Herb is a plant or plant part used for its flavor, scent, or therapeutic properties. It is one type of dietary supplement. It is made up of various parts of plants for instance roots, seeds, leaves, flowers, oil, bark, etc. It is used to try to maintain or improve the health. It is formulated in dosage forms for instance tablets & capsules, extracts, pastes, powders, gels, and oils. Tablet & capsule form provides dose accuracy compared to other dosage forms.
According to study, “Global Herbal Medicine Market Information by Product Type (Herbal Pharmaceutical, Herbal Dietary Supplements, Herbal Functional Foods & Others), Type of Medicinal Plants (Aconitum ferox, Allium sativum, Andrographis paniculata, Commiphora weightii & Crocus sativus), By Form (Capsules & Tablets, Powder, Syrups and Extracts), By Source (Leaves, Roots & Barks, Whole Plant & Fruit), By Indication (Cardiovascular Disorders, Respiratory Disorders, Digestive Disorders and Hypnotics & Sedatives), By Distribution Channel (Hospital & Retail Pharmacies and E-Commerce), By Region (North America, Europe, Asia Pacific, The Middle East & Africa (MEA) and Latin America) — Forecast to 2023” the key companies operating in the global herbal medicine market are Dasherb Corp, Bayer AG, ZeinPharma Germany GmbH, Arkopharma, BEOVITA, Hishimo Pharmaceuticals, Schaper & Brummer, Blackmores, Dr. Willmar Schwabe India Pvt. Ltd. The key manufacturers are directing on improving the quality of herbal products. Additionally, technological advancements for instance improved extraction techniques & equipment deployed by global players and regional players to maintain the product quality thus rendering market sustainability.
Based on product type, herbal medicine market is segmented into herbal pharmaceutical, herbal functional foods, herbal dietary supplements and others. Based on type of medicinal plants, market is segmented into Marrubium Vulgare, Echinacea, Vaccinium Macrocarpon, Camellia Sinensis, Curcuma Longa, Aloe Vera, Actaea Racemose, Cocos Nucifera, Zingiber Officinale, Allium Sativum, Cinnamomum Spp and others. Based on form, market is segmented into powder, capsules & tablets, syrups and extracts. Based on source type, market is segmented into leaves, whole plant & fruit, roots & barks and others. Based on indication type, market is segmented into cardiovascular disorders, digestive disorders, respiratory disorders, and hypnotics & sedatives. In addition, based on distribution channel, market is segmented into e-commerce and hospital & retail pharmacies.
The herbal medicine market is driven by increase in prevalence of liver & heart diseases, followed by rise in research funding for herbal medicines, increase in demand for natural medicines, and multiple applications of herbal medicines. However, side-effects & allergic reactions and low awareness among individuals regarding the use & dosage of herbal medicines may impact the market. Moreover, increase in research & development (R&D) investment in healthcare sector and recent technological advancements are major opportunities for market.
Based on geography, the European region dominates the herbal medicine market owing to increase in funding for research on medicinal plants, extensive R&D for herbal medicine and growth in preference for herbal drugs in the region. The Asian-Pacific region is estimated to witness higher growth rate due to rise in adoption of traditional medicines by researchers, pharmaceutical companies, and policymakers over the forecast period. The North-American region is also estimated to witness higher growth rate on account of rise in use of herbal supplements for conditions such as cancer, stroke, and arthritis (43%) over the forecast period.
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Ankur Gupta, Head Marketing & Communications