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Global Herbal Medicine Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 148.45 Bn by 2028, Likely to Grow with the CAGR of 6.3% During the Forecast Period.
According to the report published by WHO in 2017, 25% of the drugs listed use one or other kind of herbs. The existence of herbal medicines is evident from thousands of years. By the advancement of social media and information, individuals globally are highly informed than ever regarding herbal medicines. Increased environmental awareness and social conscience are at forefront of herbal medicine progress. Increasing popularity of organic, sustainable, eco-friendly, and natural substitutes in pharmaceuticals, because they are considered safer, greatly natural and healthier, are the driving factors in the growth of this market. The Asia Pacific nations such as India and China had evident in historical application of these herbal medicines. Thus, the global market had substantial demand for these herbal medicines because of its evidence in curing various diseases. The technological advancements in the medical field had contributed in the developed of herbal medicines that are viable in curing different illnesses. However, a shift in the trend for adoption of substitutes offering higher and lasting fundamental prevention of illnesses instead of only giving relief from respective illness is propelling its market demand.
Increasing Demand for healthcare is anticipated to boost the demand for Herbal Medicine
The healthcare industry is rising by the contribution of advanced medicines to cure various illnesses globally. The herbal medicines being an ancient method of treating illnesses is currently being admired for various advantages associated with it. Moreover, the increased demand for natural and organic medicines is contributing to the development of healthcare industry in the global market.
Herbal Nutraceuticals and cosmetics Segment held prominent share in Global Herbal Medicine Market in 2019
The market of nutraceuticals and cosmetics segment in the herbal medicines market is anticipated to perform significant role in treating various ailments of patients globally. These offerings are formulated especially basing on the natural ingredients formulations utilized for treating various illnesses. Thus, the herbal nutraceuticals and cosmetics segment are anticipated to propel in its demand because of the increasing preference of the customers for herbal medicines globally. As these medicines has a substantial role in acting as a nourishment supplements exhibiting medicinal advantages in comparison to the other forms of dosages in the global market. These herbal nutraceuticals also exhibit a significant characteristic of reducing the reoccurrence of illness in future to patients who consume them. The herbal nutraceuticals and cosmetics range from proteins, a vitamin, minerals, unadulterated mixes and normal based applied according to the respective case of ailment, thus it could be catered to the end-users in the form of tablets, powders and in liquid forms for sustenance of the ingredients and bioactive fixings.
The Market in Europe Expected to Hold a Significant Share in Herbal Medicine Market over the Forecast Period
The market of Europe dominated the global herbal medicine in 2018 and is anticipated to sustain its market demand during the forecast period. Associations including British Herbal Medicine Association and European Herbal & Traditional Medicine Practitioners Association (EHTPA) are contributing to the usage of these substitute medicines in the European region through conducting different seminars and raise awareness among the customers in consideration of advantages in the use of the herbal remedies. Moreover, high flexibility in consideration to the launch of these medicinal products in the European region is a significantly contributing to the market growth of these herbal medicines in this region.
Global Herbal Medicine market is fragmented among the number of local and global players. The organizations manufacturing herbal medicines are offering innovative medicines to the customers for increasing their competency in the global market.
Key players operating in the global Herbal Medicine market are Blackmores, Bayer AG, BEOVITA, Hishimo Pharmaceuticals, Schaper & Brümmer, ZeinPharma Germany GmbH, Arkopharma, Dasherb Corp., Arizona Natural Products, Himalaya Global Holdings Ltd, Venus Pharma GmbH., and Dr. Willmar Schwabe India Pvt. Ltd.
Global Herbal Medicine Market Key Segments:
Global Herbal Medicine Market, By Product
- Herbal Cosmetics and Nutraceuticals
- Alternative Medicine
- Diabetic Herbal Therapy
- Homeopathy Medicine
Global Herbal Medicine Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America