The Herbal Medicine market is estimated to be valued at USD 1,29,689.3 million by 2023 and expected to grow at a CAGR of 5.88% during the forecast period. The growing prevalence of cancer and infectious diseases across the globe, improving healthcare infrastructure, and skilled professionals are driving the growth of hospital and retail pharmacies in the herbal medicine market. The hospital & retail pharmacies segment accounted for the largest market share of 55.82% in 2017.
Various government organizations such as the National Institutes of Health (NIH) have increased the spending on the research of medicinal applications of various plants for the treatment of various chronic diseases such as cancer, arthritis, and many more. According to the National Centre for Biotechnology Information, the National Institutes of Health (NIH) spent USD 111,275,219 on all cannabinoid research in 2015. The increasing acceptance of herbal medicines globally and raising funds for their development are likely to support market growth.
The growing research investments and funding in herbal medicines are expected to offer significant market expansion opportunities in the coming time. Besides, the outbreak of COVID-19 has also offered lucrative opportunities to the herbal medicine manufacturers that will develop the market.
Herbal medicines are used since ancient times for numerous health conditions. It is the oldest and most extensively used system of medicine in the world today. There are various kinds of herbal medicines and supplements used across the world. According to the National Center for Biotechnology Information, 2015, the World Health Organization (WTO), reported that around 70% to 80% of people globally rely on herbal sources for their treatment. Also, according to the American Botanical Council, September 2017, it was reported that in 2016, the sale of herbal supplements increased by 7.7% in the US. It was also estimated that consumers spending on herbal supplements increased to USD 7.452 billion in 2016. Thus, the increase in the demand for herbal products for healthcare purposes is likely to enhance this Herbal market during the forecast period.
However, along with multiple applications, herbal medicines have some side-effects and allergic reactions such as dizziness, dry mouth, itching, erythematous lesions, and others. In some cases, they may cause kidney failure and liver damage to the patient. According to the National Center for Biotechnology Information 2017, 59.8% of people suffered from rash erythematous and 8.4% from allergic reactions after the use of herbal medicines. Also, according to the National Kidney Foundation 2017, herbal medicines are unsafe for patients having kidney problems because the kidney may not function properly and may create other complications after the consumption of herbal medicines. Thus, allergic reactions and adverse effects after the use of herbal medicines may affect market growth.
Segment analysis
Global herbal medicine market has been segmented on the basis of category, source, form, distribution channel, and region. On the basis of category, the market is divided into herbal pharmaceuticals, herbal dietary supplements, herbal functional foods, and herbal beauty products. The herbal pharmaceutical segment is growing owing to the increasing research and development on various herbs to find their medicinal properties, growing demand for natural medicines having fewer side-effects, and rising prevalence of chronic diseases such as diabetes, arthritis, cancer, sleep disorders, and digestive problems.
On the basis of form, the market has been divided into extracts, powders, capsules and tablets, syrups, and others.
On the basis of distribution channel, is segmented into hospital and retail pharmacies, e-commerce, and others. The hospital & retail pharmacies segment accounted for the largest market share in 2017. The growing prevalence of cancer and infectious diseases across the globe, improving healthcare infrastructure, and skilled professionals are driving the growth of hospital and retail pharmacies in the herbal medicine market.
Regional Analysis
Geographically, the global herbal medicine market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. Americas accounts for the second largest share in the global Herbal Medicine market. It accounted for a considerable market share of 16.2% as of 2017. The use of herbal medicines is also growing in the US after conducting the first national study of alternative and complementary medicines used by Eisenberg et al. According to the National Center for Biotechnology Information 2017, it was reported that herbal supplements were majorly used for conditions such as cancer (43.1%), stroke (48.7%), and arthritis (43%) in the US. Such a high demand and preference for herbal products is likely to boost the market growth during the forecast period.
Europe is expected to account for the largest market share owing to extensive R&D for herbal medicine, increasing funding for research on medicinal plants, and growing preference for herbal drugs globally. On a regional basis, Europe is segmented into Western Europe and Eastern Europe. Western Europe is estimated to lead market growth during the forecast period. The increasing prevalence of chronic diseases and rising government support facilitate market growth within the region.
Asia-Pacific is expected to register a CAGR of 5.99% during the forecast period owing to the adoption of traditional medicines by pharmaceutical companies, researchers, and policymakers. On the other hand, the Middle East and Africa is expected to observe a slow growth due to less awareness and in-depth knowledge about herbal drugs in this region.
Key Findings of the Study:
- Asia Pacific is estimated to be the fastest growing market during the forecast period due to rising geriatric population and extensive use of healthcare IT
- Marrubium vulgare is the dominant type of medicinal plants for Herbal Medicine market across all regional segments during the forecast period due to the increasing applications of Marrubium vulgare.
- The hospital & retail pharmacies segment accounted for the largest market share in the distribution channel segment owing to the growing prevalence of cancer and infectious diseases across the globe, improving healthcare infrastructure, and skilled professionals.
- Herbal pharmaceutical accounted for the largest market share of 55.18% in 2017. The herbal pharmaceutical segment is growing owing to the increasing research and development on various herbs to find their medicinal properties, growing demand for natural medicines having fewer side-effects, and rising prevalence of chronic diseases such as diabetes, arthritis, cancer, sleep disorders, and digestive problems.
- Some of the players operating in the Herbal Medicine market are Arkopharma, Bayer AG, BEOVITA, Hishimo Pharmaceuticals, Schaper & Brümmer, ZeinPharma Germany GmbH, Venus Pharma GmbH, Dasherb Corp, and Arizona Natural Products among other.
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