Nature Herbs Pvt. Ltd, TASLY, Taiji, JZJT, Yunnan Baiyao, Potter’s Herbals, Nature’s Answer, Inc., Sanjiu Medical & Pharmaceutical Co., Ltd., TASLY, Zhongxin, Kunming Pharma, PT Industri Jamu and Pharmaceutical Sido Muncul, and Tbk. Key players are responding to new opportunities by increasing their global presence &product offerings. Additionally, manufacturers are dedicated to lowering the manufacturing cost, trying to provide more qualified products to customers and broaden the applications of herbal medicine.
Based on product type, herbal medicine market is segmented into medicine function, medicinal part and active ingredient. Based on source type, market is segmented into leaf, fruit & vegetables, barks, roots and others. Based on medicine type, market is segmented into detoxification medicine, blood circulation medicine, antipyretic medicine, aigestant medicine and others. Based on type of medicinal plants, market is bifurcated into Curcuma Longa, Marrubium Vulgare, Actaea Racemose, Vaccinium Macrocarpon, Aloe Vera, Echinacea, Cocos Nucifera, Camellia Sinensis, Cinnamomum Spp, Zingiber Officinale, Allium Sativum and others. Based on application, market is segmented into traditional Chinese medicine, western herbalism and others. In addition, based on end-use, market is segmented into personal care, pharmaceuticals and food & benerages.
The herbal medicine market is driven by rise in prevalence of cardiovascular diseases such as liver & heart diseases, followed by increase in aging population in both the developed & developing countries, rise in research funding for herbal medicines, and growth in current good manufacturing practices for dietary supplements. However, lack of awareness among individuals regarding the use and dosage of herbal medicines may impact the market. Moreover, rise in technological advancements and increase in research & development (R&D) investment in healthcare sector are key opportunities for market.
Based on geography, the Asian-Pacific is the dominant region in the herbal medicine market owing to rise in consumption of herbal medicine in developing countries and growth in funding for research on medicinal plants in the region. The European and North-American regions are estimated to witness substantial growth rate due to rise in demand for natural therapies and growth in disposable income of the individuals over the forecast period. It is predicted that the market will be reached at rapid pace on account of increase in awareness of preventive health care techniques during the forecast period.
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Ankur Gupta, Head Marketing & Communications