The key factors driving the global herbal medicine market include growing aging population, little or no side effects, increasing consumer awareness, supplier innovations, and the release of Current Good Manufacturing Practices (CGMP) for dietary supplements by the FDA. Factors related to other markets contributing to the growth of global herbal medicine market include escalating prices, tighter health budgets of the modern medicinal system because of which, the consumers are opting for more economical and safer herbal medicine systems. Factors that can harm the market growth include lack of research and standardization in herbal medicines, poor legal and regulatory framework which causes patent problems, and poorly manufactured herbal products.
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According to WHO estimates, almost 80% of population of many Asian and African countries depend on traditional medicine for primary health care. The market drivers for the Global Herbal Medicine Market are growing aging population, increasing consumer awareness, little or no side effects, supplier innovations, and the release of Current Good Manufacturing Practices (CGMP) for dietary supplements by the FDA.
Herbal Medicine Market provides detailed outlook along with in-depth analysis of industry’s gross margin, consumption value, cost structure, and sale price. The leading companies of the Herbal Medicine Market, manufacturers, and distributors are profiled in the report along with the latest Industry development current and future trends. The Herbal Medicine Market is expected to reach $ 111 billion by the end of 2023, this market is projected to growing at a CAGR of ~ 7.2 % during 2017-2023.
Herbal medicine, or phytomedicine is a medicinal system using a plant or animal materials such as seeds, roots, leaves, bark, flowers, oils etc. for medicinal purposes. Herbalism has emerged from a long historical tradition of using nature for curing diseases.
Global Key Players of Herbal Medicine Market
The key players in the global herbal medicine market include Arkopharma (France), Dabur (India), Blackmores (Australia), China Herbs Company (China), Hamdard Laboratories (India), Himalaya Drug Company (India), Madaus (Italy), Nutraceutical International Corporation (USA), Patanjali Ayurved Ltd. (India), Ricola AG (Switzerland), Sheng Chang Pharmaceutical Company (China), Schwabe (Germany), Tsumura (Japan), and Zandu Pharmaceutical Works Ltd (India).
Herbal Medicine Market Regional Analysis
The regional analysis of the herbal medicine consists of regions such as Asia Pacific, North America, Europe and the rest of the world. The Asia Pacific region will be a rapidly growing region because of which will be controlled by China and India. The nations in the Asia Pacific region such as China which is followed by India is responsible for the bigger market share owing to its custom of using the herbal system. The European region is the next major market owing to increased disposable income and rising demand for natural remedies and therapies. The European market will be led by nations such as France which is followed by Germany. The Middle East and Africa market will be directed by the Gulf nations chiefly Saudi Arabia and UAE. The underprivileged regions of Africa are expected to lag owing to poor political and economic conditions.
Herbal Medicine Market Segments:
The global herbal medicine market is segmented on the basis of system, application, source and region. On the basis of system, the market has been segmented into Western, Ayurveda, Chinese, and other. Based on the application, the market has been segmented into personal care, pharmaceutical, and other. By source, the market has been segmented into animal and vegetable. The vegetable segment is further segmented into fruit and leaves, roots, seeds, bark and other. The animal segment is additionally segmented into bones, oils, and other. The regions included in the market are Asia Pacific, North America, Europe and the rest of the world.
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Detailed Table Of Contents:
1.2 Scope Of Study
1.2.1 Research Objective
1.2.2 Assumptions & Limitations
1.3 Market Structure:
2 Research Methodology
2.1 Research Process:
2.2 Primary Research
2.3 Secondary Research:
3 Market Dynamics
3.4 Macroeconomic Indicators
4 Market Factor Analysis
4.1 Porters Five Forces Model
4.2 Bargaining Power Of Suppliers
4.3 Bargaining Power Of Buyers
4.4 Threat Of New Entrants
4.5 Threat Of Substitutes
4.6 Intensity Of Rivalry
5 Global Herbal Medicine Market, By System
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