Global Statistics Representing Herbal Medicinal Products Market Scenario
Medicinal plants are deemed as valuable therapeutic compounds for the treatment and prevention of various diseases and ailments. Traditional medication is the primary health solution in most of the developing and underdeveloped economies. According to Global Risk Insights, more than 80% of the African population relies on traditional medicine as a vital form of healthcare solution. The demand for traditional medicines, namely Ayurveda and Traditional Chinese Medicine is on the upward trajectory in Europe. As per the data published by CBI, Europe, the inclination toward traditional Chinese medicine and Ayurveda is increasing in North America and Western Europe. Research in the field of herbaceous medicinal plants is increasing at a faster pace. The ongoing research on herbal medicines focuses on analyzing safety and interactions of active ingredients and investigating the efficacy of the compounds. There are very few shreds of evidence supporting the use of herbal medicines. However, with the growing potential in the herbal products, market players are hiking investments to develop novel formulations. In May 2016, Australian natural health company, Blackmores Limited, acquired Global Therapeutics Pty Ltd., a Chinese herbal medicinal company to develop and extend the product portfolio of traditional Chinese medicines.
Global herbal medicinal products market was valued at USD 82,001 million in 2018, growing at a CAGR of 7.0% during the forecast period of 2019–2026.
For a better understanding of the global herbal medicinal products market, we have segmented the market by type, formulations and function.
By type, the market is segmented into traditional Chinese medicines, homeopathic medicines, aromatherapy medicines, ayurvedic medicines and others. Traditional Chinese medicines (TCM) segment is generating the highest revenue in the forecast period. Over the past few years, TCM is ardently being promoted on the international platform to promulgate its global influence. It involves acupuncture, cupping, herbs, moxibustion, and others. Leading healthcare centers such as Mayo Clinic, Cleveland Clinic, and John Hopkins Medicine are actively practicing acupuncture and herbal treatments. Moreover, the WHO has been avidly supporting traditional medicines and many organizations in the Western conventions, such as the US National Institute of Health (NIH), have created research units for traditional medicine practices. TCM practitioners around the world are set to be implemented by WHO member states in 2022.
Global herbal medicinal products market by Americas, Asia Pacific, Europe, and the Middle East and Africa.
Europe is dominating the market and accounted for the highest share in the forecast period. This can be attributed to the growing popularity of herbal medicinal products in the region, an increasing number of professionals are providing therapies related to traditional or conventional medicine. In 2017, as per estimates, consumers spent around EUR 100 million on complementary and alternative medicines (CAM) in Europe, as per the European Commission. Increasing funding by organizations is also helping CAM research to flourish in the region. For instance, In the U.K., recently, the National Health Service funded two trials of acupuncture for the treatment of chronic pain.
North America is growing at the highest CAGR in the forecast period. Herbal medicinal products are steadily gaining prominence, with many new products being introduced in the region; the North America herbal remedies industry is worth USD 2 billion a year, as per Government of Canada Publications. Several research organizations have also realized the importance of traditional medicines and are working on unveiling further applications; some of the traditional medicine research institutions include the University of Maryland, Columbia University in New York, Harvard University in Massachusetts, and the Memorial SloanKettering Cancer Center in New York. The increasing spending on healthy living has renewed global interest in traditional Asian medicines and created new consumer trends. For instance, Pipa Tangjiang, a Chinese cold remedy, has become a hit with the flu season in New York.
In Asia Pacific, Japan is growing at the highest CAGR of 8.4% due to the high number of Kampo – the traditional herbal medicine practitioners in Japan. Moreover, increasing geriatric population is the key consumer base in the region. In Japan, around 60–70% of allopathic doctors prescribe Kampo medicines to their patients, according to the WHO.
South America is offering various lucrative opportunities for the market as it is a home to seven of the world’s 17 most biologically diverse countries – Brazil, Colombia, Ecuador, Costa Rica, Mexico, Peru, and Venezuela. Moreover, the popularity of traditional medicine practitioners in this region can be attributed to the fact that they make treatment affordable for the masses.
Some of the prominent players in the market are Arkopharma (France), TSUMURA & CO. (Japan), Bio Botanica, Inc. (New York), Ricola (Switzerland), Himalaya Herbal Healthcare (U.S.), The Nature's Bounty Co. (U.S.), Herbal Africa (South Africa), Young Living Essential Oils (U.S.), Schaper & Brummer (Germany), Surya Herbal Ltd. (India)
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