Herbal Medicine Market is Expected to Reach USD 356 billion by 2030 at 10.9% CAGR | MRFR
Research Reports
Dec 22, 2022
Herbal Medicine Market Overview
Herbal Medicine Market size was valued USD 145 billion in 2021 and expected to reach USD 356 Billion by 2030 at 10.9% CAGR during the forecast period 2022-2030, says Market Research Future. Hospital and retail pharmacies are expanding in the market as a result of rising rates of cancer and infectious diseases around the world, better healthcare infrastructure, and knowledgeable staff.
The National Institutes of Health (NIH) and other government agencies have boosted their funding for studies into the therapeutic uses of numerous plants for the treatment of chronic diseases including cancer and arthritis, among others. The National Institutes of Health (NIH), according to the National Center for Biotechnology Information, invested USD 111,275,219 in all cannabis research in 2015. The market is likely to be supported by the growing global acceptance of herbal medicines and the increase in funding for their development.
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Since ancient times, herbal medicines have been utilised to treat a variety of medical ailments. It is currently the oldest and most widely practised medical system in existence. The use of herbal supplements and treatments varies greatly around the globe. Around 70% to 80% of people worldwide, according to the World Health Organization (WTO), rely on herbal sources for their medical care, according to the National Center for Biotechnology Information. Additionally, the American Botanical Council reported in September 2017 that sales of herbal supplements increased by 7.7% in the US in 2016. Additionally predicted was an increase in consumer spending on herbal supplements to USD 7.452 billion in 2016. As a result, there is a rise in the demand for herbal medicines.
Herbal medicines do have certain adverse effects and allergic reactions, though, including drowsiness, dry mouth, itching, erythematous sores, and others, in addition to their many uses. They may occasionally harm the patient’s liver and induce kidney failure. The National Center for Biotechnology Information reports that in 2017, 8.4% of people who used herbal medicines experienced adverse reactions and 59.8% of people experienced erythematous rash. Additionally, herbal medications are risky for kidney patients, according to the National Kidney Foundation 2017, because the kidney may not operate properly and may lead to various difficulties following consumption of herbal medications. As a result, unpleasant reactions including allergic reactions following the use of herbal medications may hinder market expansion.
Herbal Medicine Market Segmentation:
The global market for herbal medicines has been divided into sections based on category, source, form, distribution method, and geography. The market is segmented into herbal pharmaceuticals, herbal dietary supplements, herbal functional foods, and herbal beauty goods on the basis of category. The demand for natural medicines with fewer side effects, increased research and development on various herbs to discover their medicinal properties, and an increase in the prevalence of chronic diseases like diabetes, arthritis, cancer, sleep disorders, and digestive issues are all contributing to the growth of the herbal pharmaceutical industry.
The market has been segmented into extracts, powders, capsules and tablets, syrups, and others based on form.
The market is divided into hospital and retail pharmacies, e-commerce, and other distribution channels. In 2017, the hospital and retail pharmacies segment held the largest market share. Hospital and retail pharmacies are expanding in the herbal medicine market as a result of rising rates of cancer and infectious diseases around the world, better healthcare infrastructure, and knowledgeable staff.
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.
Due to intensive R&D in herbal medicine, rising funding for research on medicinal plants, and a rise in demand for herbal pharmaceuticals globally, Europe is anticipated to hold the greatest market share. Europe is divided into Western Europe and Eastern Europe on a regional basis. During the projection period, Western Europe is anticipated to have the highest market growth. Market expansion in the region is facilitated by rising government backing and an increase in the prevalence of chronic diseases.
Due to the adoption of traditional medicines by pharmaceutical companies, researchers, and policymakers, Asia-Pacific is anticipated to grow at a CAGR of 5.99% over the course of the forecast period. However, the Middle East and Africa are predicted to grow slowly because there is less knowledge and understanding about herbal drugs there.
Browse In-depth Market Research Report (163 Pages) on Herbal Medicine: https://www.marketresearchfuture.com/reports/herbal-medicine-market-3250
Herbal Medicine Market Key Players:
The key players in herbal medicine market areas follows:
- Arkopharma
- Bayer AG
- BEOVITA
- Hishimo Pharmaceuticals
- Schaper & Brümmer
- ZeinPharma Germany GmbH
- Venus Pharma GmbH
- Dasherb Corp.
- Arizona Natural Products
- Blackmores
Browse Related Reports at:
Ayurvedic Products Market Research Report – Global Forecast till 2030
Ayurveda Market Research Report – Global Forecast till 2030
Homeopathic Market Research Report – Global Forecast till 2030
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